Document:

Exhibit 4.4

 

execution
version

 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES
INC.,

as Depositor,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Servicer,

 

TRIMONT REAL ESTATE ADVISORS, LLC,

as Special Servicer,

 

Wilmington
Trust, National Association,

as Trustee,

 

and

 

CITIBANK, N.A.,

as Certificate Administrator

 

 

 

TRUST AND SERVICING AGREEMENT

 

Dated as of February 6, 2016

 

 

 

225 Liberty Street Trust 2016-225L,

Commercial Mortgage Pass-Through Certificates, Series 2016-225L

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	6
	 	 	 
	 	1.1	Definitions	6
	 	1.2	Interpretation	59
	 	1.3	Certain Calculations in Respect of the Trust Loan	59
	 	 	 	 
	2.	DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES	62
	 	 	 
	 	2.1	Creation and Declaration of Trust; Conveyance of the Trust Loan	62
	 	2.2	Acceptance by the Trustee	66
	 	2.3	Representations and Warranties of the Trustee	69
	 	2.4	Representations and Warranties of the Certificate Administrator	70
	 	2.5	Representations and Warranties of the Servicer	71
	 	2.6	Representations and Warranties of the Special Servicer	72
	 	2.7	Representations and Warranties of the Depositor	74
	 	2.8	Representations and Warranties Contained in the Trust Loan Purchase Agreement	75
	 	2.9	Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests	77
	 	2.10	Miscellaneous REMIC Provisions	78
	 	 	 	 
	3.	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN	78
	 	 	 
	 	3.1	Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer	78
	 	3.2	Sub-Servicing Agreements	80
	 	3.3	Cash Management Accounts and Reserve Accounts	81
	 	3.4	Collection Account	82
	 	3.5	Distribution Account	87
	 	3.6	Foreclosed Property Account	89
	 	3.7	Appraisal Reductions	89
	 	3.8	Investment of Funds in the Collection Account and any Foreclosed Property Account	92
	 	3.9	Payment of Taxes, Assessments, etc	94
	 	3.10	Appointment of Special Servicer	94
	 	3.11	Maintenance of Insurance and Errors and Omissions and Fidelity Coverage	100
	 	3.12	Procedures with Respect to Defaulted Mortgage Loan; Realization upon the Property	102
	 	3.13	Trustee to Cooperate; Release of Items in Mortgage Loan File	105
	 	3.14	Title and Management of Foreclosed Property	105

 

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	 	3.15	Sale of Foreclosed Property	108
	 	3.16	Sale of the Mortgage Loan	109
	 	3.17	Servicing Compensation	113
	 	3.18	Reports to the Certificate Administrator; Account Statements	118
	 	3.19	[RESERVED]	119
	 	3.20	[RESERVED]	119
	 	3.21	Access to Certain Documentation Regarding the Mortgage Loan and Other Information	119
	 	3.22	Inspections	121
	 	3.23	Advances	121
	 	3.24	Modifications of Mortgage Loan Documents; Due on Sale; Due on Encumbrance	126
	 	3.25	Servicer and Special Servicer May Own Certificates	129
	 	3.26	Mezzanine Intercreditor Agreement; Notice of Mortgage Loan Event of Default to Approved Mezzanine Lender and Companion Loan Holders	129
	 	3.27	Rating Agency Confirmation	131
	 	3.28	Approval of Annual Budget	133
	 	3.29	Cooperation with Asset Reviewer	133
	 	3.30	Compensating Interest Payments	134
	 	 	 	 
	4.	PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS	134
	 	 	 
	 	4.1	Distributions	134
	 	4.2	Withholding Tax	138
	 	4.3	Allocation and Distribution of Prepayment Fees	139
	 	4.4	Statements to Certificateholders	140
	 	4.5	Investor Q&A Forum; Investor Registry and Rating Agency Q&A Forum	143
	 	 	 	 
	5.	THE CERTIFICATES	146
	 	 	 
	 	5.1	The Certificates	146
	 	5.2	Form and Registration	147
	 	5.3	Registration of Transfer and Exchange of Certificates	148
	 	5.4	Mutilated, Destroyed, Lost or Stolen Certificates	156
	 	5.5	Persons Deemed Owners	156
	 	5.6	Access to List of Certificateholders’ Names and Addresses; Special Notices	156
	 	5.7	Maintenance of Office or Agency	157
	 	 	 	 
	6.	THE DEPOSITOR, THE SERVICER AND THE SPECIAL SERVICER	157
	 	 	 
	 	6.1	Respective Liabilities of the Depositor, the Servicer and the Special Servicer	157
	 	6.2	Merger or Consolidation of the Servicer or the Special Servicer	157
	 	6.3	Limitation on Liability of the Depositor, the Servicer, the Special Servicer and Others	158

 

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	 	6.4	Servicer and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer	160
	 	6.5	Policies and Procedures	162
	 	6.6	Indemnification by the Servicer, the Special Servicer and the Depositor	162
	 	 	 	 
	7.	SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE; TRUSTEE AS MAKER OF ADVANCES	163
	 	 	 
	 	7.1	Servicer Termination Events; Special Servicer Termination Events	163
	 	7.2	Trustee to Act; Appointment of Successor	170
	 	7.3	Notification to Certificateholders, the Depositor and the Rating Agencies	173
	 	7.4	Other Remedies of Trustee	173
	 	7.5	Waiver of Past Servicer Termination Events and Special Servicer Termination Events	173
	 	7.6	Trustee as Maker of Advances	174
	 	 	 	 
	8.	THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR	174
	 	 	 
	 	8.1	Duties of the Trustee and the Certificate Administrator	174
	 	8.2	Certain Matters Affecting the Trustee and the Certificate Administrator	177
	 	8.3	Neither the Trustee nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan	179
	 	8.4	Trustee and Certificate Administrator May Own Certificates	181
	 	8.5	Trustee’s and Certificate Administrator’s Fees and Expenses	181
	 	8.6	Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance	182
	 	8.7	Resignation and Removal of the Trustee or the Certificate Administrator	183
	 	8.8	Successor Trustee or Successor Certificate Administrator	185
	 	8.9	Merger or Consolidation of the Trustee or the Certificate Administrator	185
	 	8.10	Appointment of Co-Trustee or Separate Trustee	186
	 	8.11	Appointment of Authenticating Agent	187
	 	8.12	Trustee and Certificate Administrator Indemnification; Third-Party Claims	188
	 	8.13	Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information.	189
	 	8.14	Access to Certain Information	190
	 	8.15	Appointment of Custodian	198
	 	 	 	 
	9.	CERTAIN MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE	199
	 	 	 
	 	9.1	Selection and Removal of the Controlling Class Representative	199
	 	9.2	Limitation on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders	201
	 	9.3	Consent to Various Actions; Rights and Powers of the Controlling Class Representative	201

 

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	 	9.4	Controlling Class Representative Contact with Servicer and Special Servicer	204
	 	 	 	 
	10.	TERMINATION	204
	 	 	 
	 	10.1	Termination	204
	 	10.2	Additional Termination Requirements	205
	 	10.3	Trusts Irrevocable	206
	 	 	 	 
	11.	MISCELLANEOUS PROVISIONS	206
	 	 	 
	 	11.1	Amendment	206
	 	11.2	Recordation of Agreement; Counterparts	209
	 	11.3	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	209
	 	11.4	Notices	210
	 	11.5	Notices to the Rating Agencies	215
	 	11.6	Severability of Provisions	215
	 	11.7	Limitation on Rights of Certificateholders	216
	 	11.8	Certificates Nonassessable and Fully Paid	216
	 	11.9	Reproduction of Documents	216
	 	11.10	No Partnership	217
	 	11.11	Actions of Certificateholders	217
	 	11.12	Successors and Assigns	217
	 	11.13	Acceptance by Authenticating Agent, Certificate Registrar	218
	 	11.14	Streit Act	218
	 	11.15	Assumption by Trust of Duties and Obligations of the Mortgage Lender Under the Mortgage Loan Documents	218
	 	11.16	Treatment as a Security Agreement	218
	 	 	 	 
	12.	REMIC ADMINISTRATION	219
	 	 	 
	 	12.1	REMIC Administration	219
	 	12.2	Foreclosed Property	222
	 	12.3	Prohibited Transactions and Activities	224
	 	12.4	Indemnification with Respect to Certain Taxes and Loss of REMIC Status	225
	 	 	 	 
	13.	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE	225
	 	 	 
	 	13.1	Intent of the Parties; Reasonableness	225
	 	13.2	Succession; Sub-Servicers; Subcontractors	226
	 	13.3	Other Securitization Trust’s Filing Obligations	228
	 	13.4	Form 10-D Disclosure	228
	 	13.5	Form 10-K Disclosure	228
	 	13.6	Form 8-K Disclosure	229
	 	13.7	Annual Compliance Statements	230
	 	13.8	Annual Reports on Assessment of Compliance with Servicing Criteria	231

 

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	 	13.9	Annual Independent Public Accountants’ Servicing Report	232
	 	13.10	Significant Obligor	233
	 	13.11	Sarbanes-Oxley Backup Certification	234
	 	13.12	Indemnification	235
	 	13.13	Amendments	237
	 	13.14	Termination of the Certificate Administrator	238
	 	13.15	[RESERVED]	238
	 	13.16	Termination of Sub-Servicing Agreements	238
	 	13.17	Notification Requirements and Deliveries in Connection With	 
	 	 	Securitization of a Companion Loan	238

 

	EXHIBITS
	 	 
	Exhibit A-1	Form of Class A Certificates
	Exhibit A-2	Form of Class X Certificates
	Exhibit A-3	Form of Class B Certificates
	Exhibit A-4	Form of Class C Certificates
	Exhibit A-5	Form of Class D Certificates
	Exhibit A-6	Form of Class E Certificates
	Exhibit A-7	Form of Class F Certificates
	Exhibit A-8	Form of Class R Certificates
	Exhibit B	Form of Request for Release
	Exhibit C	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	Exhibit D	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	Exhibit E	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during
    Restricted Period
	Exhibit F	Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate
	Exhibit G-1	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	Exhibit G-2	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate
	Exhibit G-3	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate
	Exhibit H-1	Form of Transferor Certification for Transfers of Definitive Certificates
	Exhibit H-2	Form of Investment Representation Letter for Transfers of Definitive Certificates
	Exhibit I-1	Form of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as amended
	Exhibit I-2	Form of Transferor Letter for Transfer of Class R Certificates
	Exhibit J	Form of ERISA Representation Letter
	Exhibit K-1	Form of Investor Certification - Access to Information
	Exhibit K-2	Form of Investor Certification - Access Solely to Distribution Date Statements

  

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	Exhibit K-3	Form of Investor Certification - Voting and Other Rights
	Exhibit L	Applicable Servicing Criteria
	Exhibit M	Form of NRSRO Certification
	Exhibit N	Form of Online Market Data Provider Certification
	Exhibit O	Form of Distribution Date Statement
	Exhibit P-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit P-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit Q	Loan Seller Sub-Servicers
	Exhibit R	Additional Form 10-D Disclosure
	Exhibit S	Additional Form 10-K Disclosure
	Exhibit T	Form of Additional Disclosure Notification
	Exhibit U	Form 8-K Disclosure
	Exhibit V-1	Form of Certification to be Provided by the Certificate Administrator
	Exhibit V-2	Form of Certification to be Provided by the Servicer
	Exhibit V-3	Form of Certification to be Provided by the Special Servicer
	Exhibit V-4	Form of Certification to be Provided to Depositor by the Custodian
	Exhibit V-5	Form of Certification to be Provided to Depositor by the Trustee

 

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This Trust and Servicing
Agreement (“Agreement”), is dated as of February 6, 2016, among Citigroup Commercial Mortgage Securities Inc.,
as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator.

 

INTRODUCTORY STATEMENT

 

Terms not defined in
this Introductory Statement shall have the meanings specified in Article 1 hereof.

 

Reference is made to
that certain fixed rate loan in the original principal amount of $900,000,000 (the “Mortgage Loan”), evidenced
by the following promissory notes: (i) that certain Replacement, Third Amended and Restated Promissory Note A-1A dated February
22, 2016, in the original principal amount of $143,100,000, made by the Borrower (as hereinafter defined) in favor of Citigroup
Global Markets Realty Corp. (together with its successors in interest, “CGMRC”) (such promissory note, as the
same may hereafter further be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise
modified, “Note A-1A”); (ii) that certain Replacement, Second Amended and Restated Promissory Note A-1B
dated February 8, 2016, in the original principal amount of $97,200,000, made by the Borrower in favor of German American Capital
Corporation (together with its successors in interest, “GACC”) (such promissory note, as the same may hereafter
be further amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, “Note
A-1B”); (iii) that certain Replacement, Second Amended and Restated Promissory Note A-1C dated February 8, 2016, in the
original principal amount of $97,200,000, made by the Borrower in favor of Wells Fargo Bank, National Association (together with
its successors in interest, “WFB”) (such promissory note, as the same may hereafter further be amended, restated,
replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, “Note A-1C”);
(iv) that certain Replacement, Amended and Restated Promissory Note A-1D dated February 22, 2016, in the original principal amount
of $40,500,000, made by the Borrower in favor of CGMRC (such promissory note, as the same may hereafter further be amended, restated,
replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, “Note A-1D”);
(v) that certain Replacement Promissory Note A-1E dated February 8, 2016, in the original principal amount of $40,500,000, made
by the Borrower in favor of GACC (such promissory note, as the same may hereafter further be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified, “Note A-1E”); (vi) that certain Replacement
Promissory Note A-1F dated February 8, 2016, in the original principal amount of $40,500,000, made by the Borrower in favor of
WFB (such promissory note, as the same may hereafter further be amended, restated, replaced, extended, renewed, supplemented, consolidated,
severed, split or otherwise modified, “Note A-1F”); (vii) that certain Replacement Promissory Note A-2A dated
February 8, 2016, in the original principal amount of $176,400,000, made by the Borrower in favor of CGMRC (such promissory note,
as the same may hereafter further be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split
or otherwise modified, “Note A-2A”); (viii) that certain Replacement Promissory Note A-2B dated February
8, 2016, in the original principal amount of $132,300,000, made by the Borrower in favor of GACC (such promissory

 

    	 

    	 

    

 

note,
as the same may hereafter be further amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split
or otherwise modified, “Note A-2B”); and (ix) that certain Replacement Promissory Note A-2C dated February
8, 2016, in the original principal amount of $132,300,000, made by the Borrower in favor of WFB (such promissory note, as the
same may hereafter be further amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise
modified, “Note A-2C”; and each of Note A-1A, Note A-1B, Note A-1C, Note A-1D, Note A-1E, Note A-1F, Note A-2A,
Note A-2B and Note A-2C, a “Note” and, together, the “Notes”). The Notes are secured by,
among other things, a first mortgage lien on the Borrower’s leasehold interest in the Property.

 

The Mortgage Loan was
originated by CGMRC, GACC and WFB pursuant to that certain Loan Agreement, dated as of January 22, 2016, as amended by that certain
Note Splitter Agreement and Amendment to Loan Agreement and Other Loan Documents, dated as of February 8, 2016, and that certain
Second Amendment to Loan Agreement and Other Loan Documents, dated February 22, 2016 (as previously so amended and as the same
may hereafter be further amended, restated, supplemented or otherwise modified, the “Mortgage Loan Agreement”),
by and between WFP Tower B Co. L.P., a New York limited partnership (collectively with its successors and permitted assigns in
such capacity under the Mortgage Loan Agreement and the other Loan Documents (as defined in the Mortgage Loan Agreement), the “Borrower”),
CGMRC, GACC and WFB. As of the Cut-off Date, the aggregate outstanding principal balance of the Mortgage Loan is $900,000,000.

 

Note A-1A, Note A-1B
and Note A-1C are each referred to herein as a “Senior Trust Note” and are collectively referred to herein as
the “Senior Trust Notes”. Note A-2A, Note A-2B and Note A-2C are each referred to herein as a “Junior
Trust Note” and are collectively referred to herein as the “Junior Trust Notes”. Note A-1A, Note A-1B,
Note A-1C, Note A-2A, Note A-2B and Note A-2C are each referred to herein as a “Trust Note” and are collectively
referred to herein as the “Trust Notes”. The portion of the Mortgage Loan evidenced by the Trust Notes is referred
to herein as the “Trust Loan”. The portion of the Trust Loan evidenced by the Senior Trust Notes is referred
to herein as the “Senior Portion”. The portion of the Trust Loan evidenced by the Junior Trust Notes is referred
to herein as the “Junior Portion”. Note A-1D, Note A-1E and Note A-1F are each referred to herein as a “Companion
Loan Note” and are collectively referred to herein as the “Companion Loan Notes”. The portion of the
Mortgage Loan evidenced by each Companion Loan Note is referred to herein as a “Companion Loan” and are collectively
referred to herein as the “Companion Loans”. The Senior Trust Notes and the Companion Loan Notes are collectively
referred to herein as the “Senior Notes” and, each, as a “Senior Note”.

 

The Trust Loan was sold
and assigned by CGMRC, GACC and WFB to the Depositor pursuant to: (i) in the case of the portion of the Trust Loan evidenced
by Note A-1A and Note A-2A, that certain Trust Loan Purchase Agreement, dated as of February 6, 2016 (the “CGMRC
Trust Loan Purchase Agreement”), by and between CGMRC and the Depositor; (ii) in the case of the portion of the
Trust Loan evidenced by Note A-1B and Note A-2B, that certain Trust Loan Purchase Agreement, dated as of February 6, 2016
(the “GACC Trust Loan Purchase Agreement”), by and between GACC and the Depositor; and (iii) in the case
of the portion of the Trust Loan evidenced by Note A-1C and Note A-2C, that certain Trust Loan Purchase Agreement, dated as
of February 6, 2016 (the “WFB Trust Loan Purchase Agreement”), by and

 

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between
WFB and the Depositor. The CGMRC Trust Loan Purchase Agreement, the GACC Trust Loan Purchase Agreement and the WFB Trust Loan
Purchase Agreement are each referred to herein as a “Trust Loan Purchase Agreement” and, collectively, as the
“Trust Loan Purchase Agreements”.

 

The respective rights
and obligations of the holders of the Notes are governed by the terms and provisions of that certain Co-Lender Agreement dated
as of February 6, 2016 (as the same may hereafter be amended, restated, supplemented or otherwise modified, the “Co-Lender
Agreement”), between CGMRC, as holder of Note A-1A, Note A-1D, and Note A-2A, GACC, as holder of Note A-1B, Note A-1E
and Note A-2B and WFB, as holder of Note A-1C, Note A-1F and Note A-2C.

 

As provided for herein,
the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions of the Trust Fund for
federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC”
and the “Lower-Tier REMIC” and, each, a “REMIC”). The Class A, Class X, Class B, Class C,
Class D, Class E and Class F Certificates represent “regular interests” in the Upper-Tier REMIC. The Class LA,
Class LB, Class LC, Class LD, Class LE and Class LF Uncertificated Interests represent “regular interests”
in the Lower-Tier REMIC. The Class R Certificates will evidence the sole Class of “residual interests”
in each of the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.

 

In exchange for the Trust
Loan, the Trust shall issue to the Depositor the Class A, Class X, Class B, Class C, Class D, Class E, Class F and Class R Certificates
(the “Certificates”), which Certificates in the aggregate will evidence the entire beneficial interest in the
Trust Fund.

 

The Trust Fund consists
principally of the Trust Notes and, insofar as they evidence, secure, guarantee or otherwise relate to the Trust Loan, the Mortgage
and related Mortgage Loan Documents.

 

The Depositor intends
to sell the Certificates to the Initial Purchasers in an offering exempt from the registration requirements of the federal securities
laws.

 

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UPPER-TIER REMIC

 

The Class A, Class X,
Class B, Class C, Class D, Class E and Class F Certificates shall evidence “regular interests” in the Upper-Tier REMIC
created hereunder. The Class UT-R Interest will constitute the sole class of “residual interests” in the Upper-Tier
REMIC created hereunder, and will be evidenced by the Class R Certificates. The following table sets forth the class designation,
the pass-through rate (the “Pass-Through Rate”) and the aggregate initial Certificate Balance (the “Initial
Certificate Balance”) or Notional Balance (“Initial Notional Balance”), as applicable, for each Class
of Certificates (other than the Class R certificates) and the Class UT-R Interest, which comprise the interests in the Upper-Tier
REMIC created hereunder:

 

	
        Class
        Designation

	
        Initial
        Pass-Through Rate

	
        Initial
        Certificate Balance or

 Initial Notional Balance

	Class A	3.597%(1)	$293,623,000
	Class X	0.874%(2) 	$395,250,000(3)
	Class B	3.999%(1)	$43,877,000
	Class C	4.501%(1)	$57,750,000
	Class D	4.648%(4)	$171,703,000
	Class E	4.648%(4)	$120,023,000
	Class F	4.648%(4)	$91,524,000
	Class UT-R(5)	N/A(5)	N/A(5)

 

 

 

		(1)	For any Distribution Date, the Pass-Through Rate on each Class of the Class A, Class B and Class
C Certificates will be the related fixed per annum rate set forth above.

 

		(2)	Represents the initial Class X Pass-Through Rate. For any Distribution Date, the Class X Pass-Through
Rate will equal the excess, if any, of (a) the Adjusted Net Mortgage Rate for such Distribution Date, over (b) the weighted average
of the Pass-Through Rates on the Class A, Class B and Class C Certificates (weighted on the basis of the respective Certificate
Balances of the Class A, Class B and Class C Certificates immediately prior to such Distribution Date).

 

		(3)	The Class X Certificates will not have a Certificate Balance and will not be entitled to receive
distributions of principal. The Notional Balance of the Class X Certificates will be equal to the aggregate Certificate Balances
of the Class A, Class B and Class C Certificates from time to time.

 

		(4)	Represents the initial related Pass-Through Rate. For any Distribution Date, the Pass-Through Rate
on each Class of the Class D, Class E and Class F Certificates will be a per annum rate equal to the Adjusted Net Mortgage
Rate for such Distribution Date.

 

		(5)	The Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
Balance or Notional Balance, will not bear interest and will not be entitled to distributions of Prepayment Fees. Any Certificate
Available Funds remaining in the Upper-Tier Distribution Account, after all required distributions under this Agreement have been
made to each other Class of Certificates and the Class LT-R Interest, will be distributed to the Holders of the Class R
Certificates in respect of the Class UT-R Interest.

 

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LOWER-TIER REMIC

 

The Class LA, Class
LB, Class LC, Class LD, Class LE and Class LF Uncertificated Interests will evidence “regular interests” in the Lower-Tier
REMIC created hereunder. The Class LT-R Interest will constitute the sole Class of “residual interests” in the
Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table sets forth the
initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests and the Class LT-R
Interest comprising the interests in the Lower-Tier REMIC created hereunder:

 

	
        Class
        Designation

	
        Pass-Through
        Rate

	
        Original
        Lower-Tier

        Principal Amount

	Class LA	(1)	$293,623,000
	Class LB	(1)	$43,877,000
	Class LC	(1)	$57,750,000
	Class LD	(1)	$171,703,000
	Class LE	(1)	$120,023,000
	Class LF	(1)	$91,524,000
	Class LT-R(2)	N/A	N/A

 

 

 

		(1)	The Pass-Through Rate on each of the Class LA, Class LB, Class LC, Class LD, Class LE and Class
LF Uncertificated Interests will at all times be a per annum rate equal to the Adjusted Net Mortgage Rate for such Distribution
Date.

 

		(2)	The Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
Balance or Notional Balance, will not bear interest and will not be entitled to distributions of Prepayment Fees. Any Certificate
Available Funds constituting assets remaining in the Lower-Tier Distribution Account after distributing the Lower-Tier Distribution
Amount will be distributed to the Holders of the Class R Certificates in respect of the Class LT-R Interest (but only
to the extent of the Certificate Available Funds for such Distribution Date, if any, remaining in the Lower-Tier Distribution Account).

 

All covenants and agreements
made by the Depositor herein are for the benefit and security of the Certificateholders and the Trustee as holder of the Uncertificated
Lower-Tier Interests. The Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator are entering
into this Agreement, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.

 

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W I T N E S S E T H   T H A T:

 

In consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

		1.	DEFINITIONS

 

1.1          
Definitions. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the following meanings and such meanings shall be equally applicable to the singular and plural forms of such terms,
as the context may require.

 

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

 

“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider that shall initially be located within
the Certificate Administrator’s Website (www.sf.citidirect.com), under the “NRSRO” tab on the page relating
to this transaction. Such website shall provide means of navigation for each Rating Agency and other NRSRO to the portion of the
Certificate Administrator’s Website available to each applicable type of Privileged Person.

 

“30/360 Basis”:
The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“Accelerated
Mezzanine Loan”: The Approved Mezzanine Loan, or any other mezzanine loan that may be secured by direct or indirect interests
in the Borrower, if such Approved Mezzanine Loan or other mezzanine loan either (i) has been accelerated (and such acceleration
has not been rescinded), or (ii) is the subject of foreclosure proceedings against the related collateral for such Approved Mezzanine
Loan or other mezzanine loan.

 

“Acceptable
Insurance Default”: Any default arising when the Mortgage Loan Documents require that the Borrower shall maintain all
risk casualty insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer
has determined, in its reasonable judgment in accordance with the Accepted Servicing Practices, that (i) such insurance is not
available at commercially reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar
real properties located in or near the geographic region in which the subject Property is located (but only by reference to such
insurance that has been obtained by such owners at current market rates) or (ii) such insurance is not available at any rate. In
making this determination, the Special Servicer, to the extent consistent with the Accepted Servicing Practices, may rely on the
opinion of an insurance consultant.

 

“Accepted Servicing
Practices”: As defined in Section 3.1.

 

“Acquisition
Date”: The date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e) of the Code),
the Trust is deemed to have acquired the Property.

 

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

 

“Additional
Servicer”: Each Affiliate of the Servicer or the Special Servicer that Services the Mortgage Loan and each Person who
is not an Affiliate of the Servicer, other than the Special Servicer or the Certificate Administrator, who Services the Mortgage
Loan as of any date of determination.

 

“Additional
Servicing Compensation”: Default Interest and late payment fees (to the extent remaining after all payments pursuant
to Section 3.4(c)(v)), assumption fees, assumption application fees, defeasance fees, substitution fees, release fees,
Modification Fees, insufficient fund fees, Consent Fees, loan service transaction fees and similar fees and expenses to which the
Servicer and the Special Servicer are entitled (to the extent not otherwise prohibited by and specifically allocated to such amounts)
in accordance with the terms of the Mortgage Loan Documents or pursuant to this Agreement and any income earned (net of losses
(subject to Section 3.8(b)) on the investment of funds deposited in the Collection Account, any Foreclosed Property
Account and, to the extent interest is not payable to the Borrower, any Reserve Account pursuant to Section 3.8.

 

“Adjusted Net
Mortgage Rate” With respect to the Trust Loan (even if the Property becomes a Foreclosed Property) for any Distribution
Date, the annualized rate at which interest would have to accrue in respect of the Trust Loan on the basis of a 360-day year consisting
of twelve 30-day months in order to produce the aggregate amount of interest actually accrued (exclusive of Default Interest) in
respect of the Trust Loan at a per annum rate equal to the Net Mortgage Rate during the Mortgage Loan Interest Accrual Period
that ends in the calendar month in which such Distribution Date occurs; provided, that: (i) the Adjusted Net Mortgage Rate for
the Distribution Dates in January and February in any year which is not a leap year and in February in any year which is a leap
year (unless, in any such case, such Distribution Date is the final Distribution Date) will be determined based on the “aggregate
amount of interest actually accrued”, as referred to above in this sentence, being net of the related Withheld Amounts; (ii)
the Adjusted Net Mortgage Rate for the Distribution Date in March (or, if it is the Final Distribution Date, the Distribution Date
in February) of any year will be determined based on the “aggregate amount of interest actually accrued”, as referred
to above in this sentence, including any such Withheld Amounts (and, with respect to the Distribution Date in March 2016, the Initial
Interest Deposit); and (iii) in all cases, the Adjusted Net Mortgage Rate will be determined without regard to any modification,
waiver or amendment of the terms of the Trust Loan, whether agreed to by the Special Servicer or resulting from a bankruptcy, insolvency
or similar proceeding involving the Borrower or otherwise, and without regard to the Property becoming a Foreclosed Property.

 

“Administrative
Advances”: As defined in Section 3.23(b).

 

“Administrative
Fee Rate”: The sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate and the CREFC® Licensing
Fee Rate.

 

“Advance”:
Any Administrative Advance, Monthly Interest Payment Advance or Property Protection Advance.

 

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“Advance Interest”:
Interest, compounded monthly, on the aggregate amount of Advances with respect to the Mortgage Loan and/or the Property at the
Advance Interest Rate.

 

“Advance Interest
Rate”: As defined in Section 3.23(d).

 

“Adverse REMIC
Event”: As defined in Section 12.1(j).

 

“Affiliate”:
With respect to any specified Person, any other Person, directly or indirectly, controlling or controlled by or under common control
with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract, relation to individuals or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. The Trustee and/or the Certificate Administrator may obtain and rely upon an Officer’s
Certificate of the Servicer, the Special Servicer, the Trustee (in the case of the Certificate Administrator), the Certificate
Administrator (in the case of the Trustee), the Borrower or the Depositor, as applicable, to determine whether any Person is an
Affiliate of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Borrower or the Depositor.

 

“Agreement”:
This Trust and Servicing Agreement (including all exhibits hereto) and all amendments and supplements hereto.

 

“Annual Budget”:
Any annual budget furnished by the Borrower pursuant to Section 4.10.5 of the Mortgage Loan Agreement.

 

“Applicable
DBRS Permitted Investment Rating”: (A) In the case of such investments with maturities of 30 days or less, the short
term obligations of which are rated “R-1(high)” by DBRS (or, if not rated by DBRS, an equivalent rating by two other
NRSROs), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term
obligations of which are rated “R-1(high)” by DBRS (or, if not rated by DBRS, an equivalent rating by two other NRSROs),
(C) in the case of such investments with maturities of six months or less, but more than three (3) months, the short term obligations
of which are rated “R-1(high)” by DBRS (or, if not rated by DBRS, an equivalent rating by two other NRSROs), (D) in
the case of such investments with maturities of 365 days or less, but more than six months, the short term obligations of which
are rated “R-1(high)” by DBRS and the long term obligations of which are rated “AAA” by DBRS (or, if not
rated by DBRS, an equivalent rating by two other NRSROs).

 

“Applicable
S&P Permitted Investment Rating”: (A) In the case of such investments with maturities of 30 days or less, the short
term obligations of which are rated “A-1+” by S&P or the long term obligations of which are rated at least “AA-”
by S&P, (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short
term obligations
of which are rated “A-1+” by S&P and the long term obligations of which are rated at least “AA-” by
S&P, (C) in the case of such investments with maturities of six months or less, but more than three (3) months, the short
term obligations of which are rated “A-1+” by S&P and the long term obligations of which are rated at least “AA-”
by S&P, (D) in the case of such investments with maturities of 365 days or less, but more than six months, the short term

 

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obligations of which are rated “A-1+” by S&P and the long term obligations of which are rated “AAA”
by S&P.

 

“Applicable
Servicing Criteria”: With respect to the Servicer, the Special Servicer or any Servicing Function Participant, the Servicing
Criteria applicable to it, as set forth on Exhibit L attached hereto. For clarification purposes, multiple parties
can have responsibility for the same Applicable Servicing Criteria and with respect to a Servicing Function Participant engaged
by the Servicer or the Special Servicer, the term “Applicable Servicing Criteria” may refer to a portion of
the Applicable Servicing Criteria applicable to the Servicer or the Special Servicer, as the case may be.

 

“Applied Realized
Loss Amount”: All amounts applied to reduce the Certificate Balance of a Class of Principal Balance Certificates or the
Lower-Tier Principal Amount of any Uncertificated Lower-Tier Interest, as applicable, in respect of Realized Losses pursuant to
Section 4.1(h).

 

“Appraisal”:
With respect to the Property or Foreclosed Property, an appraisal of the Property or Foreclosed Property, as the case may be, conducted
by an Independent Appraiser in accordance with the standards of the Appraisal Institute by an Independent Appraiser and certified
by such Independent Appraiser as having been prepared in accordance with the requirements of the Standards of Professional Practice
of the Appraisal Institute with an “MAI” designation and the Uniform Standards of Professional Appraisal Practice of
the Appraisal Foundation, as well as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided
that after an initial “Appraisal” has been obtained pursuant to the terms of this Agreement, an update of such initial
Appraisal shall be considered an “Appraisal” hereunder for all purposes if such original appraisal was performed within
the previous 18 months. All Appraisals (and updates thereof) obtained pursuant to the terms of this Agreement shall include a valuation
using the “income capitalization – discounted cash flow approach” and set forth the discount rate and terminal
capitalization rate utilized by the Independent Appraiser. All calculations under this Agreement requiring that a “value”
or “appraised value” be used with respect to the Property or Foreclosed Property shall use the most recently determined
appraised value set forth in an Appraisal (or update thereof) unless a different valuation is specifically required (such as the
appraised value of the Property at origination). For purposes of determining an Appraisal Reduction Amount, the calculation of
the Appraised Value (as determined by an updated Appraisal) of the Property shall be determined on an “as-is” basis.

 

“Appraisal-Reduced
Class”: As defined in Section 3.7(f).

 

“Appraisal
Reduction Amount”: As of any date of determination, subject to Section 3.7(e) of this Agreement, an amount equal
to the excess of (i) the outstanding principal balance of the Mortgage Loan on such date plus the sum of (A) all accrued
and unpaid interest on the Mortgage Loan, in each case at the related Mortgage Loan Interest Rate, (B) all unreimbursed Administrative
Advances and Property Protection Advances and all unpaid interest on all Advances at the Advance Interest Rate in respect of the
Trust Loan or the Property, (C) all currently due and unpaid real estate taxes and assessments and insurance premiums and all
other amounts, including, if applicable, ground rents, due and unpaid in respect of the Property (which taxes, premiums and other
amounts have not been the subject of an Advance) and (D) to the

 

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extent
not duplicative of amounts in clauses (B) or (C), all unpaid Trust Fund Expenses then due under the Mortgage
Loan Agreement, over (ii) the sum of 90% of the appraised value (as determined by an updated Appraisal) of the Property less
the amount of any liens (exclusive of Permitted Encumbrances) on the Property senior to the lien of the related Mortgage Loan
Documents plus any escrows with respect to the Mortgage Loan, including for taxes, Insurance Premiums and ground rent.
The Mortgage Loan will be treated as a single loan for purposes of calculating the Appraisal Reduction Amount. Any resulting Appraisal
Reduction Amount with respect to the Mortgage Loan will be allocated first to the Junior Trust Notes on a pro rata and
pari passu basis (in accordance with the relative principal balance of such Junior Trust Notes) up to the aggregate principal
balance of the Junior Trust Notes, with any remainder being allocated to the Senior Notes on a pro rata and pari passu
basis (in accordance with the relative principal balance of such Senior Notes).

 

“Appraisal Reduction
Event”: The earliest of (i) 120 days after an uncured payment delinquency (other than a delinquency in respect
of the Balloon Payment) occurs in respect of the Mortgage Loan, (ii) 90 days after an uncured delinquency occurs in respect
of the Balloon Payment for the Mortgage Loan unless a refinancing is anticipated within 120 days after the Maturity Date of
the Mortgage Loan (as evidenced by a written and binding refinancing commitment from an acceptable lender and reasonably satisfactory
in form and substance to the Servicer, and during any Control Period, the Controlling Class Representative, which provides that
such refinancing shall occur within 120 days after the Maturity Date), in which case 120 days after such uncured delinquency,
(iii) 60 days after a reduction in Monthly Interest Payments or a material adverse economic change with respect to the
terms of the Mortgage Loan has become effective, (iv) 60 days after an extension of the Maturity Date of the Mortgage
Loan (except for an extension within the time periods described in clause (ii) above), (v) 60 days after a receiver
has been appointed in respect of the Property securing the Mortgage Loan on behalf of the Trust or any other creditor, (vi) immediately
after the Borrower, Borrower Sponsor or Guarantor declares, or becomes the subject of, bankruptcy, insolvency or similar proceeding,
admits in writing the inability to pay its debts as they come due or makes an assignment for the benefit of creditors unless such
action is dismissed within 45 days, or (vii) immediately after the Property becomes a Foreclosed Property.

 

“Approved Mezzanine
Lender”: As defined in the Mortgage Loan Agreement.

 

“Approved Mezzanine
Loan”: As defined in the Mortgage Loan Agreement.

 

“Approved Mezzanine
Loan Borrower”: As defined in the Mortgage Loan Agreement.

 

“Asset Review”:
Any review of representations and warranties conducted by an Other Asset Representations Reviewer, as contemplated by Item 1101(m)
of Regulation AB.

 

“Asset Status
Report”: As defined in Section 3.10(h).

 

“Assignment
of Management Agreement”: As defined in the Mortgage Loan Agreement.

 

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“Assignment
of Mortgage”: An assignment of the applicable Mortgage without recourse, notice of transfer or equivalent instrument,
in recordable form, which is sufficient under the laws of the jurisdiction in which the related Property is located to reflect
of record the assignment of the Mortgage to the Trustee on behalf of the Trust; provided, however, the Trustee, the
Certificate Administrator, the Servicer and the Special Servicer will not be responsible for determining whether any such assignment
is legally sufficient or in recordable form.

 

“Assumed Monthly
Interest Payment”: With respect to the Trust Loan (including, without limitation, all or any portion thereof that constitutes
an REO Mortgage Loan), for the Maturity Date in connection with, or for any Assumed Payment Date following, a delinquency in the
payment of the Balloon Payment, or for any Assumed Payment Date following the foreclosure, in whole or in part, of the Mortgage
Loan or acceptance on behalf of the Trust and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion
of the Mortgage Loan or a portion of the Mortgage Loan, the scheduled monthly payment of interest that would have been due in respect
of the Trust Loan on its Maturity Date and each subsequent Payment Date (or Assumed Payment Date) (or on each Payment Date (or
Assumed Payment Date) after the occurrence of a foreclosure, in whole or in part, of the Mortgage Loan or acceptance by the Trustee
of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan or a portion of the Mortgage Loan) if the Trust
Loan had been required to continue to accrue interest in accordance with its terms, and without regard to the occurrence of the
Maturity Date (or the occurrence of such foreclosure or acceptance of a deed-in-lieu of foreclosure or comparable conversion),
in each case as such terms may have been modified, and the Maturity Date may have been extended, in connection with a bankruptcy
or similar proceeding involving the Borrower or its Affiliates or a modification, waiver or amendment granted or agreed to by the
Servicer or the Special Servicer.

 

“Assumed Payment
Date”: With respect to the Mortgage Loan for any calendar month following a delinquency in the payment of the Balloon
Payment or the foreclosure, in whole or in part, of the Mortgage Loan or acceptance on behalf of the Trust and the Companion Loan
Holders of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan (or portion thereof), the date that would
have been the Payment Date in such calendar month if the Maturity Date or the foreclosure of the Mortgage Loan (or portion thereof)
or acceptance on behalf of the Trust and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of
the Mortgage Loan (or portion thereof) had not occurred.

 

“Authenticating
Agent”: As defined in Section 8.11(a).

 

“Balloon Payment”:
The payment of the outstanding principal balance of the Mortgage Loan, the Trust Loan or any Companion Loan, as applicable, together
with all unpaid interest, due and payable on the Maturity Date.

 

“Base Interest
Fraction”: With respect to any principal prepayment on the Trust Loan as to which a Prepayment Fee is collected and with
respect to any Class of Class A, Class B, Class C and Class D Certificates, a fraction (a) whose numerator is the excess,
if any, of (i) the Pass-Through Rate on such Class of Certificates, over (ii) the Discount Rate used in calculating the
Prepayment Fee with respect to such principal prepayment and (b) whose

 

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denominator
is the excess, if any, of (i) the Mortgage Loan Interest Rate on the Trust Loan over (ii) the Discount Rate used in
calculating the Prepayment Fee with respect to such principal prepayment; provided, however, that (1) under no circumstances
shall the Base Interest Fraction be greater than one or less than zero, (2) if the Discount Rate is greater than or equal
to the Mortgage Loan Interest Rate on the Trust Loan and is greater than or equal to the Pass-Through Rate on such Class of Certificates,
then the Base Interest Fraction shall equal zero, and (3) if the Discount Rate is greater than or equal to the Mortgage Loan
Interest Rate on the Trust Loan and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction
shall be one.

 

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

 

“Borrower”:
As defined in the Introductory Statement.

 

“Borrower Reimbursable
Trust Expenses”: The costs and expenses for which the Borrower is obligated to pay, or if the Borrower fails to pay,
to reimburse the Trust pursuant to Section 4.31 of the Mortgage Loan Agreement.

 

“Borrower Restricted
Party”: Individually or collectively, as the context may require, (i) the Borrower, the Borrower Sponsor, any Approved
Mezzanine Loan Borrower, any Guarantor or any Property Manager, or any of their respective asset managers, servicers, agents or
affiliates, or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of the
Borrower, the Borrower Sponsor, any Approved Mezzanine Loan Borrower, any Guarantor or any Property Manager, (ii) a holder or beneficial
owner of any Accelerated Mezzanine Loan or an Affiliate thereof, or (iii) a Controlling Mezzanine Lender.

 

“Borrower Sponsor”:
Brookfield Financial Properties, L.P., a Delaware limited partnership.

 

“Business Day”:
Any day other than (a) a Saturday or a Sunday or (b) any other day on which (1) federally insured depository institutions in the
State of New York, Charlotte, North Carolina or Oakland, California, or (2) the place of business of the Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, or the financial institution that maintains the Collection Account, the Foreclosed
Property Account or any Reserve Account for the Mortgage Loan, or (3) the New York Stock Exchange or the Federal Reserve Bank of
New York, in each case are authorized or obligated by law, governmental decree or executive order to be closed.

 

“Cash Management
Accounts”: As defined in the Mortgage Loan Agreement.

 

“Cash Management
Agreement”: As defined in the Mortgage Loan Agreement.

 

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“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601 et seq., as
amended.

 

“Certificate”:
Any Class A, Class X, Class B, Class C, Class D, Class E, Class F or Class R Certificate.

 

“Certificate
Administrator”: Citibank, N.A., in its capacity as certificate administrator, or if any successor Certificate Administrator
is appointed as herein provided, such Certificate Administrator.

 

“Certificate
Administrator Fee”: With respect to any Distribution Date, will be an amount payable monthly from payments on the Trust
Loan allocable to interest (other than Default Interest) and will accrue at the Certificate Administrator Fee Rate, calculated
on the `basis of a 360-day year and the actual number of days in the related Interest Accrual Period and computed on the basis
of the same principal amount, in the same manner and for the same period respecting which any related interest payment due or
deemed due on the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage Loan)
is computed, using the same interest accrual basis as the Trust Loan. A portion of the Certificate Administrator Fee, namely the
Trustee Fee, will be payable to the Trustee. For the avoidance of doubt, the Certificate Administrator Fee will be deemed to be
payable from the Lower-Tier REMIC.

 

“Certificate
Administrator Fee Rate”: A rate of 0.0030% (0.30 basis points) per annum, which is inclusive of the Trustee Fee
Rate.

 

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

 

“Certificate
Available Funds”: With respect to each Distribution Date, an amount equal to: (a) the aggregate (without duplication)
of (i) all amounts (other than Prepayment Fees) received in respect of the Trust Loan (including, without limitation, all or any
portion thereof that constitutes an REO Trust Loan) during the related Collection Period including, without limitation, in the
form of any Repurchase Price or any purchase price of the Trust Loan received by the Trust, Liquidation Proceeds and, to the extent
not otherwise applied to the repair or restoration of the Property, Insurance Proceeds and Condemnation Proceeds received by the
Trust, (ii) any Monthly Interest Payment Advance on the Trust Loan for such Distribution Date, (iii) any Compensating Interest
Payment made with respect to the Trust Loan for the related Remittance Date, (iv) any amounts transferred to the Collection Account
during the related Collection Period from any other account maintained under this Agreement, (v) with respect to the Distribution
Date occurring in March (or, if such Distribution Date is the Final Distribution Date, in February) of each calendar year (commencing
in 2017), the Withheld Amounts to be transferred from the Interest Reserve Accounts to the Distribution Account, (vi) any payment
of interest received prior to the related Collection Period but intended to cover interest accrued during the Mortgage Loan Interest
Accrual Period that corresponds to the Payment Date in the related Collection Period, and (vii) solely with respect to the first
Distribution Date, the Initial Interest Deposit; reduced by (b) the aggregate (without duplication) of (i) the Certificate
Available Funds Reduction Amount for the related Remittance Date, (ii) any portion of the

 

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amounts
described in clause (a)(i) of this definition that represent escrow payments, reserve funds or amounts received in respect
of future accrual periods, (iii) any advance of interest on the Trust Loan for such Distribution Date to be applied to pay the
Certificate Administrator Fee (including the portion that is the Trustee Fee) and/or the CREFC® Licensing Fee,
(iv) with respect to any Distribution Date occurring in January (except in a leap year) or February of each calendar year (commencing
in 2017) (unless, in either case, such Distribution Date is the final Distribution Date), the related Withheld Amount to the extent
those funds are on deposit in the Collection Account and held pending transfer to the Interest Reserve Account. Certificate Available
Funds shall not include any amounts allocable to the Companion Loans under the Co-Lender Agreement.

 

“Certificate
Available Funds Reduction Amount”: With respect to any Distribution Date, the aggregate of all amounts withdrawn from
the Collection Account pursuant to clauses (i) through (xiii) of Section 3.4(c) of this Agreement
(to the extent the amounts withdrawn pursuant to such clauses are payable out of amounts allocable to the Trust Loan or any REO
Trust Loan) with respect to the related Remittance Date.

 

“Certificate
Balance”: With respect to any outstanding Class of Principal Balance Certificates at any date, an amount equal to the
Initial Certificate Balance of such Class less the sum of (a) all amounts distributed to Holders of Certificates of
such Class on all previous Distribution Dates and treated under this Agreement as allocable to principal, and (b) the aggregate
amount of Realized Losses allocated to such Class of Certificates, if any, pursuant to Section 4.1(h). With respect
to any individual Certificate in any Class, the product of (x) the Percentage Interest represented by such Certificate multiplied
by (y) the Certificate Balance of such Class.

 

“Certificate
Interest Accrual Period”: With respect to each Class of Certificates (other than the Class R Certificates) for any Distribution
Date, the calendar month immediately preceding the month in which such Distribution Date occurs.

 

“Certificateholder”
or “Holder”: With respect to any Certificate, the person in whose name a Certificate is registered in the
Certificate Register (including, solely for the purposes of providing, distributing or otherwise making available any
reports, statements or other information pursuant to this Agreement, Beneficial Owners of Certificates to the extent the
Person providing, distributing or making such information available has received certification in the form provided for in
this Agreement that such person is a Beneficial Owner), provided, however, that (a) solely for the purpose of giving any
consent or taking any action pursuant to this Agreement (including voting on amendments to this Agreement) that specifically
relates to the rights, duties, compensation or termination of, and/or any other matter specifically involving the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or any Person known to a Responsible Officer of the
Certificate Registrar to be an Affiliate of any such party, any Certificate registered in the name of or beneficially owned
by such party or any Affiliate thereof shall be deemed not to be outstanding
and the Voting Rights to which they are entitled will not be taken into account in determining whether the requisite percentage
of Voting Rights necessary to effect any such consent or take any such action has been obtained, and (b) solely for the purpose
of giving any consent or taking any action pursuant to this Agreement, any Certificate beneficially owned by a Borrower Restricted
Party shall be deemed not to be 

 

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outstanding and the Voting Rights to which it is entitled shall not be taken into account in determining
whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action has been obtained.
Notwithstanding the foregoing, a Holder or Beneficial Owner of Certificates in the Controlling Class or the Controlling Class
Representative will not be subject to the restrictions contained above in this definition of Certificateholder when exercising,
and will not be prohibited from exercising, any appointment rights, consent rights, consultation rights, Voting Rights or any
other rights it may have, solely in its capacity as a Holder or Beneficial Owner of Certificates in the Controlling Class or as
Controlling Class Representative, under this Agreement, unless such Holder or Beneficial Owner of Certificates in the Controlling
Class or the Controlling Class Representative is also either (x) a Borrower Restricted Party or a sub-servicer thereof, or (y)
the Servicer, the Trustee or the Certificate Administrator.

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account Realized
Losses and the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates)
of all Certificates (other than the Class R Certificates), on an aggregate basis.

 

“CGMRC”:
Citigroup Global Markets Realty Corp., and its successors in interest.

 

“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical or, if applicable, alphanumeric class designation,
and each Uncertificated Lower-Tier Interest.

 

“Class A
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-1 hereto and designated as a Class A Certificate.

 

“Class A Pass-Through
Rate”: For any Distribution Date, 3.597% per annum.

 

“Class B
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-3 hereto and designated as a Class B Certificate.

 

“Class B Pass-Through
Rate”: For any Distribution Date, 3.999% per annum.

 

“Class C
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-4 hereto and designated as a Class C Certificate.

 

“Class C Pass-Through
Rate”: For any Distribution Date, 4.501% per annum.

 

“Class D
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-5 hereto and designated as a Class D Certificate.

 

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“Class D Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the Adjusted Net Mortgage Rate for such Distribution Date.

 

“Class E
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-6 hereto and designated as a Class E Certificate.

 

“Class E Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the Adjusted Net Mortgage Rate for such Distribution
Date.

 

“Class F
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-7 hereto and designated as a Class F Certificate.

 

“Class F Pass-Through
Rate”: For any Distribution Date, a per annum rate equal to the Adjusted Net Mortgage Rate for such Distribution
Date.

 

“Class LA
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LA, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

“Class LB
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LB, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

“Class LC
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LC, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

“Class LD
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LD, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

“Class LE
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LE, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

“Class LF
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is designated as Class LF, is held as an
asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Introductory Statement.

 

    	16

    	 

    

 

“Class LT-R
Interest”: The residual interest in the Lower-Tier REMIC. The Class LT-R Interest has no Pass-Through Rate, Certificate
Balance or Notional Balance. The Class LT-R Interest will be represented by the Class R Certificates.

 

“Class R
Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set
forth in Exhibit A-8 hereto and designated as a Class R Certificate. The Class R Certificates have neither
a Certificate Balance nor a Pass-Through Rate. The Class R Certificates will represent the Class LT-R Interest and the
Class UT-R Interest.

 

“Class UT-R
Interest”: The residual interest in the Upper Tier REMIC. The Class UT-R Interest has no Pass-Through Rate, Certificate
Balance or Notional Balance. The Class UT-R Interest will be represented by the Class R Certificate.

 

“Class X Certificate”:
A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set forth in Exhibit A-2
and designated as a Class X Certificate.

 

“Class X Pass-Through
Rate”: For any Distribution Date, the excess, if any, of (a) the Adjusted Net Mortgage Rate for such Distribution Date,
over (b) the weighted average of the Pass-Through Rates on the Class A, Class B and Class C Certificates (weighted on the basis
of the respective Certificate Balances of the Class A, Class B and Class C Certificates immediately prior to such Distribution
Date).

 

“Class X Strip
Rate”: For any Distribution Date and for each of the Class A, Class B and Class C Certificates, the excess, if any, of
(i) the Adjusted Net Mortgage Rate for such Distribution Date over (ii) the Pass-Through Rate for the subject Class of Certificates.

 

“Clearing Agency”:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.

 

“Clearstream”:
As defined in Section 5.2(a).

 

“Closing Date”:
February 29, 2016.

 

“Code”:
The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply to
the Trust Fund.

 

“Co-Lender Agreement”:
As defined in the Introductory Statement.

 

“Collateral”:
The Property securing the Mortgage Loan, the Leases assigned with respect to the Mortgage Loan, the agreements assigned with respect
to the Mortgage Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds thereof)

 

    	17

    	 

    

 

with
respect to the Mortgage Loan and all other collateral which is subject to security interests and liens granted to secure the Mortgage
Loan.

 

“Collateral
Security Documents”: Any document or instrument given to secure or guaranty the Mortgage Loan, including without limitation,
the Mortgage, as amended, supplemented, assigned, extended or otherwise modified from time to time.

 

“Collection
Account”: As defined in Section 3.4(a).

 

“Collection
Period”: (i) With respect to the first Distribution Date following the Closing Date, the period commencing on and
including the Closing Date and ending on and including the Determination Date relating to such Distribution Date, and (ii) with
respect to any other Distribution Date, the period commencing on and including the date immediately following the Determination
Date relating to the immediately preceding Distribution Date and ending on and including the Determination Date relating to such
Distribution Date. The Collection Period for any Distribution Date shall also relate to the Remittance Date immediately prior to
such Distribution Date.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion Loan”:
As defined in the Introductory Statement.

 

“Companion Loan
Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent scheduled
payments with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization Trust.

 

“Companion Loan
Holder”: The holder of a Companion Loan and any successor thereto in respect of any Foreclosed Property.

 

“Companion Loan
Rating Agency” With respect to any Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.

 

“Companion Loan
Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Companion Loan
or REO Companion Loan as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic form)
by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in
and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of such Companion
Loan Securities (if then rated by such Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment
from a Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion
Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency Declination”),
or as otherwise provided in Section 3.27 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation
from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

 

    	18

    	 

    

 

“Companion Loan
Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets of an
Other Securitization Trust, which assets include a Companion Loan (or a portion thereof or interest therein).

 

“Compensating
Interest Payment”: A cash payment in an amount, with respect to the Mortgage Loan, equal to the lesser of (i) the amount
of any Prepayment Interest Shortfall incurred in connection with a voluntary Prepayment received in respect of the Mortgage Loan
during the related Collection Period prior to the Payment Date in that Collection Period, and (ii) the aggregate of the Servicer’s
Servicing Fees for the related Distribution Date and, to the extent earned on Prepayments, Net Investment Earnings payable to the
Servicer for the related Certificate Interest Accrual Period.

 

“Condemnation
Proceeds”: The portion of the Net Proceeds relating to a Condemnation (as defined in the Mortgage Loan Agreement).

 

“Confidential
Information”: With respect to the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, all material
non-public information obtained in the course of and as a result of such Person’s performance of its duties as Trustee, Certificate
Administrator, Servicer or Special Servicer, as applicable with respect to the Mortgage Loan, the Borrower and the Property, unless
such information (i) was already in the possession of such Person prior to being disclosed to such Person, (ii) is or
becomes available to such Person from a source other than its activities as Trustee, Certificate Administrator, Servicer or Special
Servicer, (iii) is or becomes generally available to the public other than as a result of a disclosure by Servicing Personnel
or (iv) is required to be disclosed by law or court order, provided such Person shall use reasonable efforts to obtain confidential
treatment thereof. Notwithstanding the foregoing, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator
shall be permitted to comply with its obligations hereunder to make information available to the extent that such information was
received by it in its capacity as Servicer, Special Servicer, Trustee or Certificate Administrator, as applicable.

 

“Consent Fees”:
Any fees payable in connection with any request by the Borrower for lender consent pursuant to the express terms of the Mortgage
Loan Documents; provided that Consent Fees shall not include fees payable in connection with a consent to a modification, extension,
waiver or amendment of any term of the Mortgage Loan Documents.

 

“Consultation
Period”: Any period when a Special Servicing Loan Event is in effect and both: (i) the Certificate Balance of each Class
of Control Eligible Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate
Balance of such Class of Certificates) is less than 25% of the initial Certificate Balance of such Class of Control Eligible Certificates;
and (ii) the Certificate Balance of any Class of Control Eligible Certificates (without regard to the application of Appraisal
Reduction Amounts allocable to such Class of Control Eligible Certificates) is at least equal to 25% of the initial Certificate
Balance of such Class of Certificates. A Consultation Period that would otherwise be in effect in accordance with the foregoing
provisions of this definition shall be deemed not to be in effect if the Servicer, Special Servicer, Trustee and Certificate Administrator
are notified substantially in the form of Exhibit K-3 that the Controlling Class Certificateholder or the Majority Controlling
Class Certificateholders are Borrower Restricted Parties.

 

    	19

    	 

    

 

“Consultation
Termination Period”: Any period when the Certificate Balance of each Class of Control Eligible Certificates (without
regard to the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class of Certificates)
is less than 25% of the initial Certificate Balance of such Class of Certificates.

 

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

 

“Control Period”:
Any period when a Special Servicing Loan Event is in effect and the Certificate Balance of any Class of Control Eligible Certificates
(taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class
of Certificates) is at least equal to 25% of the initial Certificate Balance of such Class of Certificates. A Control Period that
would otherwise be in effect in accordance with the foregoing provisions of this definition shall be deemed not to be in effect
if the Servicer, Special Servicer, Trustee and Certificate Administrator are notified that the Controlling Class Certificateholder
or the Majority Controlling Class Certificateholders are Borrower Restricted Parties.

 

“Controlling
Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has an outstanding Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts then allocable to such Class,
that is equal to or greater than 25% of the initial Certificate Balance of that Class of Certificates or, if no Class of Control
Eligible Certificates meets the preceding requirement, the Class E Certificates. No other Class of Certificates will be eligible
to act as the Controlling Class or appoint a Controlling Class Representative. The Controlling Class as of the Closing Date will
be the Class F Certificates.

 

“Controlling
Class Certificate”: A Certificate in the Controlling Class.

 

“Controlling
Class Representative” : The Holder of the Controlling Class (or other representative) selected or designated, as applicable,
in accordance with Section 9.1.

 

“Controlling
Class Right of First Refusal”: As defined in Section 3.16(d).

 

“Controlling
Mezzanine Lender”: With respect to any mezzanine loan related to the Mortgage Loan, a holder or beneficial owner of such
mezzanine loan that has direct or indirect control over the management, policies or board of the borrower under such mezzanine
loan (in each case, substantially as if such holder or beneficial owner were the related mezzanine borrower and/or the management
of such mezzanine borrower) or over the operation or management of the Property (substantially as if such holder or beneficial
owner were the operator or manager of the Property, as applicable), including through the exercise of voting rights, consent rights,
or otherwise.  For the avoidance of doubt, (i) the exercise of consent rights or similar rights of such holder or beneficial
owner pursuant to the related mezzanine loan documents (that typically exist prior to an event of default, whether exercised before,
during or after an event of default) and (ii) the exercise of remedies by such holder or beneficial owner pursuant to the related
mezzanine loan documents that do not result in or cause the taking of direct or indirect control in accordance with the preceding
sentence, shall, in each case, not be

 

    	20

    	 

    

 

deemed
to be the exercise by such holder or beneficial owner of control over the management or policies of the mezzanine borrower for
the purposes of this definition.

 

“Controlling
Persons”: As defined in Section 6.3(a).

 

“Corporate Trust
Office”: The principal corporate trust office of the Trustee or the Certificate Administrator, as applicable, at which
at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Agreement
is located: (i) with respect to the Trustee: 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee –
225 Liberty Street Trust 2016-225L, or the principal trust office of any successor Trustee qualified and appointed pursuant to
Section 8.8, and (ii) with respect to the Certificate Administrator: for certificate transfer purposes, at 480 Washington
Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention – Global Transaction Services – 225 Liberty Street
Trust 2016-225L, and for all other purposes, except as specifically set forth herein, 388 Greenwich Street, 14th Floor, New York,
New York 10013, Attention: Global Transaction Services, 225 Liberty Street Trust 2016-225L, or the principal trust office of any
successor Certificate Administrator qualified and appointed pursuant to Section 8.8.

 

“CREFC®”:
The Commercial Real Estate Finance Council, or any association or organization that is a successor thereto. If neither such association
nor any successor remains in existence, “CREFC®” will be deemed to refer to such other association or
organization as may exist whose principal membership consists of servicers, trustees, issuers, placement agents and underwriters
generally involved in the commercial mortgage loan securitization industry, which is the principal such association or organization
in the commercial mortgage loan securitization industry and one of whose principal purposes is the establishment of industry standards
for reporting transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed
bonds and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such
certificates or bonds, and any successor to such other association or organization. If an organization or association described
in one of the preceding sentences of this definition does not exist, “CREFC®” will be deemed to refer
to such other association or organization as will be reasonably acceptable to the Servicer, the Special Servicer, the Trustee and
the Certificate Administrator.

 

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

 

“CREFC®
Bond Level File”: The monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Bond Level File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be

 

    	21

    	 

    

 

recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Certificate
Administrator.

 

“CREFC®
Collateral Summary File”: The report substantially in the form of, and containing the information called for in, the
downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information as may from time to time be recommended by the CREFC®
for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Financial File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Financial File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: A report substantially in the form of,
and containing the information called for in, the downloadable form of the “Historical Loan Modification/Forbearance and
Corrected Mortgage Loan Report” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.

 

“CREFC®
Licensing Fee”: The “CREFC® Intellectual Property Royalty License Fee” payable to CREFC®
in connection with the usage of CREFC® trademarks, which shall be equal to, with respect to the Mortgage Loan and
any Mortgage Loan Interest Accrual Period, the amount of interest accrued during such Mortgage Loan Interest Accrual Period at
the related CREFC® Licensing Fee Rate on the same principal balance, in the same manner, and for the same number
of days as any related interest payment with respect to the Mortgage Loan (including, without limitation, all or any portion thereof
that constitutes an REO Mortgage Loan) during such Mortgage Loan Interest Accrual Period is computed. Any payments of the CREFC®

 

    	22

    	 

    

 

Licensing
Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions (or
such other instructions as may hereafter be furnished by CREFC® to the Servicer in writing at least two Business
Days prior to the Remittance Date):

 

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

 

Bank Name: JPMorgan Chase
Bank, National Association

 

Bank Address: 80 Broadway,
New York, NY 10005

 

Routing Number: 021000021

 

Account Number: 213597397

 

For the avoidance of
doubt, the CREFC® Licensing Fee will be deemed payable from the Lower-Tier REMIC.

 

“CREFC®
Licensing Fee Rate”: Means 0.0005% per annum.

 

“CREFC®
Loan Level Reserve LOC Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Level Reserve LOC Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer.

 

“CREFC®
Loan Periodic Update File”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer, the Special Servicer and the Certificate Administrator.

 

“CREFC®
Loan Setup File”: The report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer,
the Special Servicer and the Certificate Administrator.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC® Website, or such
other form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is acceptable to the Servicer or the
Special Servicer, as applicable, and in any event, will present the computations made in accordance with the methodology described
in such form to

 

    	23

    	 

    

 

“normalize”
the full year and year to date net operating income and debt service coverage numbers used in the other reports required by this
Agreement.

 

“CREFC®
Operating Statement Analysis Report”: A report prepared with respect to the Property substantially in the form of, and
containing the information called for in, the downloadable form of the “Operating Statement Analysis Report” available
as of the Closing Date on the CREFC® Website or in such other form for the presentation of such information and
containing such additional information as may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Property File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.

 

“CREFC®
Reports”: Collectively refers to the following reports as may be amended, updated or supplemented from time to time as
part of the CREFC® “IRP” and any additional reports that become part of the CREFC® “IRP”
from time to time:

 

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

 

(b)           
the following nine supplemental reports: (i) CREFC® Comparative Financial Status Report, (ii) CREFC®
Delinquent Loan Status Report, (iii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage
Loan Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC® NOI Adjustment
Worksheet, (vi) CREFC® REO Status Report, (vii) CREFC® Servicer Watch List, (viii) CREFC®
Loan Level Reserve – LOC Report, and (ix) CREFC® Advance Recovery Report.

 

“CREFC®
REO Status Report”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “REO Status Report” available as of the Closing Date on the CREFC® Website, or in such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Servicer Watch List”: For any Determination Date, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, or in such other final form for the presentation of such information and containing such additional information as may
from time to time be promulgated as recommended by the CREFC® for

 

    	24

    	 

    

 

commercial
mortgage securities transactions generally and, insofar as it requires the presentation of information in addition to that called
for by the form of the “Servicer Watch List” available as of the Closing Date on the CREFC® Website,
is reasonably acceptable to the Servicer.

 

“CREFC®
Special Servicer Loan File”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Special Servicer Loan File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.

 

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

 

“Current Interest
Determination Amount”: With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated
Lower-Tier Interests, the interest accrued during the related Certificate Interest Accrual Period at the Pass-Through Rate applicable
to such Class of Certificates or Uncertificated Lower-Tier Interests, as the case may be, for such Certificate Interest Accrual
Period on the Certificate Balance, Notional Balance or Lower-Tier Principal Amount, as applicable, of such Class of Certificates
or Uncertificated Lower-Tier Interests, as the case may be, immediately prior to such Distribution Date.

 

“Custodial Agreement”:
The custodial agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
as the same may be amended or modified from time to time in accordance with the terms thereof. For avoidance of doubt, as of the
Closing Date, the Custodian is the Certificate Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 8.15 of this Agreement and, unless the Certificate Administrator is Custodian,
named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Certificate Administrator or the Servicer
or any Affiliate or agent of the Certificate Administrator or the Servicer, but may not be (i) the Depositor or any Affiliate
thereof or (ii) the Borrower, any Borrower Restricted Party or any Affiliate thereof.

 

“Cut-off Date”:
February 6, 2016.

 

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

 

“Default Interest”:
With respect to any Payment Date, upon the occurrence and during the continuance of a Mortgage Loan Event of Default, interest
accrued on the outstanding principal balance of the Mortgage Loan and, to the extent permitted by law, all accrued and unpaid interest
and other amounts due in respect of the Mortgage Loan, in each case, at the

 

    	25

    	 

    

 

excess
of the Default Rate over the related Mortgage Loan Interest Rate, from the date such payment was due without regard to any grace
or cure periods and, if the Mortgage Loan is not repaid on the Maturity Date, or such earlier date as may result from acceleration.
Default Interest will accrue from and after the applicable Maturity Date, or such earlier date as may result from acceleration,
and, in any case, will be calculated on the basis of a 360-day year and the actual number of days elapsed in the period for which
the calculation is being made.

 

“Default Rate”:
As defined in the Mortgage Loan Agreement.

 

“Defect”:
As defined in the Trust Loan Purchase Agreement.

 

“Deficient Exchange
Act Deliverable”: With respect to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trustee and each Servicing Function Participant and Additional Servicer retained by it (other than a Loan Seller Sub-Servicer),
any item (x) regarding such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent
retained by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements
under Article 13 of this Agreement, that does not conform to the applicable reporting requirements under the Securities
Act, the Exchange Act, the Sarbanes-Oxley Act and/or the rules and regulations promulgated thereunder.

 

“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.

 

“Delivery Date”:
As defined in Section 2.1(b).

 

“Depositor”:
Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, together with its successors-in-interest.

 

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

 

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

 

“Determination
Date”: With respect to each Distribution Date, the 6th day of the calendar month in which such Distribution
Date occurs, but if such 6th day is not a Business Day, then the immediately succeeding Business Day, beginning in March
2016.

 

“Directly Operate”:
With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that are not customarily
provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations
Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the holding of such Foreclosed Property
primarily for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the Trust or the performance
of any construction work on the Foreclosed Property (other than the completion of a building or improvement, where more than 10%
of the construction of such building or improvement was completed before default became imminent), other than through an Independent
Contractor; 

 

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provided,
however, that a Foreclosed Property will not be considered to be Directly Operated solely because the Trustee on behalf
of the Trust (or the Special Servicer on behalf of the Trustee on behalf of the Trust) establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect
to such Foreclosed Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to the Mortgage Loan or any Foreclosed Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other fee-sharing arrangement)
received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation,
the Trust, the Borrower, the Property Manager and the Borrower Sponsor in respect of the Mortgage Loan and any purchaser of the
Trust Loan, any Companion Loan or any Foreclosed Property) in connection with the disposition, work-out or foreclosure of the Mortgage
Loan, the management or disposition of such Foreclosed Property and the performance by the Special Servicer or any such Affiliate
of any other special servicing duties under this Agreement, other than (i) Permitted Special Servicer/Affiliate Fees, and
(ii) any special servicing compensation and fees to which the Special Servicer is entitled under this Agreement.

 

“Disclosure
Parties”: As defined in Section 8.14(c).

 

“Discount Rate”:
As defined in the Mortgage Loan Agreement.

 

“Disqualified
Non-U.S. Tax Person”: With respect to a Class R Certificate, (x) an entity treated as a U.S. partnership if any
of its partners, directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership
agreement) a Disqualified Non-U.S. Tax Person; (y) any Non-U.S. Tax Person or agent thereof other than (i) a Non-U.S. Tax
Person that holds such Class R Certificate in connection with the conduct of a trade or business within the United States
and has furnished the transferor and the Certificate Administrator with an effective IRS Form W-8ECI or (ii) a Non-U.S.
Tax Person that has delivered to both the transferor and the Certificate Administrator an Opinion of Counsel of a nationally recognized
tax counsel to the effect that the transfer of such Class R Certificate to it is in accordance with the requirements of the
Code and the regulations promulgated thereunder and that such transfer of such Class R Certificate will not be disregarded
for federal income tax purposes under Treasury Regulations Section 1.860G-3; or (z) a U.S. Tax Person with respect to which
income from a Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an
applicable income tax treaty, of the transferee or any other U.S. Tax Person. Information necessary to compute an applicable excise
tax must be furnished to the IRS and to the requesting party within 60 days of the request, and the Certificate Administrator may
charge a fee for computing and providing such information.

 

“Disqualified
Organization”: Either (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other
than an instrumentality that is a corporation if all of its activities are subject to tax and, except for FHLMC, a majority of
its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization or
agency or instrumentality of either of the foregoing, (c) an organization that is

 

    	27

    	 

    

 

exempt
from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable income)
on any excess inclusions (as defined in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except
certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives
described in Section 1381(a)(2) of the Code or (e) any other person so designated by the Certificate Administrator based
upon an Opinion of Counsel to the effect that any transfer of a Class R Certificate to such person may cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United
States,” “State” and “International Organization” have the meanings set forth in Section 7701
of the Code or successor provisions.

 

“Distribution
Account”: The account established and maintained by the Certificate Administrator pursuant to Section 3.5.

 

“Distribution
Date”: The 4th Business Day after the Determination Date in each calendar month, commencing in March 2016. The first
Distribution Date shall be March 11, 2016.

 

“Distribution
Date Statement”: As defined in Section 4.4(a).

 

“Eligible Account”:
A separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts
maintained with a federal or state chartered depository institution or trust company which complies with the definition of Eligible
Institution, (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution or
trust company acting in its fiduciary capacity, and which, in the case of a state chartered depository institution or trust company,
is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus
of at least $50,000,000 and is subject to supervision or examination by federal or state authority, as applicable or (c) an account
maintained with any other insured depository institution that is the subject of a Rating Agency Confirmation from each Rating Agency
for which the minimum rating is not met and DBRS, with respect to any account listed in the clauses above, or from each Rating
Agency, with respect to any account other than one listed in the clauses above. An Eligible Account shall not be evidenced by a
certificate of deposit, passbook or other instrument. If the holding institution for an account ceases to meet the requirements
of this definition for an “Eligible Account”, then the party responsible for administering such account hereunder shall
move such account to a holding institution meeting such requirements within 30 days.

 

“Eligible Institution”:
Means (a) either a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short-term
unsecured debt obligations, deposit accounts or commercial paper of which are (i) rated at least “A-1” by S&P (or
“A-2” by S&P if the long-term unsecured debt obligations or deposit accounts thereof are rated at least “BBB”
by S&P) in the case of letters of credit and accounts in which funds are held for 30 days or less (or, in the case of letters
of credit and accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations or deposit accounts
of which are rated at least “BBB+” by S&P), and (ii) rated at least “R-1 (low)” by DBRS (or, if not
rated by DBRS, an equivalent rating such as that listed above by two other NRSROs or such other rating confirmed in a Rating Agency
Confirmation), in the case of accounts in which funds are held for 30 days or

 

    	28

    	 

    

 

less
or, in the case of accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations of which are
rated at least “A” by DBRS (or, if not rated by DBRS, an equivalent rating such as that listed above by two other
NRSROs or such other rating confirmed in a Rating Agency Confirmation); or (b) an institution that is the subject of a Rating
Agency Confirmation from each Rating Agency for which the minimum rating is not met.

 

“Environmental
Indemnity”: As defined in the Mortgage Loan Agreement.

 

“Environmental
Law”: Any present or future federal, state or local law, statute, regulation or ordinance, any judicial or administrative
order or judgment thereunder, pertaining to health, industrial hygiene, hazardous substances or the environment, including, but
not limited to, each of the following, as enacted as of the date hereof or as hereafter amended: CERCLA; the Resource Conservation
and Recovery Act of 1976, 42 U.S.C. §§ 6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §§ 2601
et seq.; the Water Pollution Control Act (also known as the Clean Water Act, 22 U.S.C. §§ 1251 et seq.), the Clean
Air Act, 42 U.S.C. §§ 7401 et seq. and the Hazardous Materials Transportation Act, 49 U.S.C. §§ 1801
et seq.

 

“Environmental
Report”: With respect to the Property, the “Phase I” and “Phase II,” if any, environmental
audit reports prepared and delivered to the Depositor in connection with the origination of the Mortgage Loan, or any subsequent
environmental report prepared on behalf of the Trust hereunder meeting the requirements of the American Society for Testing and
Materials.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

“ERISA Restricted
Certificate”: Any Class E, Class F or Class R Certificate; provided, that any such Certificate: (a)
will cease to be considered an ERISA Restricted Certificate; and (b) will cease to be subject to the transfer restrictions contained
in Section 5.3(m) of this Agreement if, as of the date of a proposed transfer of such Certificate, either (i) it is
rated in one of the four highest generic ratings categories by a credit rating agency that meets the requirements of the Underwriter
Exemption) or (ii) relevant provisions of ERISA would permit the transfer of such Certificate to a Plan.

 

“Euroclear”:
As defined in Section 5.2(a).

 

“Excess Servicing
Fees”: With respect to the Mortgage Loan (including any REO Mortgage Loan), that portion of the Servicing Fee that accrues
at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to the Mortgage Loan (including any REO Mortgage Loan), a rate per annum equal to the Servicing
Fee Rate minus 0.0025%; provided that such rate shall be subject to reduction at any time following any resignation of the Servicer
pursuant to Section 6.4 of this Agreement (if no successor is appointed in accordance with Section 6.4 of this Agreement)
or any termination of the Servicer pursuant to Section 7.1 of this Agreement, to the extent reasonably necessary (in the
sole discretion of the Trustee) for the Trustee to appoint a qualified successor Servicer (which successor may include the Trustee)
that meets the requirements of Section 7.2 of this Agreement.

 

    	29

    	 

    

 

“Excess Servicing
Fee Right”: With respect to the Mortgage Loan (including an REO Mortgage Loan with respect thereto), the right to receive
Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, Wells Fargo Bank, National Association
shall be the owner of such Excess Servicing Fee Right.

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended from time to time.

 

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

 

“Final Asset
Status Report”: An Asset Status Report, together with such other data or supporting information provided by the Special
Servicer to the Controlling Class Representative or the Companion Loan Holders, which does not include any communications (other
than the Final Asset Status Report) between the Special Servicer and the Controlling Class Representative or the Companion Loan
Holders with respect to the Mortgage Loan; provided, that no Asset Status Report shall be considered a Final Asset Status
Report unless (i) the Controlling Class Representative (solely during any Control Period) has either finally approved of and consented
to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval or consent, or has
been deemed to approve or consent to such action or (ii) the Asset Status Report is otherwise implemented by the Special Servicer
in accordance with the terms of this Agreement.

 

“Fitch”:
Fitch Ratings, Inc. or its successor in interest.

 

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

 

“Foreclosed
Property”: The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special
Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in
the name of the Trustee or its nominee.

 

“Foreclosed
Property Account”: The account or accounts established and maintained by the Special Servicer pursuant to Section 3.6
and Section 3.14.

 

“Foreclosure
Proceeds”: Proceeds, net of any related expenses of the Servicer, Special Servicer, the Certificate Administrator and/or
the Trustee, received in respect of any Foreclosed Property (including, without limitation, proceeds from the operation or rental
of such Foreclosed Property) prior to the final liquidation of the Foreclosed Property.

 

“GACC”:
German American Capital Corporation, or its successors in interest.

 

“Global Certificates”:
As defined in Section 5.2(b).

 

“Ground Lease”:
As defined in the Mortgage Loan Agreement.

 

“Guarantor”:
As defined in the Mortgage Loan Agreement.

 

    	30

    	 

    

 

“Guaranty”:
As defined in the Mortgage Loan Agreement.

 

“Indemnified
Party”: As defined in Section 6.6(b) or Section 8.12(b), as applicable.

 

“Indemnifying
Party”: As defined in Section 6.6(b), Section 8.12(b) or Section 13.12, as applicable.

 

“Independent”:
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any material
indirect financial interest in the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Borrower or in any of their respective Affiliates and (ii) is not connected with the Depositor, the Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Borrower or any of their respective Affiliates as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent
Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the subject Property or Foreclosed Property is located certifies or licenses appraisers,
is certified or licensed in such state, and (iii) has a minimum of five years’ experience in the appraisal of comparable
properties in the geographic area in which the subject Property is located.

 

“Independent
Contractor”: Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC within the meaning of Section 856(d)(3) of the Code if such REMIC
were a real estate investment trust (except that the ownership test set forth in that Section of the Code will be considered
to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or 35% or more of the aggregate
value of all Classes of Certificates or such other interest in the Certificates as is set forth in an Opinion of Counsel, which
will, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer or the Trust, be delivered
to the Trustee, the Certificate Administrator, the Special Servicer or the Servicer on behalf of the Trustee); provided
that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives or derives any income from such Person and the relationship
between such Person and such REMIC is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5),
or (ii) any other Person (including the Special Servicer or the Servicer) if the Trustee and the Certificate Administrator
(or the Servicer or the Special Servicer on behalf of the Trustee) has received an Opinion of Counsel which shall, at no expense
to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer (unless the Special Servicer or the Servicer
is providing the Opinion of Counsel with respect to itself) or the Trust, be to the effect that the taking of any action in respect
of any Foreclosed Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause such Foreclosed Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes
of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed Property to fail to qualify as
Rents from Real Property.

 

“Initial Certificate
Balance”: As defined in the Introductory Statement.

 

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“Initial Interest
Deposit”: With respect to the first Distribution Date following the Closing Date, the amount equal to one day’s
interest on the Trust Notes at the Net Mortgage Rate, which amount will equal $100,523.81.

 

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

 

“Interest Reserve
Account”: As defined in Section 3.5(d).

 

“Initial Class
F Certificates”: The Class F Certificates initially issued under this Agreement in the form of Definitive Certificates.

 

“Inquiry”
and “Inquiries”: As defined in Section 4.5(a).

 

“Institutional
Accredited Investor”: An entity that is, or in which each of the equity owners is, an “accredited investor”
within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act.

 

“Insurance Premiums”:
As defined in the Mortgage Loan Agreement.

 

“Insurance Proceeds”:
(a) The portion of Net Proceeds paid as a result of a Casualty (as defined in the Mortgage Loan Agreement) other than amounts
to be applied to the restoration, preservation or repair of the Property or to be released to the Borrower each in accordance with
the terms of the Mortgage Loan Agreement, or if not required to be so applied or so released under the terms of the Mortgage Loan
Agreement, Accepted Servicing Practices, (b) amounts paid by any insurer pursuant to any insurance policy required to be maintained
by the Servicer pursuant to Section 3.11, to the extent related to this Agreement only or (c) any other amounts
paid by an insurer pursuant to any insurance policy required to be maintained by the Borrower, to the extent allocable to the Mortgage
Loan under the Mortgage Loan Documents.

 

“Interest Accrual
Period”: (a) With respect to the Mortgage Loan for any Payment Date, the Mortgage Loan Interest Accrual Period, and (b)
with respect to each Class of Certificates for any Distribution Date, the applicable Certificate Interest Accrual Period for such
Class of Certificates.

 

“Interest Distribution
Amount”: With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated Lower-Tier Interests,
the sum of the Current Interest Determination Amount for such Distribution Date and such Class of Certificates or Uncertificated
Lower-Tier Interests plus the aggregate unpaid Interest Shortfalls in respect of prior Distribution Dates for such Class
of Certificates or Uncertificated Lower-Tier Interests.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated Lower-Tier Interests, the amount
by which the Current Interest Determination Amount for such Class of Certificates or Uncertificated Lower-Tier Interests exceeds
the portion of such amount actually paid in respect of such Class of Certificates or Uncertificated Lower-Tier Interests on such
Distribution Date.

 

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“Interested
Person”: As defined in Section 3.16(a)(ii).

 

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

 

“Investment
Account”: As defined in Section 3.8(a).

 

“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof, the Certificate
Administrator or any Affiliate thereof, as applicable, or any Person on whose behalf the Servicer or any Affiliate thereof or the
Special Servicer or any Affiliate thereof has discretion in connection with Investments.

 

“Investment
Personnel”: As defined in Section 6.5.

 

“Investor Certification”:
A certificate representing, among other things, that:

 

(i) for purposes of access
to information, the Person executing the certificate is a Certificateholder, a Beneficial Owner of a Certificate or a prospective
purchaser of a Certificate, the Controlling Class Representative or any Companion Loan Holder, and that either (a) such Person
is not a Borrower Restricted Party (or, only prior to the occurrence of a Special Servicing Loan Event, such person is the
Brookfield GP), in which case such person will be required to execute and deliver an Investor Certification substantially in the
form included hereto as Exhibit K-1, and will have access to all the reports and information made available to such
Privileged Persons under this Agreement, or (b) such Person is a Borrower Restricted Party (other than, only prior to the occurrence
of a Special Servicing Loan Event, such person is the Brookfield GP), in which case such person will be required to execute and
deliver an Investor Certification substantially in the form included hereto as Exhibit K-2, and will only receive access
to the Distribution Date Statements prepared by the Certificate Administrator; and/or

 

(ii) for purposes of
exercising Voting Rights, the Person executing the certificate is a Certificateholder or a Beneficial Owner of a Certificate, and
that such Person (A) is not either (1) the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator or any of their sub-servicers (engaged with respect to the Trust) or respective Affiliates, or (2) a Borrower
Restricted Party, or (B) is exercising such Voting Rights in connection with an amendment to this Agreement regarding which its
Certificates are deemed outstanding in connection with the definition of “Certificateholder”.

 

Each of the Trustee and
the Certificate Administrator may conclusively rely on any Investor Certification provided to it by an unrelated Person and may
require that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

“Investor Q&A
Forum”: As defined in Section 4.5(a).

 

    	33

    	 

    

 

“Investor Registry”:
As defined in Section 4.5(b).

 

“IRS”:
The Internal Revenue Service.

 

“Lease”:
As defined in the Mortgage Loan Agreement.

 

“Liquidated
Property”: The Property, if it has been liquidated.

 

“Liquidation
Expenses”: Reasonable and customary expenses (other than expenses covered by any insurance policy) incurred by the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee in connection with the liquidation of the Property, such expenses
including, without limitation, legal fees and expenses, appraisal fees, brokerage fees and commissions, conveyance taxes and trustee
and co-trustee fees, if any. Liquidation Expenses shall not include any previously incurred expenses that have been previously
reimbursed to the party incurring the same or that were netted against income from any Foreclosed Property and were considered
in the calculation of the amount of Foreclosure Proceeds pursuant to the definition thereof.

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to the Liquidated Property or the liquidation of the Mortgage
Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage Loan), whether through judicial
foreclosure, sale or otherwise, or in connection with the sale, discounted pay-off or other liquidation of the Mortgage Loan or
Foreclosed Property, as to which the Special Servicer receives any Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds
equal to the product of the Liquidation Fee Rate and the Net Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds
related to such Liquidated Property, liquidated Mortgage Loan or Foreclosed Property. The Special Servicer will not be entitled
to receive a Liquidation Fee in connection with (i) a repurchase by a Loan Seller of its Loan Seller Percentage Interest in
the Trust Loan (or the allocable portion thereof) pursuant to the related Trust Loan Purchase Agreement (so long as such repurchase
occurs within the cure period required under the related Trust Loan Purchase Agreement which cure period will not exceed 180 days);
(ii) a sale of the Trust Loan, any Companion Loan or any Foreclosed Property by the Special Servicer to itself; (iii) a purchase
of the Mortgage Loan by the Approved Mezzanine Lender pursuant to the purchase option described in the Mezzanine Intercreditor
Agreement (so long as such purchase occurs within 90 days after notice of the applicable purchase option trigger event is first
delivered to the Approved Mezzanine Lender; provided, that for the avoidance of doubt, if there are one or more purchase
option trigger events that occur following an initial purchase option trigger event that has not ceased, such 90-day period shall
commence on the date the first notice of the initial purchase option trigger event was given to the Approved Mezzanine Lender);
or (iv) a purchase of the Trust Loan, a Companion Loan or the Foreclosed Property by the Controlling Class Representative or any
affiliate thereof, if such purchase occurs within 90 days after the later of (x) the date on which the Special Servicer first
delivers to the Controlling Class Representative for its approval the initial Asset Status Report and (y) the date on which the
Special Servicing Loan Event that triggered the Asset Status Report occurred. Further notwithstanding the above, all Liquidation
Fees and Work-out Fees payable with respect to the Mortgage Loan or the Property shall be offset by any Modification Fees collected
or earned by the Special Servicer with respect to the Mortgage Loan within the prior 24 months (determined

 

    	34

    	 

    

 

as
of the closing date of the work-out or liquidation as to which the subject Work-out Fee or Liquidation Fee became payable) in
connection with any modification, restructure, extension, waiver, amendment or work-out of the Mortgage Loan, but only to the
extent those fees have not previously been deducted from a Work-out Fee or Liquidation Fee.

 

“Liquidation
Fee Rate”: A rate equal to 0.50% (50 basis points).

 

“Liquidation
Proceeds”: Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
the Certificate Administrator in connection with the liquidation of the Property, whether through judicial foreclosure, sale or
otherwise, or in connection with the sale, discounted payoff or other liquidation of the Mortgage Loan (other than amounts required
to be paid to the Borrower pursuant to law or the terms of the Mortgage Loan Agreement), including the proceeds of any full, partial
or discounted payoff of the Mortgage Loan (exclusive of any portion of such payoff or proceeds that represents Default Interest
or late payment charges).

 

“Loan”:
As defined in the Mortgage Loan Agreement.

 

“Loan Portion”:
With respect to a Loan Seller, the portion of the Trust Loan evidenced by such Loan Seller’s Trust Notes.

 

“Loan Seller”:
Each of CGMRC, GACC and WFB, and their respective successors in interest.

 

“Loan Seller
Percentage Interest”: With respect to any Loan Seller, as of any date of determination, a fraction (expressed as a percentage),
the numerator of which is equal to the then aggregate principal amount of the Trust Notes sold to the Depositor by such Loan Seller
and included in the Trust, and the denominator of which is the then aggregate principal amount of the Trust Notes included in the
Trust, such fraction to be determined without regard to whether the Property has become a Foreclosed Property. As of the Closing
Date, the Loan Seller Percentage Interests were as follows: (a) with respect to CGMRC, 41.0405%; (b) with respect to GACC, 29.4798%;
and (c) with respect to WFB, 29.4798%.

 

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

 

“Lower-Tier
Distribution Account”: A subaccount of the Distribution Account, which will be an asset of the Trust Fund and the Lower-Tier
REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.1(c).

 

“Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, (i) on or prior to the first
Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Introductory Statement,
and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of
the Class of Related Certificates on the preceding Distribution Date (after giving effect to the distribution of principal and
allocation of any Realized Losses to such Class of Related Certificates on such Distribution Date).

 

    	35

    	 

    

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising the Trust Fund, the assets of which consist of all of the assets of the
Trust Fund other than the assets of the Upper-Tier REMIC.

 

“MAI”:
Members of the Appraisal Institute.

 

“Major Decision”:
Any of the following:

 

(i)            
any substitution or release of real property collateral for the Mortgage Loan (other than substitutions or releases of
immaterial and non-income producing real property collateral or in connection with a condemnation action) except as expressly
permitted by the Mortgage Loan Documents;

 

(ii)           
any waiver of or determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless
such clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action
by the Borrower);

 

(iii)          
any transfer of the Property or any portion of the Property, or any transfer of any direct or indirect ownership interest
in the Borrower to the extent the lender’s consent under the Mortgage Loan Documents is required, except in each case as
expressly permitted by the Mortgage Loan Documents, or in connection with a pending or threatened condemnation;

 

(iv)          
any consent to incurrence of additional debt by the Borrower or mezzanine debt by a direct or indirect parent of the Borrower,
including modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor or
subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any such
document or agreement, in each case to the extent the mortgagee’s approval is required by the Mortgage Loan Documents;

 

(v)           
approval of the termination or replacement of the Property Manager and/or modification, waiver or amendment of the Management
Agreement, subordination, non-disturbance and attornment agreement or recognition agreement, in each case, to the extent the mortgagee’s
approval is required by the Mortgage Loan Documents;

 

(vi)          
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of Foreclosed Property)
of the ownership of the Property;

 

(vii)         
any amendment, modification or waiver, or any consent to an amendment, modification or waiver, of any monetary term (other
than late fees and Default Interest but including, without limitation, the timing of payments and the acceptance of discounted
pay-offs) or material non-monetary term of the Mortgage Loan or any extension of the Maturity Date of the Mortgage Loan;

 

    	36

    	 

    

 

(viii)        
following a default with respect to the Mortgage Loan or a Mortgage Loan Event of Default, any exercise of remedies, including
the acceleration of the Mortgage Loan or initiation of judicial, bankruptcy or similar proceedings under the Mortgage Loan Documents
or with respect to the Borrower or Property;

 

(ix)           
any sale of the Trust Loan (other than in connection with the repurchase of the Trust Loan (or a portion thereof) by the
Loan Sellers for a Material Document Defect or Material Breach, as applicable, pursuant to the related Trust Loan Purchase Agreement),
for less than the applicable Repurchase Price or any Foreclosed Property for less than the outstanding principal balance of the
Trust Loan;

 

(x)          
(A) any modification, waiver or amendment of any mezzanine intercreditor agreement, co-lender agreement, participation
agreement or similar agreement with any mezzanine lender or subordinate debt holder related to the Mortgage Loan, or (B) an action
to enforce rights with respect thereto;

 

(xi)          
any Property Manager changes with respect to the Mortgage Loan for which the Mortgage Lender is required to consent or
approve under the Mortgage Loan Documents;

 

(xii)          
releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other than
those required pursuant to the specific terms of the Mortgage Loan and for which there is no material Mortgage Lender discretion;

 

(xiii)        
any acceptance of an assumption agreement releasing the Borrower, Guarantor or other obligor from liability under the Mortgage
Loan or the Mortgage Loan Documents other than pursuant to the specific terms of such Mortgage Loan Documents and for which there
is no Mortgage Lender discretion;

 

(xiv)        
any proposed modification or waiver of any provision of the Mortgage Loan Documents governing the type, nature or amount
of insurance coverage required to be obtained and maintained by the Borrower;

 

(xv)         
any determination of an Acceptable Insurance Default under the Mortgage Loan Documents;

 

(xvi)        
the execution, termination or renewal of any lease, to the extent Mortgage Lender approval is required under the Mortgage
Loan Documents and to the extent such lease constitutes a “material lease” under the Mortgage Loan Documents, including
entering into any subordination, non-disturbance and attornment agreement;

 

(xvii)       
approval of casualty or condemnation settlements, any determination to apply casualty or condemnation proceeds or awards
to the reduction of the Mortgage Loan debt rather than to Property restoration;

 

    	37

    	 

    

 

(xviii)         any adoption or implementation of the Annual Budget;

 

(xix)           the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower;

 

(xx)            the exercise of the rights and powers granted under any mezzanine intercreditor agreement (or any other intercreditor agreement
referenced in clause (x) above) to the “Senior Lender” or such other similar term as shall be set forth therein
and/or the “Servicer” referred to therein, if and to the extent such rights or powers affect the priority, payments,
consent rights or security interest with respect to the “Senior Lender” or such other similar term;

 

(xxi)           any determination by the Servicer or the Special Servicer to transfer the Mortgage Loan to the Special Servicer with respect
to any default or Mortgage Loan Event of Default which is anticipated but has not yet occurred;

 

(xxii)          the approval of, engagement or retention of any property improvement plan consultant and the approval of any work or reserve
estimates by any property improvement plan consultant; and

 

(xxiii)         any enforcement of any cure right or the exercise of any remedies under any management agreement, subordination and non-disturbance,
comfort letter, recognition agreement or similar agreement related thereto.

 

“Majority Controlling
Class Certificateholders”: The Holder(s) or Beneficial Owner(s) of Certificates representing more than 50% of the Certificate
Balance of the Controlling Class.

 

“Management
Agreement”: As defined in the Mortgage Loan Agreement.

 

“Material Breach”:
As defined in the Trust Loan Purchase Agreement.

 

“Material Document
Defect”: As defined in the Trust Loan Purchase Agreement.

 

“Maturity Date”:
As defined in the Mortgage Loan Agreement.

 

“Mezzanine Intercreditor
Agreement”: An Intercreditor Agreement entered into, to the extent permitted by the Loan Agreement, between the Mortgage
Lender and the Approved Mezzanine Lender with respect to the Mortgage Loan and the Approved Mezzanine Loan, as the same may be
amended, supplemented or otherwise modified from time to time.

 

“Modification
Fees”: With respect to the Mortgage Loan, any and all fees collected from the Borrower with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage Loan Documents (as evidenced by
a signed writing) agreed to by the Servicer or the Special Servicer, other than (a) any Consent Fees, assumption fees, assumption
application fees or defeasance fees, if any, and (b) any Liquidation Fee, Work-out Fee or Special Servicing Fee; provided,
that all Modification Fees collected or earned by the Special Servicer with respect to the Mortgage Loan within the prior 24

 

    	38

    	 

    

 

months
(determined as of the closing date of the work-out or liquidation as to which the subject Work-out Fee or Liquidation Fee became
payable) in connection with any modification, restructure, extension, waiver, amendment or work-out of the Mortgage Loan shall
offset any Work-out Fees or Liquidation Fees payable with respect to the Mortgage Loan or Property.

 

“Monthly Interest
Payment”: With respect to the Mortgage Loan and any Payment Date (including, but not limited to, the Maturity Date),
the scheduled payment of interest (or, in the case of the Maturity Date, the Balloon Payment) that is due and payable on the Mortgage
Loan pursuant to the Mortgage Loan Agreement on such Payment Date.

 

“Monthly Interest
Payment Advance”: Any advance made by the Servicer or the Trustee pursuant to Section 3.23(a) or 3.23(c)
as applicable. Each reference to the reimbursement or payment of a Monthly Interest Payment Advance will be deemed to include,
whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Interest Rate through the
date preceding the date of payment or reimbursement.

 

“Mortgage”:
As defined in the Mortgage Loan Agreement.

 

“Mortgage Lender”:
With respect to the Mortgage Loan or any portion thereof, prior to the initial issuance of the Certificates, the Loan Sellers collectively
and, from and after the initial issuance of the Certificates, the Trustee on behalf of the Issuing Entity solely for the purpose
of acting as the holder of record title to the Mortgage Loan (on behalf of the holders of the Certificates and the holders of the
Companion Loans), or the Servicer or the Special Servicer, as applicable, with respect to all of the obligations and rights of
the lender under the Mortgage Loan.

 

“Mortgage Loan”:
As defined in the Introductory Statement.

 

“Mortgage Loan
Agreement”: As defined in the Introductory Statement.

 

“Mortgage Loan
Documents”: All documents executed or delivered by the Borrower evidencing, securing or guarantying the Mortgage Loan
and any amendment thereof or thereafter or subsequently added to the Mortgage Loan File, including without limitation the Mortgage
Loan Agreement.

 

“Mortgage Loan
Event of Default”: An “Event of Default” as defined under the Mortgage Loan Documents.

 

“Mortgage Loan
File”: As defined in Section 2.1(b) and any additional documents required to be added to the Mortgage Loan
File pursuant to this Agreement.

 

“Mortgage Loan
Interest Accrual Period”: With respect to the Mortgage Loan for any Payment Date, the period commencing on and including
the 6th day of the month immediately preceding the month in which such Payment Date occurs and ending on and including the 5th
day of the month in which such Payment Date occurs. No Mortgage Loan Interest Accrual Period shall be shortened by reason of any
payment of the Mortgage Loan prior to the expiration of such Mortgage Loan Interest Accrual Period.

 

    	39

    	 

    

 

“Mortgage Loan
Interest Rate”: (i) With respect to the Senior Notes, a rate of 4.657% per annum (the “Senior Notes Interest
Rate”), and (ii) with respect to the Junior Trust Notes, a rate of 4.657% per annum (the “Junior Trust Notes
Interest Rate”).

 

“Mortgage Loan
Purchase Price”: As defined in Section 3.16(a) of this Agreement.

 

“Net Foreclosure
Proceeds”: With respect to each related Foreclosed Property, the Foreclosure Proceeds with respect to such related Foreclosed
Property net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid therefrom pursuant
to Section 3.14.

 

“Net Investment
Earnings”: With respect to any Investment Account for any period from any Distribution Date to the immediately succeeding
Remittance Date, the amount, if any, by which the aggregate of all interest and other income realized during such period on funds
relating to the Trust Fund held in such account, exceeds the aggregate of all losses, if any, incurred during such period in connection
with the investment of such funds in accordance with Section 3.8.

 

“Net Liquidation
Proceeds”: The excess of Liquidation Proceeds received with respect to the Property or the Mortgage Loan over the amount
of Liquidation Expenses incurred with respect thereto.

 

“Net Mortgage
Rate”: With respect to the Trust Loan (including if the Property becomes a Foreclosed Property), a per annum rate
equal to the Mortgage Loan Interest Rate with respect to the Trust Notes minus the Administrative Fee Rate.

 

“Net Proceeds”:
As defined in the Mortgage Loan Agreement.

 

“Non-Book Entry
Certificates”: As defined in Section 5.2(c).

 

“Nondisqualification
Opinion”: An Opinion of Counsel, prepared at the Trust’s expense and payable from the Collection Account, that
a contemplated action will not cause (i) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or (ii) a “prohibited transaction” or “prohibited contributions” tax to be imposed on either the
Lower-Tier REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.

 

“Nonrecoverable
Advance”: A Nonrecoverable Monthly Payment Advance, a Nonrecoverable Administrative Advance or a Nonrecoverable Property
Protection Advance, as applicable.

 

“Nonrecoverable
Administrative Advance”: With respect to the Trust Loan, any portion of an Administrative Advance previously made and
not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing Practices
(in the case of the Servicer) or good faith and reasonable business judgment (in the case of the Trustee) would not be ultimately
recoverable from subsequent payments or collections (including Condemnation Proceeds and Insurance Proceeds not otherwise required
to be distributed in connection with a restoration of the Property in accordance with this Agreement or

 

    	40

    	 

    

 

the
Mortgage Loan Agreement or Liquidation Proceeds) in respect of the Trust Loan or the REO Trust Loan. The Trustee may rely conclusively
upon a determination of non-recoverability made by the Servicer. In making a non-recoverability determination, the Servicer or
the Trustee, as applicable, shall be entitled to consider (among other things) the items set forth in the second sentence of Section
3.23(e).

 

“Nonrecoverable
Monthly Payment Advance”: With respect to the Trust Loan, any portion of a Monthly Interest Payment Advance previously
made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing
Practices (in the case of the Servicer) or good faith and reasonable business judgment (in the case of the Trustee) would not be
ultimately recoverable from subsequent payments or collections (including Condemnation Proceeds and Insurance Proceeds not otherwise
required to be distributed in connection with a restoration of the Property in accordance with this Agreement or the Mortgage Loan
Agreement or Liquidation Proceeds) in respect of the Trust Loan or the REO Trust Loan. The Trustee may rely conclusively upon a
determination of non-recoverability made by the Servicer. In making a non-recoverability determination, the Servicer or the Trustee,
as applicable, shall be entitled to consider (among other things) the items set forth in the second sentence of Section 3.23(e).

 

“Nonrecoverable
Property Protection Advance”: With respect to the Mortgage Loan or the Property, any portion of a Property Protection
Advance previously made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance
with Accepted Servicing Practices (in the case of the Servicer) or good faith and reasonable business judgment (in the case of
the Trustee) would not be ultimately recoverable from subsequent payments or collections (including Condemnation Proceeds and Insurance
Proceeds not otherwise required to be distributed in connection with a restoration of the Property in accordance with this Agreement
or the Mortgage Loan Agreement or Liquidation Proceeds) in respect of the Mortgage Loan (including, without limitation, as an REO
Mortgage Loan) or the Property. The Trustee may rely conclusively upon a determination of non-recoverability made by the Servicer.
In making a non-recoverability determination, the Servicer or the Trustee, as applicable, shall be entitled to consider (among
other things) the items set forth in the second sentence of Section 3.23(e).

 

“Non-Restricted
Privileged Person”: Any Privileged Person other than (i) a Borrower Restricted Party (exclusive of the Brookfield GP
prior to the occurrence of a Special Servicing Loan Event), (ii) the Brookfield GP after the occurrence of a Special Servicing
Loan Event, or (iii) any other Person that delivers an Investor Certification substantially in the form of Exhibit K-2.

 

“Non-U.S. Beneficial
Ownership Certification”: As defined in Section 5.3(f).

 

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

 

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

 

“Note”:
As defined in the Introductory Statement.

 

    	41

    	 

    

 

“Notional Balance”:
With respect to the Class X Certificates, the aggregate of the Certificate Balances of the Class A, Class B and Class C Certificates
from time to time.

 

“NRSRO”:
Any “nationally recognized statistical rating organization”, as such term is used in Rule 17g-5 of the Exchange Act
including, but not limited to, the Rating Agencies.

 

“NRSRO Certification”:
A certification in the form of Exhibit M executed by a NRSRO (other than any Rating Agency) in favor of the 17g-5 Information
Provider that states that such NRSRO has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e),
that such NRSRO has access to the Depositor’s 17g-5 website and that any information obtained from the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website should be subject to the same confidentiality provisions as information
on the Depositor’s 17g-5 website.

 

“Offering Circular”:
The Offering Circular, dated February 17, 2016 for the Certificates.

 

“Officer’s
Certificate”: A certificate signed by (i) the Chairman of the Board, the Vice Chairman of the Board, the President
or a Vice President (however denominated), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Servicing Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, CGMRC, GACC,
WFB or any other entity referred to herein, as the case may be, customarily performing functions similar to those performed by
any of the above designated officers and also with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject and (ii) with respect to the Certificate
Administrator and the Trustee, a Responsible Officer.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Servicer or the
Special Servicer, reasonably acceptable to the Trustee and the Certificate Administrator.

 

“Original Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, the initial Lower-Tier Principal
Amount thereof as of the Closing Date, in each case as specified in the Introductory Statement.

 

“Origination
Date”: January 22, 2016.

 

“Other Asset
Representations Reviewer”: Any party acting as “asset representations reviewer” (within the meaning of Item
1101(m) of Regulation AB) under an Other Pooling and Servicing Agreement.

 

“Other Depositor”:
With respect to an Other Securitization Trust, the related “depositor” (within the meaning of Item 1101(e) of Regulation
AB).

 

“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other
Pooling and

 

    	42

    	 

    

 

Servicing
Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K with respect to such Other
Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect to any Other Securitization
Trust that is not subject to the reporting requirements of the Exchange Act, the trustee, certificate administrator, master servicer,
special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation
and/or dissemination of periodic distribution date statements or similar reports, as identified in writing to the parties to this
Agreement.

 

“Other Pooling
and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation of
any Other Securitization Trust and the issuance of Companion Loan Securities.

 

“Other Securitization
Determination Date”: With respect to any Other Securitization Trust, the “determination date” (or any term
substantially similar thereto) as defined in the related Other Pooling and Servicing Agreement.

 

“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds any Companion
Loan or REO Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates and each Uncertificated Lower-Tier Interest, the per annum
rate at which interest accrues on the Certificate Balance, Notional Balance or Lower-Tier Principal Amount, as applicable, of such
Class as set forth in the Introductory Statement.

 

“Payment Date”:
The “Monthly Payment Date” as defined in the Mortgage Loan Agreement.

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Regular Certificate, the percentage interest is equal to the initial Certificate
Balance or Notional Balance of such Certificate divided by the initial Certificate Balance or Notional Balance of all of the Certificates
of the related Class. With respect to the Class R Certificates, the percentage specified on the Certificate held by the Holder
of such Certificate.

 

“Permitted Encumbrances”:
As defined in the Mortgage Loan Agreement.

 

“Permitted Investments”:
Any one or more of the following obligations or securities acquired at a purchase price of not greater than par, including those
issued by the Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates, payable on demand or
having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring
such investment and meeting one of the appropriate standards set forth below:

 

(i)            
direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States
Treasury; United States Department of Housing and Urban Development public housing agency bonds; Federal Housing Administration
debentures; Government National Mortgage Association (GNMA)

 

    	43

    	 

    

 

guaranteed
mortgage-backed securities or participation certificates; Resolution Funding Corp. debt obligations; or Small Business Administration-guaranteed
participation certificates and guaranteed pool certificates;

 

(ii)           
Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations,
Federal Home Loan Mortgage Corp. debt obligations or Federal National Mortgage Association debt obligations that are, in each
case, rated no less than the Applicable S&P Permitted Investment Rating by S&P and the Applicable DBRS Permitted Investment
Rating by DBRS (or, if not rated by such Rating Agency, otherwise acceptable to each Rating Agency as confirmed by receipt of
a Rating Agency Confirmation from each Rating Agency);

 

(iii)          
repurchase obligations with respect to any security described in clause (i) or clause (ii) of this definition,
provided that the long-term unsecured debt obligations of the party agreeing to repurchase such obligations are rated the Applicable
S&P Permitted Investment Rating by S&P and the Applicable DBRS Permitted Investment Rating by DBRS (or, if not rated by
such Rating Agency, otherwise acceptable to each Rating Agency as confirmed by receipt of a Rating Agency Confirmation from each
Rating Agency);

 

(iv)          
federal funds, uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances (having
original maturities of not more than 365 days) of any bank or trust company organized under the laws of the United States or any
state, provided that the short-term unsecured debt obligations of such bank or trust company are rated no less than the Applicable
S&P Permitted Investment Rating by S&P and the Applicable DBRS Permitted Investment Rating by DBRS (or, if not rated by
such Rating Agency, otherwise acceptable to each Rating Agency as confirmed by receipt of a Rating Agency Confirmation from each
Rating Agency);

 

(v)           
fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’
acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of
which at all times are rated no less than the Applicable S&P Permitted Investment Rating by S&P and the Applicable DBRS
Permitted Investment Rating by DBRS (or, if not rated by such Rating Agency, otherwise acceptable to each Rating Agency as confirmed
by receipt of a Rating Agency Confirmation from each Rating Agency);

 

(vi)          
debt obligations with maturities of not more than 365 days and at all times rated the Applicable S&P Permitted Investment
Rating by S&P and the Applicable DBRS Permitted Investment Rating by DBRS (or, if not rated by such Rating Agency, otherwise
acceptable to each Rating Agency as confirmed by receipt of a Rating Agency Confirmation from each Rating Agency);

 

(vii)         
commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on
demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365
days and that at all times is rated no less than the Applicable S&P Permitted

 

    	44

    	 

    

 

Investment
Rating by S&P and the Applicable DBRS Permitted Investment Rating by DBRS (or, if not rated by such Rating Agency, otherwise
acceptable to each Rating Agency as confirmed by receipt of a Rating Agency Confirmation from each Rating Agency);

 

(viii)        
units of money market funds (which shall include any money market fund for which the Certificate Administrator, the Trustee
or an Affiliate thereof is an advisor) that, in each case, (a) has substantially all of its assets invested continuously in the
types of investments referred to in clause (i) of this definition, (b) has net assets of not less than $5,000,000,000,
and (c) is rated “AAAm” by S&P and the Applicable DBRS Permitted Investment Rating by DBRS; and

 

(ix)          
any other security, obligation or investment which has been approved as a Permitted Investment in writing by each
Rating Agency, as evidenced by a Rating Agency Confirmation from each Rating Agency for which the minimum rating is not met with
respect to any security, obligations or investment listed in the clauses above, or from each Rating Agency, with respect to any
security, obligations or investment other than one listed in the clauses above that the designation of such security, obligation
or investment as a Permitted Investment shall not, in and of itself, result in a downgrade, qualification or withdrawal of the
initial or, if higher, then-current ratings assigned to the Certificates by such Rating Agency;

 

Notwithstanding the foregoing,
“Permitted Investments” (i) shall have an unqualified rating (i.e., one with no qualifying suffix), with the exception
of ratings with regulatory indicators, such as the “(sf)” subscript, and unsolicited ratings; (ii) shall exclude any
mortgage-backed securities and any security of the type commonly known as “strips”; (iii) shall be limited to
those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change; (iv) shall
only include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of
the Code); and (v) shall exclude any investment where the right to receive principal and interest derived from the underlying
investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest
may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed
spread (if any), and move proportionately with that index. No investment shall be made that requires a payment above par for an
obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature
or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their
purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, insurance commissions and
fees, and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection with any services
performed by such party with respect to the Trust Loan, any Companion Loan or any Foreclosed Property, subject to the terms and
provisions of this Agreement (including Section 3.17).

 

    	45

    	 

    

 

“Permitted
Transferee”: Any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other
Person so designated by the Certificate Registrar based upon an Opinion of Counsel (provided at the expense of such Person
or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate
to such Person may cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, (c) a Person that is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests
are (or under the partnership agreement are permitted to be) owned, directly or indirectly (other than through a U.S. corporation),
by a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate
is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the transferee or any other U.S. Tax Person.

 

“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

“Plan”:
As defined in Section 5.3(m).

 

“Post-Closing
Obligations Agreement”: That certain Post-Closing Obligations Agreement, dated as of January 22, 2016, between Borrower
and Mortgage Lender.

 

“Prepayment”:
Any payment of principal made by the Borrower with respect to the Mortgage Loan that is received in advance of its scheduled Payment
Date, whether voluntary, by reason of the acceleration of the maturity of the Mortgage Loan or otherwise, and which is not accompanied
by an amount of interest representing the full amount of scheduled interest due on any date or dates in any month or months subsequent
to the month of prepayment, other than any amount paid in connection with the release of the Property through defeasance.

 

“Prepayment
Fee”: As defined in the Mortgage Loan Agreement.

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, if the Mortgage Loan was subject to a Prepayment in full
or in part during the related Collection Period, which Prepayment was applied to the Mortgage Loan prior to the Payment Date in
such Collection Period, the amount of interest, net of the Servicing Fee and any Default Interest, to the extent not collected
from the Borrower, that would have accrued on the Mortgage Loan on the amount of such Prepayment during the period commencing on
the date as of which such Prepayment was applied to the unpaid principal balance of the Mortgage Loan through the end of the applicable
interest accrual period for such Payment Date, inclusive.

 

“Prime Rate”:
A rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” If The Wall
Street Journal ceases to publish the “Prime Rate,” the Servicer shall select an equivalent publication that publishes
such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated
or administered by a governmental or quasi-governmental body, the Servicer shall select a comparable interest rate index.

 

    	46

    	 

    

 

“Principal Balance
Certificates”: The Class A, Class B, Class C, Class D, Class E and Class F Certificates.

 

“Principal Distribution
Amount”: For each Distribution Date and any Class of Principal Balance Certificates, the sum of (i) the portion
of the Regular Principal Distribution Amount for such Distribution Date allocable to such Class of Certificates, and (ii) the aggregate
unpaid Principal Shortfalls in respect of prior Distribution Dates for such Class of Certificates.

 

“Principal Shortfall”:
For each Distribution Date and any Class of Principal Balance Certificates, the amount by which the portion of the Regular Principal
Distribution Amount allocable to such Class exceeds the amount actually distributed to such Class in respect of principal on such
Distribution Date.

 

“Privileged
Information”: Any (i) correspondence or other communications between the Controlling Class Representative and/or any
Companion Loan Holder, on the one hand, and the Special Servicer (or the Servicer, Trustee and/or Certificate Administrator), on
the other hand, related to the Mortgage Loan following a Special Servicing Loan Event or the exercise of the consent or consultation
rights of the Controlling Class Representative under this Agreement, (ii) strategically sensitive information that the Special
Servicer has reasonably determined could compromise the Trust’s position in any ongoing or future negotiations with the Borrower
or other interested party, and (iii) legally privileged information; provided that the summary of any Final Asset Status
Report prepared pursuant to Section 3.10(h) is deemed not to be Privileged Information (although no such summary shall
be made available to any Borrower Restricted Party).

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, the Controlling
Class Representative (but only during any Control Period and any Consultation Period), the Trustee, the Certificate Administrator,
any Companion Loan Holder that delivers an Investor Certification, any person who provides the Certificate Administrator with an
Investor Certification substantially in the form of Exhibit K-1 or Exhibit K-2, as applicable, any Rating Agency
and any NRSRO that delivers an NRSRO Certification to the Certificate Administrator, which Investor Certification and NRSRO Certification
may be submitted electronically. For purposes of receiving any information or report from the Certificate Administrator’s
Website or otherwise under this Agreement, other than Distribution Date Statements only, any Borrower Restricted Party will be
deemed to not be a “Privileged Person”; provided that, only prior to a Special Servicing Loan Event, the Brookfield
GP (if it would otherwise be a Privileged Person but for its status as a Borrower Restricted Party) shall be deemed to be a “Privileged
Person” and will have access to all information and reports on the Certificate Administrator’s website.

 

“Property”:
As defined in the Mortgage Loan Agreement.

 

“Property Management
Agreement”: The “Management Agreement” as defined in the Mortgage Loan Agreement, as may be amended from
time to time.

 

“Property Manager”:
The “Manager” as defined in the Mortgage Loan Agreement.

 

    	47

    	 

    

 

“Property Protection
Advances”: As defined in Section 3.23(b).

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Qualified Bidder”:
As defined in Section 7.2.

 

“Qualified Institutional
Buyer” or “QIB”: A “qualified institutional buyer” as defined in Rule 144A under
the Act.

 

“Qualified Certificate
Administrator”: An institution (i) that is 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) that is insured by the Federal Deposit Insurance Corporation
and (iii) whose long term senior unsecured debt is rated at least “BBB+” by S&P (or “BBB” by S&P
if the Certificate Administrator’s unsecured short term debt is rated at least “A-2” by S&P) and, if rated
by DBRS, at least “BBB” by DBRS (or, if not rated by DBRS, an equivalent rating by two other NRSROs) (or such other
rating with respect to which the Rating Agencies have each provided a Rating Agency Confirmation).

 

“Qualified Mortgage”:
A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, without regard to the rule of Treasury
Regulation Section 1.860G-2(f)(2) which causes a defective mortgage loan to be treated as a “qualified mortgage”.

 

“Qualified Replacement
Special Servicer”: As defined in Section 3.10(b).

 

“Qualified Trustee”:
An institution (i) that is 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) that is insured by the Federal Deposit Insurance Corporation and (iii) whose long term senior
unsecured debt is rated at least “A” by S&P and, if rated by DBRS, at least “A” by DBRS (or, if not
rated by DBRS, an equivalent rating by two other NRSROs) (or such other rating with respect to which the Rating Agencies have each
provided a Rating Agency Confirmation), and S&P or DBRS has not withdrawn, qualified or downgraded its rating of securities
in a commercial mortgage loan securitization as a result of performance by the Trustee.

 

“Rated Final
Distribution Date”: With respect to each Class of Certificates (other than the Class R Certificate), the Distribution
Date in February 2036.

 

“Rating Agencies”:
S&P and DBRS.

 

“Rating Agency”:
S&P or DBRS.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by a Rating Agency
that a proposed action, failure to

 

    	48

    	 

    

 

act
or other event specified in this Agreement or the Mortgage Loan Documents shall not, in and of itself, result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by such Rating Agency);
provided, that if a written waiver or other acknowledgment (which may be in electronic form) is received from a Rating
Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought, then the requirement
to obtain Rating Agency Confirmation for such matter at such time shall be considered not to apply (as if such requirement did
not exist for such matter at such time) with respect to such Rating Agency.

 

“Rating Agency
Inquiry”: As defined in Section 4.5(d).

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 4.5(d).

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the Certificate Balances of the Principal
Balance Certificates after giving effect to distributions made on such Distribution Date exceeds (ii) the outstanding principal
balance of the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) immediately
following the related Determination Date after giving effect to (a) any payments and other collections of principal received
with respect to the Trust Loan during the Collection Period related to such Distribution Date and (b) the aggregate reduction
of the principal balance of the Trust Loan that have been permanently made during the Collection Period related to such Distribution
Date as a result of a bankruptcy proceeding, modification or otherwise.

 

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

 

“Regular Certificates”:
The Principal Balance Certificates and the Class X Certificates.

 

“Regular Principal
Distribution Amount”: For each Distribution Date, the aggregate (without duplication) of (i) all payments of principal
including, without limitation, principal prepayments and Balloon Payments received during the related Collection Period with respect
to the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) and (ii) the principal
portion of any Repurchase Price received with respect to the Trust Loan during the related Collection Period, and (iii) all amounts
received during the related Collection Period in respect of principal of the Trust Loan from Net Liquidation Proceeds, Condemnation
Proceeds or Insurance Proceeds or otherwise received during the related Collection Period in respect of principal of the Trust
Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) during the related Collection
Period. The Regular Principal Distribution Amount for any Distribution Date shall be allocable to each Class of Principal Balance
Certificates in Sequential Order, in each such case up to the amount necessary to reduce the related Certificate Balance outstanding
immediately prior to such Distribution Date to zero (taking into account the aggregate unpaid Principal Shortfalls in respect of
prior Distribution Dates for the subject Class of Certificates).

 

    	49

    	 

    

 

“Regulation AB”:
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100 - 229.1125, as such rules
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the 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. Each of the parties hereto acknowledge that the Regulation AB
provisions herein shall be construed as if the Certificates were publicly registered and reporting were required at all times.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation S
Global Certificate”: As defined in Section 5.2(a).

 

“Related Certificates,”
and “Related Uncertificated Lower-Tier Interest”: For the following Classes of Uncertificated Lower-Tier Interests,
the related Class of Certificates set forth below, and for the following Classes of Certificates, the related Class of Uncertificated
Lower-Tier Interests set forth below. 

 

	
        Related
        Certificates

	
        Related
        Uncertificated

        Lower-Tier Interest

	Class A Certificates	Class LA Uncertificated Interest
	Class B Certificates	Class LB Uncertificated Interest
	Class C Certificates	Class LC Uncertificated Interest
	Class D Certificates	Class LD Uncertificated Interest
	Class E Certificates	Class LE Uncertificated Interest
	Class F Certificates	Class LF Uncertificated Interest

 

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

 

“REMIC Provisions”:
Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections 860A through
860G of the Code.

 

“Remittance
Date”: With respect to each Distribution Date, the Business Day immediately preceding such Distribution Date; provided
that, solely for purposes of remittances and the delivery of monthly reports (including, without limitation, CREFC®
Reports) with respect to any Companion Loan held by an Other Securitization Trust, the Remittance Date shall be the Business Day
following the later of (A) the related Other Securitization Determination Date and (B) the Payment Date.

 

“Rents from
Real Property”: With respect to any Foreclosed Property, gross income of the character described in Section 856(d)
of the Code.

 

“REO Companion
Loan”: Any Companion Loan while the Property is a Foreclosed Property, as described in Section 3.12(g).

 

    	50

    	 

    

 

“REO Management
Fee”: As to the Property when it is a Foreclosed Property, a fee payable out of the Foreclosed Property Account to the
Successor Manager for managing the property while it is owned by the Trust, which shall be reasonable and customary in the market
in which the Property is located.

 

“REO Mortgage
Loan”: The Mortgage Loan (or the applicable portion thereof) while the Property is a Foreclosed Property, as described
in Section 3.12(g).

 

“REO Trust Loan”:
The Trust Loan while the Property is a Foreclosed Property, as described in Section 3.12(g).

 

“Reportable
Event”: As defined in Section 13.6 of this Agreement.

 

“Reporting Servicer”:
The Servicer, the Special Servicer or a Servicing Function Participant engaged by any such party, as the case may be.

 

“Repurchase
Price”: (a) With respect to the Trust Loan, an amount (without duplication) equal to the sum of (i) the unpaid principal
balance of the Trust Loan, (ii) accrued and unpaid interest on the Trust Loan at the applicable Mortgage Loan Interest Rate
(exclusive of the Default Rate) to and including the last day of the related Mortgage Loan Interest Accrual Period in which the
repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances together with interest
on such Advances, (iv) an amount equal to all interest on outstanding Monthly Interest Payment Advances, (v) any unpaid
Trust Fund Expenses and (vi) any other expenses reasonably incurred or expected to be incurred by the Servicer, Special Servicer,
Certificate Administrator or Trustee arising out of the enforcement of the repurchase obligation, including, without limitation,
Liquidation Fees to the extent set forth in the definition of “Liquidation Fee”, provided, that the amounts
set forth above in this clause (a) shall exclude any amounts not allocable to the Trust Loan in accordance with the Co-Lender Agreement;
and (b) with respect to any repurchase by a single Loan Seller of the Trust Notes sold by such Loan Seller to the Depositor and
the corresponding Loan Seller Percentage Interest in the Trust Loan, the related Loan Seller Percentage Interest of the related
Repurchase Price for the Trust Loan as described in clause (a). No Liquidation Fee shall be paid by a Loan Seller in connection
with a repurchase by such Loan Seller of its Loan Seller Percentage Interest in the Trust Loan (or in an allocable portion of the
Trust Loan) due to a Material Breach or a Material Document Defect pursuant to the related Trust Loan Purchase Agreement (so long
as such repurchase occurs within the cure period required under the related Trust Loan Purchase Agreement, not to exceed 180 days).

 

“Repurchase
Request”: As defined in Section 2.2(d).

 

“Requesting
Holders”: As defined in Section 3.7(f).

 

“Repurchase
Request Recipient”: As defined in Section 2.2(d).

 

“Requesting
Party”: As defined in Section 3.27.

 

“Required Advance
Amount”: With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Interest Payment
Advance (taking into account any

 

    	51

    	 

    

 

Appraisal
Reduction Amount as of such Distribution Date) that would be required to be made with respect to the Trust Loan on the related
Remittance Date by the Servicer had the Borrower not made any portion of the Monthly Interest Payment (or Assumed Monthly Interest
Payment) for the related Payment Date or Assumed Payment Date less (b) the aggregate compensation payable on such
Remittance Date to the Servicer in respect of the Servicing Fee, to the Certificate Administrator in respect of the Certificate
Administrator Fee (including the portion that is the Trustee Fee) and CREFC® in respect of the CREFC®
Licensing Fee.

 

“Reserve Accounts”:
The “Reserve Funds” as defined in the Mortgage Loan Agreement.

 

“Residual Ownership
Interest”: Any record or beneficial interest in the Class R Certificates.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with
direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) the
Certificate Administrator, any officer assigned to the Global Transaction Services group, with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, any other officer to whom a particular matter is referred by the
Certificate Administrator because of such officer’s knowledge of and familiarity with the particular subject, and in the
case of any certification or other document required to be signed by a Responsible Officer, an authorized signatory whose name
and specimen signature appears on a list furnished to the Servicer or the Special Servicer, as applicable, by the Trustee or the
Certificate Administrator, as applicable, as such list may from time to time be amended.

 

“Restricted
Period”: As defined in Section 5.2(a).

 

“Retained Servicing
Fee Rate”: Subject to Section 7.2, an amount equal to 0.0025% (0.25 basis points) per annum.

 

“Reverse Sequential
Order”: With respect to the allocation of Realized Losses on any Distribution Date, to the Class F Certificates, the
Class E Certificates, the Class D Certificates, the Class C Certificates, the Class B Certificates and the Class A Certificates,
in that order, in each case until the Certificate Balance of such Class is reduced to zero.

 

“Rule 144A”:
As defined in Section 5.2(b).

 

“Rule 144A
Global Certificate”: As defined in Section 5.2(b).

 

“Rule 15Ga-1
Notice”: As defined in Section 2.2(d).

 

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

 

    	52

    	 

    

 

designation
shall be given to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator and specific ratings of S&P
herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Sequential
Order”: (i) With respect to payments in respect of principal of, or any other amounts due and owing on, the Principal
Balance Certificates on any Distribution Date, to the Class A, Class B, Class C, Class D, Class E and Class F Certificates, in
that order, (ii) with respect to payment in respect of interest on the Regular Certificates on any Distribution Date, first, to
the Class A and Class X Certificates, pro rata, based on the interest entitlement of each such Class of Certificates with
respect to such Distribution Date, then to the Class B, Class C, Class D, Class E and Class F Certificates, in that order, in each
case under clauses (i) and (ii), until the principal or interest payable to each such Class is paid in full; (iii)
with respect to payments of principal allocated to the Trust Loan on any Payment Date, first, pro rata, to the Senior Trust
Notes and, then, pro rata, to the Junior Trust Notes, and (iv) with respect to payments of interest allocated to the Trust
Loan on any Payment Date, first, pro rata, to the Senior Trust Notes, and, then, pro rata, to the Junior Trust Notes,
in each case under clauses (iii) and (iv), until the principal or interest payable to each such Trust Note is paid
in full.

 

“Servicer”:
Wells Fargo Bank, National Association, in its capacity as servicer, or if any successor Servicer is appointed as herein provided,
such successor Servicer.

 

“Servicer Customary
Expense”: As defined in Section 3.17.

 

“Servicer Termination
Event”: As defined in Section 7.1(a).

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing and administering the Mortgage Loan
or any other assets of the Trust by an entity (other than the Certificate Administrator or Trustee) that meets the definition of
“servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth
in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning
commonly understood by participants in the commercial mortgage-backed securities industry.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time and which
as of the Closing Date are listed on Exhibit L hereto.

 

“Servicing
Fee”: With respect to the Trust Loan, any Companion Loan and any REO Mortgage Loan, a fee payable monthly to the Servicer
pursuant to Section 3.17, that will accrue at the Servicing Fee Rate, computed on the basis of the same principal
amount, on the same interest accrual basis, and for the same Interest Accrual Period respecting which any related interest payment
on the Trust Loan, such Companion Loan or such REO Mortgage Loan, as the case may be, is (or would have been) computed. For the
avoidance of doubt, the Servicing Fee will be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Rate”: (i) With respect to the Trust Loan, 0.0050% (0.50 basis points) per annum and (ii) with respect to any Companion
Loan, 0.0025% (0.25 basis points) per annum.

 

    	53

    	 

    

 

“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Trustee, the Certificate
Administrator, the Servicer and the Special Servicer, that is performing activities that address the Applicable Servicing Criteria
as of any date of determination.

 

“Servicing Officer”:
Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration and servicing of the Mortgage
Loan whose name and specimen signature appear on a list of servicing officers furnished to the Trustee and the Certificate Administrator
on the Closing Date by the Servicer or the Special Servicer, as applicable, in the form of an Officer’s Certificate, as such
list may from time to time be amended.

 

“Servicing Personnel”:
As defined in Section 6.5.

 

“Servicing-Released
Bid”: As defined in Section 7.2(b).

 

“Servicing-Retained
Bid”: As defined in Section 7.2(b).

 

“Special Notice”:
As defined in Section 5.6.

 

“Special Servicer”:
Trimont Real Estate Advisors, LLC, in its capacity as special servicer, or its successor-in-interest, or if any successor Special
Servicer is appointed as herein provided, such successor Special Servicer.

 

“Special Servicer
Customary Expenses”: As defined in Section 3.17.

 

“Special Servicer
Termination Event”: As defined in Section 7.1(a).

 

“Special Servicing
Fee”: With respect to the Specially Serviced Mortgage Loan or REO Mortgage Loan, a fee payable monthly to the Special
Servicer equal to an amount computed on the basis of the same principal amount, in the same manner and for the same period respecting
which any related interest payment on such Specially Serviced Mortgage Loan is (or would have been) computed, at a rate of 0.25%
per annum, until all Special Servicing Loan Events no longer exist. Such fee shall be in addition to, and not in lieu of,
any other fee or other sum payable to the Special Servicer under this Agreement. For the avoidance of doubt, the Special Servicing
Fee will be deemed payable from the Lower-Tier REMIC.

 

“Special Servicing
Loan Event”: With respect to the Trust Loan or any Companion Loan, (i) the Borrower has not made two consecutive
Monthly Interest Payments (and has not cured at least one such delinquency by the next Payment Date under the Mortgage Loan Documents)
in respect of the Trust Loan or any Companion Loan; (ii) the Servicer and/or the Trustee has made two consecutive Monthly
Interest Payment Advances with respect to the Trust Loan (regardless of whether such Monthly Interest Payment Advances have been
reimbursed); (iii) the Borrower fails to make the Balloon Payment when due, and the Borrower has not delivered to the Servicer,
on or before the due date of such Balloon Payment, a written and binding refinancing commitment from an acceptable lender and reasonably
satisfactory in form and substance to the Servicer which provides that such refinancing shall occur within 120 days after
the date on which such Balloon Payment becomes due (provided that a Special

 

    	54

    	 

    

 

Servicing
Loan Event shall occur if either (x) such refinancing does not occur before the expiration of the time period for refinancing
specified in such binding commitment or (y) the Servicer and/or the Trustee is required to make a Monthly Interest Payment
Advance at any time prior to such refinancing); (iv) the Servicer has received notice that the Borrower has become the subject
as debtor of any bankruptcy, insolvency or similar proceeding, admitted in writing the inability to pay its debts as they come
due or made an assignment for the benefit of creditors; (v) the Servicer has received notice of a foreclosure or threatened
foreclosure of any lien on the Property; (vi) the Borrower has expressed in writing to the Servicer an inability to pay the
amounts owed under the Mortgage Loan in a timely manner, (vii) in the judgment of the Servicer (consistent with Accepted
Servicing Practices and during a Control Period, with consent of the Controlling Class Representative unless the Servicer determines
that the Controlling Class Representative’s withholding of consent is contrary to Accepted Servicing Practices), a default
in the payment of principal or interest under the Trust Loan or any Companion Loan is reasonably foreseeable; or (viii) a
default under the Trust Loan or any Companion Loan of which the Servicer has notice (other than a failure by the Borrower to pay
principal or interest) and that materially and adversely affects the interests of the Certificateholders or the Companion Loan
Holders has occurred and remains unremedied for the applicable grace period specified in the Mortgage Loan Documents (or, if no
grace period is specified, 60 days); provided, that a Special Servicing Loan Event shall cease (a) with respect
to the circumstances described in clauses (i), (ii) and (iii) above, when the Borrower has brought the
Mortgage Loan current and with respect to clauses (i) and (ii) above, thereafter made three consecutive full
and timely Monthly Interest Payments on the Trust Loan or any Companion Loan, as applicable, in each case, including pursuant
to the work-out of the Mortgage Loan, or (b) with respect to the circumstances described in clauses (iv), (v),
(vi), (vii) and (viii) above, when such circumstances cease to exist in the judgment of the Special Servicer
(consistent with Accepted Servicing Practices); provided, in any case, that at that time no other circumstance exists (as
described above) that would constitute a Special Servicing Loan Event; and provided, further that if a Special Servicing
Loan Event exists with respect to the Trust Loan or any Companion Loan, it shall be considered to exist with respect to the entire
Mortgage Loan.

 

“Specially Serviced
Mortgage Loan”: The Mortgage Loan during the occurrence of a Special Servicing Loan Event.

 

“Startup Day”:
As defined in Section 12.1(c).

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage backed securities industry) of the Mortgage Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to the Mortgage Loan under the direction or authority of the
Servicer (or a Sub-Servicer of the Servicer), the Special Servicer (or a Sub-Servicer of the Special Servicer) or an Additional
Servicer (or a Sub-Servicer of an Additional Servicer).

 

“Subject Indemnified
Party”: As defined in Section 9.11(b).

 

“Sub-Servicer”:
Any Person that (i) Services the Mortgage Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is
responsible for the performance

 

    	55

    	 

    

 

(whether
directly or through Sub-Servicers or Subcontractors) of a substantial portion of the servicing functions required to be performed
by the Servicer, Special Servicer, Servicing Function Participant or an Additional Servicer, under this Agreement, with respect
to the Mortgage Loan, that are identified in Item 1122(d) of Regulation AB.

 

“Successful
Bidder”: As defined in Section 7.2(b).

 

“Successor Manager”:
Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trustee for the benefit of the Trust
and the Companion Loan Holders, to serve as manager of a Foreclosed Property, which designation, as evidenced by written confirmation
from each Rating Agency, shall not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates
by such Rating Agency.

 

“Tax Matters
Person”: The Person designated as the “tax matters person” of the Upper-Tier REMIC and the Lower-Tier REMIC,
pursuant to Treasury Regulations Section 1.860F-4(d).

 

“Temporary Regulation S
Global Certificate”: As defined in Section 5.2(a).

 

“Terminated
Party”: As defined in Section 7.1(e).

 

“Terminating
Party”: As defined in Section 7.1(e).

 

“Transferee
Affidavit”: As defined in Section 5.3(n)(ii).

 

“Transferor
Letter”: As defined in Section 5.3(n)(ii).

 

“Trust”:
The trust formed pursuant to this Agreement to be designated 225 Liberty Street Trust 2016-225L.

 

“Trust Fund”:
The corpus of the Trust created by this Agreement, consisting of (i) the Trust Notes together with (to the extent that the
documents, agreements and instruments therein evidence, secure, guarantee or otherwise relate to the Trust Loan) the Mortgage Loan
File relating thereto (and excluding the original Companion Loan Notes); (ii) all scheduled and unscheduled payments on or
collections in respect of the Trust Notes (iii) to the extent of the Trust’s right, title and interest therein, any
Foreclosed Property; (iv) all revenues received in respect of any Foreclosed Property (exclusive of any portion thereof payable
to the Companion Loan Holders); (v) the Servicer’s, Special Servicer’s and the Trustee’s rights on behalf
of the Trust under the insurance policies with respect to the Property required to be maintained pursuant to this Agreement and
any proceeds thereof (exclusive of any portion thereof payable to the Companion Loan Holders); (vi) to the extent they secure,
guarantee or otherwise relate to the Trust Loan, any Collateral Security Documents; (vii) to the extent they secure, guarantee
or otherwise relate to the Trust Loan, any indemnities or guaranties given as additional security for the Notes; (viii) all
funds (exclusive of any portion thereof payable to the Companion Loan Holders) deposited in the Collection Account, the Interest
Reserve Account and the Distribution Account, including reinvestment income thereon (except as otherwise provided herein); (ix) to
the extent they secure, guarantee or otherwise relate to the Trust Loan, any environmental indemnity agreements relating to the
Property; (x) the rights and remedies of the Depositor under

 

    	56

    	 

    

 

each
Trust Loan Purchase Agreement; (xi) to the extent that it secures the Trust Loan, the security interest in the Reserve Accounts
granted pursuant to Section 2.1; (xii) all other assets included or to be included in the Lower-Tier REMIC
for the benefit of the Upper-Tier REMIC; (xiii) the Uncertificated Lower-Tier Interests; and (xiv) the proceeds
of any of the foregoing.

 

“Trust Fund
Expenses”: Any unanticipated expenses and certain other default related expenses incurred by the Trust and/or the Trust
Fund (including, without limitation, all Advance Interest and all Borrower Reimbursable Trust Expenses, to the extent not reimbursed
by or on behalf of the Borrower, Borrower Sponsor or Guarantor or deemed a Nonrecoverable Advance) and all other amounts (such
as indemnification payments) permitted to be retained, reimbursed or withdrawn and remitted by the Servicer, the Special Servicer
or the Certificate Administrator, as applicable, from the Collection Account, a Foreclosed Property Account or the Distribution
Account pursuant to this Agreement.

 

“Trust Loan”:
As defined in the Introductory Statement.

 

“Trust Note”:
As defined in the Introductory Statement.

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as trustee, or if any successor Trustee is appointed as herein provided,
such Trustee.

 

“Trustee Fee”:
The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee pursuant to Section 8.5
in an amount agreed to between the Trustee and Certificate Administrator. The Certificate Administrator is responsible for the
payment of the Trustee Fee.

 

“Trustee Fee
Rate”: The per annum rate at which the Trustee Fee is calculated.

 

“Uncertificated
Lower-Tier Interests”: Any of the Class LA, Class LB, Class LC, Class LD, Class LE and Class LF Uncertificated Interests.

 

“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23, Prohibited Transaction Exemption 96-22 and Department Final Authorization
Number 97-03E, each as most recently amended by Prohibited Transaction Exemption 2013-08, and as each may be further amended by
the Department of Labor from time to time.

 

“Uninsured Cause”:
Any cause of damage to property of the Borrower subject to the Mortgage such that the complete restoration of such property is
not fully reimbursable (but without regard to any applicable deductible provisions) by any insurance policy required to be maintained
with respect thereto pursuant to the terms of the Mortgage Loan Documents or this Agreement.

 

“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received with respect to the Mortgage
Loan or upon foreclosure or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during the
related Collection Period including, but not limited to, prepayments due to acceleration of the Mortgage Loan, Net Liquidation
Proceeds, Net Proceeds, Net Foreclosure Proceeds, Condemnation Proceeds, Insurance Proceeds, voluntary prepayments and other payments
and collections on the

 

    	57

    	 

    

 

Mortgage
Loan not scheduled to be received, other than Monthly Interest Payments, the Balloon Payment or Prepayment Fees.

 

“Upper-Tier
Distribution Account”: A subaccount of the Distribution Account, which will be an asset of the Trust Fund and the Upper-Tier
REMIC.

 

“Upper-Tier
REMIC”: One of the two separate REMICs comprising the Trust Fund, the assets of which consist of the Uncertificated Lower-Tier
Interests and such amounts as will from time to time be held in the Upper-Tier Distribution Account.

 

“U.S. Securities
Person”: A “U.S. person” within the meaning of Rule 902(k) under the Act.

 

“U.S. Tax Person”:
A Person that is (i) a citizen or resident alien of the United States, (ii) a corporation, partnership (except as provided in applicable
Treasury regulations) or other entity created or organized in or under the laws of the United States, any State or the District
of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, (iii) an estate whose
income is subject to United States federal income tax regardless of the source of its income, (iv) a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as a U.S. Tax Person) and (v) any other Person that
is disregarded as separate from its owner for U.S. federal income tax purposes and whose owner is described in clauses (i) through
(iv) above.

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At any
time that any Certificates are outstanding, the Voting Rights shall be allocated among the respective Classes of Certificateholders
as follows: (1)(x) except as described in subclause (y) of this clause (1), 4% in the aggregate to
the Class X Certificates (for so long as the Notional Balance of such Class has not been reduced to zero) allocated to such
Class based on its Notional Balance and (y) 0% to the Class X Certificates in the case of votes pertaining to terminating
and replacing the Special Servicer as described in Section 7.1 and (2) in the case of any other Class of Regular
Certificates, a percentage equal to the product of (x) the percentage of Voting Rights remaining after allocations in clause (1)
above, and (y) a percentage, the numerator of which is equal to the Certificate Balance (and in connection with any vote to
terminate or replace the Special Servicer under this Agreement following the termination of a Control Period, taking into account
any notional reductions in the Certificate Balances for Appraisal Reduction Amounts allocated to the Certificates) of the Class,
in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the Certificate Balance (and
in connection with any vote to terminate or replace the Special Servicer under this Agreement following the termination of a Control
Period, taking into account any notional reductions in the Certificate Balances for Appraisal Reduction Amounts allocated to the
Certificates) of all Classes of Principal Balance Certificates, in each case determined as of the prior Distribution Date. The
Class R Certificates shall be not be entitled to any Voting Rights.

 

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“WFB”:
Wells Fargo Bank, National Association, and its successors in interest.

 

“Withheld Amounts”:
As defined in Section 3.05(d)

 

“Work-out Fee”:
A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest
(other than Default Interest) made on the Mortgage Loan following resolution of a Special Servicing Loan Event by a written agreement
with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event does not occur.

 

1.2          
Interpretation. (a) Whenever this Agreement refers to a Distribution Date and a “related” Collection
Period, Interest Accrual Period or Payment Date, such reference shall be to the Collection Period, Interest Accrual Period or Payment
Date, as applicable, most recently ended prior to or immediately preceding, as applicable, such Distribution Date.

 

(b)           
Whenever this Agreement refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference
shall be to the Pass-Through Rate for the applicable Class for the related Interest Accrual Period.

 

(c)           
The words “hereof”, “herein”, and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and
Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise
specified.

 

(d)           
Interest on the Principal Balance Certificates and the Class X Certificates shall be calculated based upon a 360 day year
consisting of twelve 30-day months.

 

(e)           
The terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be
deemed to include the other gender.

 

1.3          
Certain Calculations in Respect of the Trust Loan. (a) All amounts collected by or on behalf of the Trust in
respect of the Trust Loan in the form of payments from the Borrower, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds
or otherwise shall be applied to amounts due and owing with respect thereto under the Mortgage Loan Documents (including, without
limitation, for principal and accrued and unpaid interest) in accordance with the express provisions of the Mortgage Loan Documents;
provided, however, in the absence of such express provisions or if and to the extent that such terms authorize the
mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after a Mortgage Loan Event
of Default, all such amounts collected (after taking into account the reimbursement and/or payment of advances, expenses and reserve
under the Co-Lender Agreement) shall be deemed to be applied in the following order of priority: first, as a recovery of
accrued and unpaid interest first, on the Senior Trust Notes, on a pro rata basis based on their respective unpaid principal
amounts, and then, on the Junior Trust Notes, on a pro rata basis based on their respective unpaid principal amounts, in
that order, in each case to the extent of the excess of (i) accrued and unpaid interest at the respective Mortgage Loan Interest
Rates (without giving effect to any increase in any such Mortgage Loan Interest Rate required under the Mortgage Loan Agreement
as a result of a default under the Mortgage Loan) through the end

 

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of
the then current Mortgage Loan Interest Accrual Period), over (ii) the cumulative amount of the reductions (if any) in the
amount of the interest portion of the related Monthly Interest Payment Advances for the Trust Loan that have theretofore occurred
under Section 3.23(a) in connection with Appraisal Reduction Amounts (to the extent that collections have not been
applied as a recovery of accrued and unpaid interest pursuant to clause third below on earlier dates); second,
as a recovery of principal of the Trust Loan then due and owing, including by reason of acceleration of the Trust Loan following
a Mortgage Loan Event of Default (or, if either a Special Loan Event of Default (as defined in the Co-Lender Agreement) has occurred
and is continuing or the Trust Loan or the Property has been liquidated, as a recovery of principal to the extent of the entire
remaining unpaid principal balance of the Trust Loan), with any such recovery of principal to be applied, in the following order:
(i) first, pro rata, to the reduction of the outstanding principal balance of the Senior Trust Notes; and (ii) second,
pro rata, to the reduction of the outstanding principal balance of the Junior Trust Notes, in each case based on the relative
principal balances of such Notes; third, as a recovery of accrued and unpaid interest first, on the Senior Trust Notes,
on a pro rata basis based on their respective unpaid principal amounts, and then, on the Junior Trust Notes on a pro
rata basis based on their respective unpaid principal amounts, in that order, in each case to the extent of the cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Interest Payment Advances for the
Trust Loan that have theretofore occurred in connection with related Appraisal Reduction Amounts (to the extent collections have
not been applied as recovery of accrued and unpaid interest as described in this clause third on earlier dates); fourth,
as a recovery of any assumption fees and Modification Fees then due and owing under the Trust Loan; fifth, as a recovery
of any Default Interest or late charges then due and owing under the Trust Loan; sixth, as a recovery of any other amounts
then due and owing under the Trust Loan other than remaining unpaid principal; and seventh, as a recovery of any remaining
principal of the Trust Loan to the extent of its entire remaining unpaid principal balance; provided that, to the extent
required under the REMIC Provisions, if any payments or proceeds are received with respect to any release of the Property or any
partial release of the Property (including following a condemnation), and if, immediately following such release, the loan-to-value
ratio of the Trust Loan (as determined in accordance with applicable REMIC requirements) exceeds 125%, then such payments or proceeds
shall be allocated to reduce the principal balance of the Trust Loan in the manner permitted by such REMIC Provisions. For the
avoidance of doubt, the application of amounts collected above in this paragraph shall not affect the allocations under the Co-Lender
Agreement.

 

In connection with the
foregoing, if the terms of the Mortgage Loan are modified (x) by the Special Servicer in connection with a work-out or proposed
work-out of the Mortgage Loan or (y) otherwise as part of a bankruptcy or other proceeding, such that (i) the Mortgage
Loan principal balance is decreased, (ii) the applicable interest rate on the Mortgage Loan is reduced, (iii) payments of
interest or principal on the Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment is made to any of
the payment terms of the Mortgage Loan, then all payments and other collections with respect to the Mortgage Loan will be deemed
applied (for purposes of making distributions on the Certificates) as though such work-out did not occur, with the payment terms
of the Mortgage Loan and each related Note remaining the same as they are on the Closing Date, and (for purposes of making distributions
on the Certificates and allocating Realized Losses to the Principal Balance Certificates) the full economic effect of all waivers,
reductions or deferrals of amounts due on the Mortgage Loan

 

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attributable
to such work-out shall be borne, first, by the Junior Trust Notes (on a pro rata basis based on their respective
unpaid principal amounts), and then, by the Senior Trust Notes and the Companion Loan Notes, on a pro rata basis
based on their respective unpaid principal amounts.

 

(b)           
Collections by or on behalf of the Trust in respect of the Foreclosed Property (exclusive of amounts to be applied to the
payment of the costs of operating, managing, leasing, maintaining and disposing of such Foreclosed Property and after taking into
account the reimbursement and/or payment of advances and expenses under the Co-Lender Agreement) allocable to the Trust Loan shall
be applied to the amounts due and owing on the Trust Loan (which shall be deemed to remain outstanding) in the following order
of priority (and for the following purposes): first, , as a recovery of accrued and unpaid interest first, on the Senior
Trust Notes, on a pro rata basis based on their respective unpaid principal amounts, and then, on the Junior Trust Notes,
on a pro rata basis based on their respective unpaid principal amounts, in that order, in each case to the extent of the
excess of (i) accrued and unpaid interest at the respective Mortgage Loan Interest Rates (without giving effect to any increase
in any such Mortgage Loan Interest Rate required under the Mortgage Loan Agreement as a result of a default under the Mortgage
Loan) through the end of the then current Mortgage Loan Interest Accrual Period), over (ii) the cumulative amount of the reductions
(if any) in the amount of the interest portion of the related Monthly Interest Payment Advances for the Trust Loan that have theretofore
occurred in connection with Appraisal Reduction Amounts (to the extent that collections have not been applied as a recovery of
accrued and unpaid interest pursuant to clause third below or clause third of the prior waterfall on earlier dates);
second, as recovery of principal of the Trust Loan to the extent of its entire remaining unpaid principal balance, with
any such recovery of principal to be applied, in the following order: (i) first, pro rata, to the reduction of the
outstanding principal balance of the Senior Trust Notes, on a pro rata basis based on their respective unpaid principal
amounts; and (ii) second, pro rata, to the reduction of the outstanding principal balance of the Junior Trust Notes,
on a pro rata basis based on their respective unpaid principal amounts; third, as a recovery of accrued and unpaid
interest first, on the Senior Trust Notes, on a pro rata basis based on their respective unpaid principal amounts, and then,
on the Junior Trust Notes on a pro rata basis based on their respective unpaid principal amounts, in that order, in each
case to the extent of the cumulative amount of the reductions (if any) in the amount of the interest portion of the related Monthly
Interest Payment Advances for the Trust Loan that have theretofore occurred in connection with related Appraisal Reduction Amounts
(to the extent collections have not been applied as recovery of accrued and unpaid interest as described in this clause third
or clause third of the prior waterfall on earlier dates); fourth, as a recovery of any Default Interest then deemed
to be due and owing under the Trust Loan; and fifth, as a recovery of any other amounts deemed to be due and owing in respect
of the Trust Loan. For the avoidance of doubt, the application of amounts collected above in this paragraph shall not affect the
allocations under the Co-Lender Agreement.

 

(c)            
All net present value calculations and determinations made under this Agreement with respect to the Mortgage Loan, the Trust
Loan, the Companion Loans, the Property or Foreclosed Property (including for purposes of the definition of “Accepted
Servicing Practices”) shall be made using a discount rate the Special Servicer determines in accordance with Accepted
Servicing Practices is appropriate for the type of cash flows being discounted; namely (i) for principal and interest payments
on the Mortgage Loan, the Trust Loan or the Companion Loans, or sale of the Mortgage Loan, the Trust Loan or any Companion Loan
if it is

 

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in
default, the higher of (1) the rate determined by the Special Servicer that approximates the market rate that would be obtainable
by the Borrower on similar debt of the Borrower as of such date of determination and (2) the Mortgage Loan Interest Rate
and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent
Appraisal (or update of such Appraisal).

 

2.              
DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

2.1          
Creation and Declaration of Trust; Conveyance of the Trust Loan. (a) The Depositor, concurrently with
the execution and delivery hereof, hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys or causes to be
conveyed in trust to the Trustee for the benefit of Certificateholders, without recourse (except to the extent otherwise provided
herein and in the Mortgage Loan Documents), the Depositor’s right, title and interest, whether now owned or hereafter acquired,
now existing or hereafter arising, wherever located, in and to all of the items referred to in the definition of “Trust
Fund”, including without limitation (i) all rights and remedies of the Depositor under each Trust Loan Purchase Agreement,
(ii) all right, title and interest of the Depositor in, to and under the Reserve Accounts, (iii) all right, title and
interest of the Depositor in and to the Trust Loan as of the Closing Date, (iv) all right, title and interest of the Depositor
in, to and under the Co-Lender Agreement and (v) all other assets included or to be included in the Lower-Tier REMIC for
the benefit of the Upper-Tier REMIC. Such sale, transfer and assignment include any related escrow accounts and any security interest
under the Trust Loan (whether in real or personal property and whether tangible or intangible) and all related rights to payments
made or required to be made to the Depositor by the Borrower or any other party under the Mortgage Loan Documents relating to
the Trust Loan. Such sale, transfer and assignment further include all Mortgage Loan Documents, to the extent evidencing, securing,
guarantying or otherwise relating to the Trust Loan. On the Closing Date, to the extent received from the Loan Sellers, the Depositor
shall remit the Initial Interest Deposit to the Certificate Administrator for deposit into the Distribution Account.

 

(b)           
Each Trust Loan Purchase Agreement provides that the related Loan Seller shall deliver to, and deposit with the Trustee
(or a Custodian on its behalf, in each case, to the extent not already in the possession of the Trustee (or a Custodian on its
behalf)), with copies to the Servicer, (i) on or prior to the Closing Date, (A) in the case of CGMRC, each of the original executed
Note A-1A and the original executed Note A-2A, endorsed on its face or by allonge thereto (without recourse, representation or
warranty, express or implied) to the order of “Wilmington Trust, National Association, as Trustee on behalf of the registered
Holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L” or in blank,
and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not CGMRC) (or, alternatively,
if such original executed Note has been lost, a lost note affidavit and indemnity with a copy of the Note),
(B) in the case of GACC, each of the original executed Note A-1B and the original executed Note A-2B, endorsed on its face or
by allonge thereto (without recourse, representation or warranty, express or implied) to the order of “Wilmington Trust,
National Association, as Trustee on behalf of the registered Holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage
Pass-Through Certificates, Series 2016-225L” or in blank, and further showing a complete, unbroken chain of endorsement
from the originator (if such originator is not GACC) (or, alternatively, if such original executed Note has been lost, a lost
note affidavit and indemnity with a copy of the 

 

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Note), and (C) in the case of WFB, each of the original executed Note A-1C and
the original executed Note A-2C, endorsed on its face or by allonge thereto (without recourse, representation or warranty, express
or implied) to the order of “Wilmington Trust, National Association, as Trustee on behalf of the registered Holders of 225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L” or in blank, and further
showing a complete, unbroken chain of endorsement from the originator (if such originator is not WFB) (or, alternatively, if such
original executed Note has been lost, a lost note affidavit and indemnity with a copy of the Note), (ii) on or before the Closing
Date, copies of the Co-Lender Agreement and the Companion Loan Notes, and (iii) on or before the date occurring 10 days after
the Closing Date (the “Delivery Date”), the following documents or instruments (each, if not defined in this
Agreement, as defined in the Mortgage Loan Agreement) with respect to the Mortgage Loan (collectively with the original Trust
Notes required under clause (i) above and the copies of the Co-Lender Agreement and the Companion Loan Notes required
under clause (ii) above, the “Mortgage Loan File”), in each case executed by the parties thereto:

 

(A)          
an original of the Mortgage Loan Agreement, including all amendments thereto;

 

(B)          
the original or certified copy, as applicable, of each of the Mortgage and the Assignment of Leases, with evidence of recording
thereon, and, if any Mortgage or Assignment of Leases was executed pursuant to a power of attorney, a certified true copy of the
power of attorney certified by the public recorder’s office, with evidence of recording thereon (if recording is customary
in the jurisdiction in which such power of attorney was executed) or certified by a title insurance company or escrow company to
be a true copy thereof; provided that if any such original Mortgage or Assignment of Leases cannot be delivered with evidence
of recording thereon on or prior to the 45th day following the Closing Date because of a delay caused by the public
recording office where such original Mortgage or Assignment of Leases has been delivered for recordation or because such original
Mortgage or Assignment of Leases has been lost after recordation, the related Loan Seller shall deliver or cause to be delivered
to the Trustee (or the Custodian on its behalf) a true and correct copy of such Mortgage or Assignment of Leases, as the case may
be, together with (A) in the case of a delay caused by the public recording office, an Officer’s Certificate of the related
Loan Seller stating that such original Mortgage or Assignment of Leases, as the case may be, has been sent to the appropriate public
recording official for recordation or (B) in the case of an original Mortgage that has been lost after recordation, a certification
by the appropriate county recording office where such Mortgage is recorded that such copy is a true and complete copy of the original
recorded Mortgage or Assignment of Leases, as the case may be;

 

(C)          
an original Assignment of Mortgage and an original Assignment of Leases, in favor of the Trustee, and in a form that is
complete and suitable for recording in the jurisdiction in which the Property is located to “Wilmington Trust, National Association,
as Trustee on behalf of the registered Holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through

 

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Certificates,
Series 2016-225L and the holders of the Companion Loans, as their interests may appear”, without recourse;

 

(D)          
an original of each Guaranty;

 

(E)           
an original of the Environmental Indemnity;

 

(F)           
an original of the Cash Management Agreement;

 

(G)          
where applicable, a copy of each UCC-1 financing statement (and a copy thereof shall have been sent for filing), together
with a fully completed UCC-2 or UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment
from the secured party named in such UCC-1 financing statement to the Trustee of the security interest in the personal property
and other UCC collateral constituting security for repayment of the Trust Loan;

 

(H)          
the lender’s title insurance policy obtained in connection with the origination of the Trust Loan (or marked, signed
commitments to insure or pro forma title insurance policies), together with any endorsements thereto;

 

(I)            
a copy of any letter of credit related to the Trust Loan and any related assignment thereof (with the original to be delivered
to the Servicer);

 

(J)            
a copy of the Ground Lease to which the Borrower is a party, together with any estoppels from the related ground lessors;

 

(K)          
a copy of the Management Agreement;

 

(L)           
an original of the related Assignment of Management Agreement;

 

(M)         
any other material written agreements related to the Trust Loan or any other documents delivered by the lender or the Borrower
in connection with the closing of the Trust Loan or any amendment thereof and any legal opinions delivered in connection with the
closing of the Trust Loan;

 

(N)          
all other instruments, if any, constituting additional security for the repayment of the Trust Loan;

 

(O)          
an original or a copy of the Clearing Account Agreement;

 

(P)           
an original or a copy of the Post-Closing Obligations Agreement;

 

(Q)          
an original or a copy of the Assignment of Agreements;

 

(R)           
a copy of the Master Retail Lease; and

 

(S)           
any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing.

 

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If the Loan Sellers cannot
deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (B), (C) and (G)
above with evidence of filing or recording thereon (if intended to be recorded or filed), solely because of a delay caused by the
public filing or recording office where such document or instrument has been delivered for filing or recordation, or because the
timing of the Delivery Date is such that it would not be feasible to obtain such documents from such public filing or recording
office in sufficient time to meet the delivery requirements of this Section 2.1(b), the delivery requirements of this
Section 2.1(b) shall be deemed to have been satisfied on a provisional basis as of the Delivery Date as to such non-delivered
document or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage Loan
File, if a duplicate original or a photocopy of such non-delivered document or instrument (certified by the applicable public filing
or recording office, the applicable title insurance company or any Loan Seller to be a true and complete copy of the original thereof
submitted for filing or recording) is delivered to the Trustee (or a Custodian on its behalf) with copies to the Servicer on or
before the Delivery Date, and either the original of such non-delivered document or instrument, or a photocopy thereof (certified
by the appropriate public filing or recording office, in the case of the documents and/or instruments referred to in clauses
(B), (C) and (G) above to be a true and complete copy of the original thereof submitted for recording), with
evidence of filing or recording thereon, is delivered to the Trustee (or any Custodian on its behalf), with copies to the Servicer,
within 180 days of the Closing Date (or within such longer period, not to exceed 18 months, after the Closing Date as the Loan
Sellers shall reasonably require, so long as the Loan Seller are, as certified in writing to the Trustee no less often than every
90 days, commencing on the 180th day from the Closing Date, attempting in good faith to obtain from the appropriate
public filing office or county recorder’s office such original or photocopy).

 

In addition, the Loan
Sellers shall deliver or cause to be delivered to the Servicer for its review, all required insurance policies or certificates
issued by the insurers showing such insurance to be in effect on the Closing Date, together with proof of payment of premiums relating
thereto (which may consist of such policies or certificates).

 

The parties hereto acknowledge
that each Trust Loan Purchase Agreement provides that each Mortgage, Assignment of Mortgage, Assignment of Leases and UCC-2 and
UCC-3 financing statements to be filed in the appropriate filing offices or record depositories shall be filed or recorded, as
applicable, by the Loan Sellers, with instructions to return all such recorded documents, or other evidences of filing issued by
the applicable governmental offices, to the Trustee (or a Custodian on its behalf), with a copy to the Servicer. In the event that
any such document is determined to be defective or not to be in compliance with the requirements of the applicable filing office
or recording depository, or if any such document is lost or returned unrecorded because of a defect therein, the Loan Sellers are
required to promptly prepare a substitute document, and shall cause each such document to be duly submitted for filing or recording,
as applicable. Notwithstanding anything to the contrary contained in this Section 2.1(b), in those instances where
the public recording office retains the original Mortgage, Assignment of Mortgage or Assignment of Leases, if applicable, after
any has been recorded, the obligations of the Loan Sellers under the Trust Loan Purchase Agreement shall be deemed to have been
satisfied upon delivery to the Trustee (or a Custodian on its behalf) of a copy of such Mortgage, Assignment of Mortgage and Assignment
of Leases, certified by the public recording office to be a true and complete copy of the recorded original thereof.

 

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With respect to the Ground
Lease, as soon as reasonably practicable following the Closing Date, but no later than 30 days following the Closing Date, the
Loan Seller shall deliver to the Servicer a form of notice to be delivered by the Servicer to the related ground lessor regarding
the transfer of the Mortgage Loan to the Trust or the Trustee on its behalf and informing such ground lessor that any notices of
default under the Ground Lease should thereafter be forwarded to the Servicer. In connection with the Ground Lease, the Servicer
shall promptly, and in any event within the later of (i) 30 days following the receipt of the foregoing notice from the Loan
Sellers, and (ii) 60 days following the Closing Date, deliver such notice to the related ground lessor.

 

The parties hereto acknowledge
that each Loan Seller will be solely liable for the delivery of its Trust Notes, and that both Loan Sellers will be liable for
the delivery of the remaining documents and instruments constituting the Mortgage Loan File.

 

In the event that any
letter of credit is delivered by the Borrower under the Mortgage Loan Documents, the Servicer shall hold the original of such letter
of credit on behalf of the Trust and the Companion Loan Holders and deliver a copy of such letter of credit to the Trustee.

 

The ownership of the
Trust Notes, the Mortgage, the Collateral Security Documents and all other contents of the Mortgage Loan File shall be vested in
the Trust or the Trustee in trust for the benefit of the Certificateholders and, except for the Trust Notes, for the benefit of
the Companion Loan Holders. The Depositor, the Servicer and the Special Servicer agree to take no action inconsistent with the
Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust Loan has been sold
and to claim no ownership interest in the Trust Loan. All original documents relating to the Mortgage Loan that are not delivered
to the Trustee are and shall be held by the Depositor, the Servicer or the Special Servicer, as the case may be, in trust for the
benefit of the Certificateholders and the Companion Loan Holders (except the original Companion Loan Notes shall be held by the
Companion Loan Holders or its designee). In the event that any such original document is required pursuant to the terms of this
Section 2.1(b) to be a part of a Mortgage Loan File, such document shall be delivered promptly to the Trustee.

 

2.2          
Acceptance by the Trustee. (a) By its execution and delivery of this Agreement, the Trustee acknowledges the
assignment to it of the Trust Loan in good faith without notice of adverse claims and declares that it holds and shall hold or
shall cause to be held such documents as are delivered to it constituting the Mortgage Loan File (to the extent the documents constituting
the Mortgage Loan File are actually delivered to it) in trust, upon the conditions herein set forth, for the use and benefit of
all present and future Certificateholders and the Companion Loan Holders.

 

(b)           
The execution and delivery of this Agreement by the Trustee shall constitute certification by the Trustee (or a custodian
on its behalf) that (i) each original Trust Note specified in clause (i) of the definition of “Mortgage Loan File”
and copies of all allonges thereto (with originals to follow) have been received by the Trustee or a Custodian on its behalf; and
(ii) such original Trust Note has been reviewed by the Trustee or a Custodian on its behalf and (A) appears regular on
its face (handwritten additions, changes or corrections shall not

 

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constitute
irregularities if initialed by the Borrower), (B) appears to have been executed and (C) purports to relate to the Trust
Loan. The Trustee (or a custodian on its behalf) agrees to review or cause to be reviewed the Mortgage Loan File within 30 days
after the Closing Date, and to deliver to the Depositor, the Servicer, the Special Servicer and the Loan Sellers a report (which
report shall also be available in electronic format (including Excel-compatible format) upon request) certifying, subject to any
exceptions found by it in such review, that (A) all documents referred to in Section 2.1(b) have been received,
and (B) all documents appear to have been executed, appear on their face to be what they purport to be, purport to be recorded
or filed (if and as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to
the Trust Loan specifically or to the Mortgage Loan. Neither the Trustee nor any Custodian on its behalf shall have any responsibility
for reviewing the Mortgage Loan File except as expressly set forth in this Section 2.2(b). Neither the Trustee nor
any Custodian on its behalf shall be under any duty or obligation to inspect, review, or examine any such documents, instruments
or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or
appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except
to determine if the endorsement conforms to the requirements of Section 2.1(b)), whether any document has been recorded
in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually
been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether
the title insurance policies relate to the Property.

 

(c)            
Upon the first anniversary of the Closing Date, the Trustee (or a custodian on its behalf) shall deliver to each of the
other parties hereto a final exception report (which exception report shall also be available in electronic format (including Excel-compatible
format) upon request) as to any remaining documents that are not in the Mortgage Loan File, whereupon, within 90 days, the Depositor
shall either: (i) cause such document deficiency to be cured; or (ii) use commercially reasonable efforts to cause each related
Loan Seller, as applicable, to (1) repurchase its respective Loan Seller Percentage Interest in the Trust Loan (or the allocable
portion thereof) or (2) indemnify the Trust in respect of its Loan Seller Percentage Interest in the Trust Loan for losses directly
related to such document deficiency, in each case pursuant to the applicable Trust Loan Purchase Agreement if such exception is
a Material Document Defect. Notwithstanding anything to the contrary herein, no Defect (except for (x) any Defect resulting from
the failure to deliver the document described in clause (i) of Section 2.1(b) and the documents described in clauses
(iii)(B), (H) and (I) of Section 2.1(b) and (y) Defects that cause the Trust Loan to be other than
a Qualified Mortgage) shall be considered to be a Material Document Defect unless the document with respect to which the Defect
exists is required in connection with (A) an imminent enforcement of the mortgagee’s rights or remedies under the Trust Loan;
(B) defending any claim asserted by the Borrower or third party with respect to the Trust Loan; (C) establishing the validity or
priority of any lien on any collateral securing the Trust Loan; or (D) any immediate significant servicing obligations. The Trustee’s
sole remedy against the Loan Sellers in connection with a Material Document Defect is to enforce the repurchase claim or indemnity
payment, as applicable, in accordance with the provisions of the Trust Loan Purchase Agreements.

 

(d)           
If the Servicer or the Special Servicer (i) receives or makes any request or demand for repurchase of the Trust Loan
(or the allocable portion of the Trust Loan) because of

 

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a
breach of or alleged breach of a representation or warranty or a Defect (any such request or demand for repurchase or replacement,
a “Repurchase Request”, and the Servicer or the Special Servicer, as applicable, to the extent it receives
a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request); or (ii) receives
any withdrawal of a Repurchase Request by the Person making such Repurchase Request (or such a Repurchase Request is forwarded
to the Servicer or the Special Servicer by another party hereto), then the Repurchase Request Recipient shall deliver notice of
such Repurchase Request or withdrawal of a Repurchase Request (each, a “Rule 15Ga-1 Notice”) to the Depositor
and the Loan Sellers, in each case within ten Business Days from such party’s receipt thereof. Each Rule 15Ga-1 Notice may
be delivered by electronic means.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Property, (ii) the date the Repurchase Request is received or the date
any withdrawal of the Repurchase Request is received, as applicable, (iii) if known, the basis for the Repurchase Request
(as asserted in the Repurchase Request) and (iv) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

A Repurchase Request
Recipient shall not be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or
attorney work product doctrines. Each Trust Loan Purchase Agreement shall provide that (i) any Rule 15Ga-1 Notice provided
pursuant to this Section 2.2(d) is so provided only to assist the related Loan Seller and Depositor or their respective
Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any
other requirement of law or regulation and (ii)(A) no action taken by, or inaction of, a Repurchase Request Recipient and
(B) no information provided pursuant to this Section 2.2(d) by a Repurchase Request Recipient, shall be deemed
to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have with respect to
the related Trust Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1
Notice.

 

In the event that the
Depositor, the Trustee or the Certificate Administrator receives a Repurchase Request, such party shall promptly forward or otherwise
provide written notice of such Repurchase Request to the Servicer (or, if relating to the Mortgage Loan while a Special Servicing
Loan Event has occurred and is continuing, to the Special Servicer) and include the following statement in the related correspondence:
“This is a “Repurchase Request” under Section 2.2 of the Trust and Servicing Agreement relating to
the 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L requiring action by you
as the “Repurchase Request Recipient” thereunder. Upon receipt of such Repurchase Request by the Servicer or the Special
Servicer, as applicable pursuant to the prior sentence, such party shall be deemed to be the Repurchase Request Recipient in respect
of such Repurchase Request, and such party shall comply with the procedures set forth in this Section 2.2(d) with respect
to such Repurchase Request.

 

If the Depositor or a
Responsible Officer of the Trustee or the Certificate Administrator receives notice or has knowledge of a withdrawal of a Repurchase
Request of which notice has been previously received or given, and such notice was not received from or copied to the Servicer
or the Special Servicer, then such party shall promptly give notice of such withdrawal to the Servicer or the Special Servicer,
as applicable.

 

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2.3          
Representations and Warranties of the Trustee. (a) Wilmington Trust, National Association, as Trustee hereby
represents and warrants to the other parties hereto, and for the benefit of the Certificateholders and the Companion Loan Holders,
that as of the Closing Date:

 

(i)            
the Trustee is a national banking association, duly organized, validly existing, and is in good standing under the laws
of the United States; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise
and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)           
the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement
shall not violate the Trustee’s organizational documents or any other material instrument governing its operations, 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 contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee
or any of its assets, which default or breach of such material contract, agreement or other instrument would have a material adverse
effect on the Trustee’s performance of its obligations hereunder;

 

(iii)          
except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a
co-trustee or separate trustee be appointed to act with respect to such property as contemplated by Section 8.10,
the Trustee has the full power and authority to enter into and consummate the 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, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to
or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law);

 

(v)           
the Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance
and compliance with the terms of this Agreement shall not constitute a violation with respect to, any order or decree of any court
or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United States of America
having jurisdiction, which violation would have consequences that would materially and adversely affect the performance of its
duties hereunder or thereunder;

 

(vi)          
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for

 

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the
execution, delivery and performance by the Trustee of this Agreement or if required, such approval has been obtained prior to
the Closing Date;

 

(vii)         
no litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement;

 

(viii)        
the Trustee is covered by errors and omissions insurance and fidelity bond coverage which is in full force and effect or
otherwise complies with the requirements of Section 8.6(b) hereof; and

 

(ix)          
the Trustee is a Qualified Trustee.

 

(b)           
The respective representations and warranties of the Trustee set forth in this Section 2.3 shall survive until
the termination of this Agreement, and shall inure to the benefit of the other parties hereto, the Certificateholders and the Companion
Loan Holders.

 

2.4          
Representations and Warranties of the Certificate Administrator. (a) Citibank, N.A., as Certificate Administrator,
hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders and the Companion Loan
Holders, that as of the Closing Date:

 

(i)            
the Certificate Administrator is a national banking association, duly organized, validly existing, and is in good standing
under the laws of the United States; the Certificate Administrator possesses and shall continue to possess all requisite authority,
power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations
under this Agreement;

 

(ii)           
the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the
terms of this Agreement shall not violate the Certificate Administrator’s organizational documents or any other material
instrument governing its operations, 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 contract, agreement or other instrument to which the Certificate
Administrator is a party or which may be applicable to the Certificate Administrator or any of its assets, which default or breach
of such material contract, agreement or other instrument would have a material adverse effect on the Certificate Administrator’s
performance of its obligations hereunder;

 

(iii)          
the Certificate Administrator has the full power and authority to enter into and consummate the 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, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, conservatorship,

 

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reorganization,
receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of
equity (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(v)           
the Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate
Administrator and its performance and compliance with the terms of this Agreement shall not constitute a violation with respect
to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of
or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely
affect the condition (financial or other) or operations of the Certificate Administrator or its properties or might have consequences
that would materially affect the performance of its duties hereunder or thereunder;

 

(vi)          
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement
or if required, such approval has been obtained prior to the Closing Date;

 

(vii)         
no litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations
under this Agreement;

 

(viii)        
the Certificate Administrator is covered by errors and omissions insurance coverage which is in full force and effect or
otherwise complies with the requirements of Section 8.6(b) hereof; and

 

(ix)           
the Certificate Administrator is a Qualified Certificate Administrator.

 

(b)           
The respective representations and warranties of the Certificate Administrator set forth in this Section 2.4
shall survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto, the Certificateholders
and the Companion Loan Holders.

 

2.5           
Representations and Warranties of the Servicer. (a) Wells Fargo Bank, National Association, as Servicer, hereby represents
and warrants to the other parties hereto, and for the benefit of the Certificateholders and the Companion Loan Holders, that as
of the Closing Date:

 

(i)            
it is a national banking association, duly organized, validly existing, and is in good standing under the laws of the United
States; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the
jurisdiction where the Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Mortgage Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite
authority, power, licenses, permits, franchise, and approvals to execute, deliver, perform and comply with its obligations under
this Agreement.

 

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(ii)           
the execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner
contemplated by this Agreement shall not violate its organizational documents or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and shall not constitute a default
(or any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement,
or other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have
consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole
or its ability to perform its obligations hereunder, or materially impair the ability of the Trust to realize on the Collateral;

 

(iii)          
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms,
subject to (i) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally, (ii) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law, including those respecting the availability of specific performance and (iii)
public policy regarding the enforceability of indemnification, contribution and exculpation provisions as to securities law violations;

 

(iv)          
it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement;

 

(v)           
this Agreement has been duly executed and delivered by it;

 

(vi)          
all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any,
required for the execution, delivery and performance of this Agreement by it have been obtained or made;

 

(vii)         
there is no pending action, suit or proceeding, arbitration or, to its knowledge, governmental investigation against it,
the outcome of which, in its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement
or materially and adversely affect its ability to perform its obligations under this Agreement; and

 

(viii)        
it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the
requirements of Section 3.11 or it self-insures for such fidelity bond and errors and omissions coverage in compliance
with the requirements of Section 3.11 of this Agreement

 

(b)           
The representations and warranties of the Servicer set forth in this Section 2.5 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholder and the Companion Loan Holders.

 

2.6           
Representations and Warranties of the Special Servicer. (a) Trimont Real Estate Advisors, LLC, as Special Servicer,
hereby represents and warrants to the other parties

 

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hereto,
and for the benefit of the Certificateholders and the Companion Loan Holders, that as of the Closing Date:

 

(i)            
it is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of
Georgia; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in
the jurisdiction where the Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Mortgage Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite
authority, power, licenses, permits, franchise, and approvals to execute, deliver, perform and comply with its obligations under
this Agreement;

 

(ii)          
the execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner
contemplated by this Agreement shall not violate its organizational documents or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and shall not constitute a default
(or any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement,
or other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have
consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole
or its ability to perform its obligations hereunder, or materially impair the ability of the Trust to realize on the Collateral;

 

(iii)          
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms,
subject to (i) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally, (ii) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law, including those respecting the availability of specific performance and (iii)
public policy regarding the enforceability of indemnification, contribution and exculpation provisions as to securities law violations;

 

(iv)          
it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement;

 

(v)           
this Agreement has been duly executed and delivered by it;

 

(vi)         
all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any,
required for the execution, delivery and performance of this Agreement by it have been obtained or made;

 

(vii)        
there is no pending action, suit or proceeding, arbitration or, to its knowledge, governmental investigation against it,
the outcome of which, in its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement
or materially and adversely affect its ability to perform its obligations under this Agreement; and

 

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(viii)       
it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the
requirements of Section 3.11 or it self-insures for such fidelity bond and errors and omissions coverage in compliance
with the requirements of Section 3.11 of this Agreement.

 

(b)           
The representations and warranties of the Special Servicer set forth in this Section 2.6 shall survive until
termination of this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholder and the Companion Loan
Holders.

 

2.7           
Representations and Warranties of the Depositor. (a)  The Depositor hereby represents and warrants to the
other parties hereto, and for the benefit of the Certificateholders, that as of the Closing Date:

 

(i)            
the Depositor is a Delaware corporation, duly organized, validly existing and in good standing under the laws of the State
of Delaware, with full power and authority to own its property, to carry on its business as presently conducted, to enter into
and perform its obligations under this Agreement, and to create the trust pursuant hereto;

 

(ii)           
the execution, delivery and performance of this Agreement by the Depositor have been duly authorized by all necessary corporate
action on the part of the Depositor; neither the execution, delivery and performance of this Agreement, nor the consummation of
the transactions herein contemplated, nor the compliance with the provisions hereof, shall conflict with or result in a breach
of, or constitute a default under (A) any of the provisions of any law, rule, regulation, judgment, decree or order binding
on the Depositor, (B) the organizational documents of the Depositor, or (C) the terms of any indenture or other agreement
or instrument to which the Depositor is a party or by which it is bound or any statute, order or regulation of any court, regulatory
body, administrative agency or governmental body having jurisdiction over it;

 

(iii)         
the execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated
hereby and thereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of
any other action in respect of, any state, federal or other governmental authority or agency, except such as has been obtained,
given, effected or taken prior to the date hereof;

 

(iv)          
this Agreement has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a valid and binding obligation of the Depositor enforceable against it in accordance
with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
or other similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law);

 

(v)           
there are no actions, suits or proceedings pending or, to the best of the Depositor’s knowledge, threatened or likely
to be asserted against or affecting the Depositor, before or by any court, administrative agency, arbitrator or governmental body

 

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(A) with
respect to any of the transactions contemplated by this Agreement or (B) with respect to any other matter which in the judgment
of the Depositor shall be determined adversely to the Depositor and shall, if determined adversely to the Depositor, materially
and adversely affect its ability to perform its obligations under this Agreement;

 

(vi)          
the Depositor is not in default with respect to any order or decree of any court or any order, regulation or demand of
any federal, state, municipal or governmental agency, which default would materially and adversely affect the ability of the Depositor
to perform its obligations hereunder;

 

(vii)        
other than the actions taken pursuant to this Agreement, the Depositor has taken no action to impair or encumber the title
to the Trust Loan or to subject it to any offsets, defenses or counterclaims during the Depositor’s ownership thereof;

 

(viii)        
the Depositor is accounting for the transfer of the Trust Loan as a sale under generally accepted accounting principles
and for federal income tax purposes;

 

(ix)           
the Depositor is not, and, after giving effect to the transfers contemplated under this Agreement, shall not be, insolvent;
and

 

(x)            
the Depositor has not transferred the Trust Loan with an intent to hinder, delay or defraud its creditors.

 

(b)           
The representations and warranties of the Depositor set forth in this Section 2.7 shall survive until termination
of this Agreement, and shall inure to the benefit of the Certificateholders and the parties to this Agreement.

 

(c)            
Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to
Section 2.7(a) and (b), none of the Certificateholders, the Trustee, or the Certificate Administrator on their
behalf shall have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates
or the Mortgage Loan.

 

2.8          
Representations and Warranties Contained in the Trust Loan Purchase Agreement. (a) Upon discovery by the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee of (i) a Material Breach of any representation and warranty
set forth in Exhibit A to any Trust Loan Purchase Agreement, which representation and warranty was made by the related Loan
Seller in such Trust Loan Purchase Agreement and has been assigned to the Trustee pursuant to Section 2.1 hereof, or
(ii) a Material Document Defect, such Person shall give prompt notice thereof to the other parties hereto, and upon receipt
of such notice the Certificate Administrator shall use commercially reasonable efforts to cause such or each, as applicable, Loan
Seller, to the extent obligated to do so under the applicable Trust Loan Purchase Agreement, to cure such default or defect, indemnify
the Trust or repurchase such Loan Seller’s respective Trust Notes under the terms of and within the time period specified
by the applicable Trust Loan Purchase Agreement, it being understood and agreed that none of such Persons has an obligation to
conduct any investigation with respect to such matters. It is understood and agreed that (i) any repurchase obligations of any
Loan Seller under the related Trust Loan Purchase Agreement require the applicable Loan Seller to repurchase only its respective
Trust

 

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Notes,
and no Loan Seller shall have any obligation, liability or responsibility with respect to any obligations of the other Loan Seller
and (ii) the obligations of the Loan Sellers referred to in this Section 2.8(a) shall be the sole remedies available
to the Certificateholders or the Certificate Administrator respecting a Material Breach of any representation and warranty made
by the Loan Seller s or a Material Document Defect.

 

(b)           
Upon receipt by the Servicer from a Loan Seller of the applicable Repurchase Price for the applicable Loan Seller Percentage
Interest in the Trust Loan (or in the allocable portion thereof): (i), the Servicer, as applicable, shall deposit such amount in
the Collection Account, and the Trustee shall, upon receipt of a certificate of a Servicing Officer certifying as to the receipt
by the Servicer of such Repurchase Price and the deposit of such Repurchase Price into the Collection Account pursuant to this
Section 2.8(b), release or cause to be released to the designee of such Loan Seller (which designee may be such Loan
Seller itself) such Loan Seller’s Trust Notes and, assuming all of the Loan Sellers are repurchasing their respective Loan
Seller Percentage Interests in the Trust Loan (or an allocable portion thereof), release or cause to be released to the designee
of the Loan Sellers the other documents constituting the Mortgage Loan File (in addition to such Loan Seller’s Trust Notes
(or, if applicable, any replacement note(s) evidencing the portion of such Trust Note(s) being repurchased)); (ii) the Trustee
shall execute and deliver to the designee of such Loan Seller (which designee may be such Loan Seller itself) such instruments
of transfer or assignment, in each case without recourse, representation or warranty (except that the Trust Loan (or the applicable
portion thereof) is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared by such
designee to vest in such designee the Trust Loan (or applicable portion thereof) released pursuant hereto, and the Certificate
Administrator, the Trustee, the Servicer and the Special Servicer shall have no further responsibility with regard to the Mortgage
Loan File (or portion thereof) so released (if and to the extent released in accordance with this Section 2.8(b)); and (iii) assuming
that all of the Loan Sellers are repurchasing their respective Loan Seller Percentage Interests in the Trust Loan (or an allocable
portion thereof), each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall release or cause
to be released to the designee of the Loan Sellers copies of any servicing file or records, escrow payments and reserve funds held
thereby in respect of the Trust Loan (or the allocable portion thereof).

 

(c)            
If the Servicer continues to service the Mortgage Loan under this Agreement pursuant to the terms of the Co-Lender Agreement
following any Loan Seller’s repurchase of its related Loan Seller Percentage Interest in the Trust Loan in accordance with
the terms of the related Trust Loan Purchase Agreement, then the Servicer shall not be required to make any Monthly Interest Payment
Advance with respect to such Loan Seller Percentage Interest in the Trust Loan. To the extent that the Loan Sellers repurchase
the Mortgage Loan as contemplated by Section 8 of the respective Trust Loan Purchase Agreements, unless otherwise agreed to by
each Loan Seller and the Companion Loan Holders, the Mortgage Loan shall continue to be serviced by the Servicer, and if applicable,
the Special Servicer in accordance with the terms of this Agreement, on behalf of the Loan Sellers and the Companion Loan Holders
as a collective whole, until the holder of the controlling note under the Co-Lender Agreement has otherwise notified the Servicer,
the Special Servicer, the Custodian, the Certificate Administrator and the Trustee in writing. Unless otherwise agreed by the Loan
Sellers and the Companion Loan Holders, the Servicer shall be the only Servicer under the Co-Lender

 

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Agreement,
the Special Servicer shall be the only Special Servicer under the Co-Lender Agreement and all servicing and other decisions regarding
the Mortgage Loan shall be made by the Loan Sellers and the Companion Loan Holders as and to the extent set forth in the Co-Lender
Agreement.

 

(d)           
Notwithstanding anything contained herein to the contrary, if any Loan Seller repurchases its respective Loan Seller Percentage
Interest in the Trust Loan pursuant to Section 8 of its Trust Loan Purchase Agreement (such Loan Seller, a “Repurchasing
Loan Seller”), and any other Loan Seller does not repurchase its respective Loan Seller Percentage Interest in the Trust
Loan pursuant to Section 8 of its Trust Loan Purchase Agreement, then (i) the Trust Loan shall continue to be serviced by the Servicer
and, if applicable, the Special Servicer, in accordance with the terms of this Agreement and the Co-Lender Agreement on behalf
of the Repurchasing Loan Seller(s), the Certificateholders and the Companion Loan Holders as a collective whole, and the Servicer
or the Special Servicer, as applicable, shall be the sole representative of the lender(s) under the Mortgage Loan in connection
with any enforcement, bankruptcy or other proceeding, (ii) the Custodian shall retain all portions of the Mortgage File (other
than the Trust Notes relating to each Repurchasing Loan Seller’s Loan Seller Percentage Interest in the Trust Loan), (iii)
each Repurchasing Loan Seller shall be deemed a Companion Loan Holder and the Trust Notes repurchased by it shall be deemed to
be Companion Loan Notes evidencing Companion Loans, (iv) the Trust Loan shall be deemed to consist solely of that portion of the
Mortgage Loan evidenced by the Trust Notes that remain in the Trust, (v) each Repurchasing Loan Seller shall be entitled to receive
on each Remittance Date such amounts as it is entitled under the Co-Lender Agreement as holder of its repurchased Notes and shall
provide wiring or other remittance instructions for such remittances, (vi) each Repurchasing Loan Seller shall be entitled to receive
any and all reports and have access to any and all information that a Certificateholder would otherwise have under the terms of
this Agreement, (vii) no amendment may be made to this Agreement that would materially and adversely affect the rights of any Repurchasing
Loan Seller in respect of the Repurchasing Loan Seller’s Loan Seller Percentage Interest in the Trust Loan without the consent
of such Repurchasing Loan Seller, (viii) the Trustee shall remain the mortgagee of record, (ix) compensation shall be paid to the
Servicer and/or the Special Servicer, as applicable, with respect to each repurchased Note as provided in this Agreement as if
each such Note were a Companion Loan (unless otherwise agreed between the Servicer and/or the Special Servicer, as applicable,
and the applicable Loan Seller), and (x) to the extent this Agreement refers to the “Mortgage Loan File”, such references
shall be construed to mean the Mortgage Loan File for the entire Mortgage Loan (except that references to any Trust Note in favor
of a Repurchasing Loan Seller shall be construed to instead refer to a copy of such Trust Note). Neither the Servicer nor the Trustee
shall make any Monthly Interest Payment Advance or Administrative Advance with respect to any Loan Seller Percentage Interest in
the Trust Loan that has been repurchased as described herein.

 

2.9          
Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests. (a) The Trustee acknowledges
the assignment in trust by the Depositor to the Trustee of the Trust Notes and other assets comprising the Trust Fund. Concurrently
with such assignment and delivery and in exchange therefor, (i) the Trustee acknowledges the issuance of (A) the Uncertificated
Lower-Tier Interests to the Depositor and (B) the Class LT-R Interest, in exchange for the Trust Loan, receipt of which
is hereby acknowledged, (ii) the

 

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Trustee
acknowledges the contribution of the Uncertificated Lower-Tier Interests to the Upper-Tier REMIC, (iii) the Certificate Administrator
acknowledges that it (A) has executed and has authenticated and delivered to or upon the order of the Depositor, the Regular
Certificates, and has caused the Trust to issue the Class UT-R Interest in exchange for the Uncertificated Lower-Tier Interests
and (B) has executed and has authenticated and delivered to or upon the order of the Depositor, the Class R Certificates,
representing the Class LT-R and Class UT-R Interests, and (iii) the Depositor hereby acknowledges the receipt by it
or its designees of the Regular Certificates in authorized denominations and the Class UT-R Interest evidencing the entire beneficial
ownership of the Upper Tier REMIC.

 

2.10         
Miscellaneous REMIC Provisions. (a) The Class A, Class X, Class B, Class C, Class D, Class E and Class F Certificates
are hereby designated as the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class UT-R Interest is hereby designated as the sole class of “residual interests” in the
Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

(b)           
The Class LA, Class LB, Class LC, Class LD, Class LE and Class LF Uncertificated Interests are hereby designated as
the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the
Class LT-R Interest is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Section 860G(a)(2) of the Code. 

 

		3.	ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

 

3.1          
Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer and the Special Servicer,
as the case may be, each as an independent contractor, shall service and administer the Mortgage Loan and any Foreclosed Property
solely on behalf of the Trust and the Companion Loan Holders, in the best interest of, and for the benefit of, the Certificateholders
and the Companion Loan Holders, as a collective whole as if such Certificateholders and the Companion Loan Holders constituted
one lender (as determined by the Servicer or the Special Servicer, as applicable, in the exercise of its good faith and reasonable
judgment), in accordance with applicable law (including the REMIC Provisions), the terms of this Agreement, the Mortgage Loan Documents,
the Co-Lender Agreement and the Mezzanine Intercreditor Agreement and, to the extent consistent with the foregoing, the following
standards (herein referred to as “Accepted Servicing Practices”): (i) the higher of (a) in the same
manner in which and with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as applicable,
services and administers similar loans and administers foreclosed or other similarly situated properties for third-party portfolios,
giving due consideration to customary and usual standards of practice of prudent institutional commercial mortgage loan servicers
in servicing mortgage loans and administering foreclosed properties, and (b) with the same care, skill, prudence and diligence
with which the Servicer or the Special Servicer, as applicable, uses for loans that it owns or for foreclosed or other similarly
situated properties it services and manages, in either case exercising reasonable business judgment, acting in accordance with
applicable laws; (ii) with a view to the timely collection of (a) all scheduled payments of principal and interest under
the Mortgage Loan or, if the Mortgage

 

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Loan
comes into and continues in default and if, in the reasonable judgment of the Special Servicer, no satisfactory arrangements can
be made for the collection of the delinquent payments, the maximization of the recovery on the Mortgage Loan to the Certificateholders
and the Companion Loan Holders (as a collective whole as if the Certificateholders and the Companion Loan Holders constituted
a single lender) on a net present value basis and (b) the Borrower Reimbursable Trust Expenses and, any other fees or expenses
and any other amounts due under the Mortgage Loan; and (iii) without regard to:

 

(A)           
any relationship that the Servicer or the Special Servicer or any Affiliate thereof may have with any Borrower Restricted
Party, any Loan Seller, the Depositor, any Companion Loan Holder or any of their respective Affiliates;

 

(B)           
the ownership of any Certificate or Companion Loan or any interest in any Companion Loan or an Approved Mezzanine Loan by
the Servicer or the Special Servicer or by any Affiliate thereof;

 

(C)           
in the case of the Servicer, its obligation to make Advances;

 

(D)          
the right of the Servicer or the Special Servicer or any Affiliate thereof to receive reimbursement of costs, compensation
or other fees (other than Advances), or the sufficiency of any compensation payable to it under this Agreement or with respect
to any particular transaction; or

 

(E)           
the ownership, servicing or management for others of any other mortgage loans or property by the Servicer or the Special
Servicer.

 

Subject to Accepted
Servicing Practices and the terms of this Agreement, the Mortgage Loan Documents and the Mezzanine Intercreditor Agreement, the
Servicer and the Special Servicer each shall have full power and authority, acting alone and/or through one or more sub-servicers
as provided in Section 3.2, to do or cause to be done any and all things in connection with such servicing and administration
which it may deem necessary or desirable. The Servicer and the Special Servicer shall service and administer the Mortgage Loan
in accordance with applicable state and federal law. At the written request of the Servicer or the Special Servicer, as applicable,
accompanied by the form of power of attorney or other documents being requested, the Trustee shall furnish to the Servicer or
the Special Servicer any powers of attorney and other documents necessary or appropriate to enable the Servicer or the Special
Servicer to carry out its servicing and administrative duties hereunder, and the Trustee shall not be held responsible (and shall
be indemnified by the Servicer or the Special Servicer, as applicable) for any negligence or misuse by the Servicer or the Special
Servicer in its uses of any such powers of attorney or other document. Notwithstanding anything contained herein to the contrary,
the Servicer and the Special Servicer shall not without the Trustee’s or the Certificate Administrator’s, as applicable,
prior written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating
the representative capacity of the Servicer or the Special Servicer, as applicable, or (ii) take any action with the intent
to, and which actually does cause, the Trustee to be registered to do business in any state.

 

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The liability of each
of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as the Servicer and the Special
Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3).
Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer
of the collectability of the Mortgage Loan. No provision of this Agreement shall be construed to impose liability on the Servicer
or the Special Servicer for the reason (unless the Servicer or the Special Servicer did not act in accordance with Accepted Servicing
Practices) that any recovery to the Certificateholders in respect of the Mortgage Loan at any time after a determination of present
value recovery is made by the Servicer or the Special Servicer under this Agreement is less than the amount reflected in such determination.

 

The parties hereto acknowledge
and agree that the Servicer and the Special Servicer are each acting as independent contractors and not as agents for the Trustee
and/or the Certificate Administrator.

 

The Servicer shall, on
behalf of the Trust and the Companion Loan Holders, maintain a Note register for the Mortgage Loan in accordance with Section 10.26
of the Mortgage Loan Agreement.

 

3.2          Sub-Servicing
Agreements. (a) The Servicer or Special Servicer, at its own expense without a right of reimbursement under this Agreement
or otherwise, may enter into sub-servicing agreements with sub-servicers for the servicing and administration of the Mortgage
Loan, provided that (i) any such sub-servicing agreement shall be upon such terms and conditions as are not inconsistent
with this Agreement and as the Servicer or Special Servicer, as applicable, and the sub-servicer have agreed, and (ii) no sub-servicer
retained by the Servicer or Special Servicer, as applicable, shall grant any modification, waiver, or amendment to the Mortgage
Loan Documents without the approval of the Servicer or Special Servicer, as applicable. References in this Agreement to actions
taken or to be taken, and limitations on actions permitted to be taken, by the Servicer or Special Servicer, as applicable, in
servicing the Mortgage Loan include actions taken or to be taken by a sub-servicer on behalf of the Servicer or Special Servicer,
as applicable. Each sub-servicer shall be (x) authorized to transact business and licensed in the applicable state(s), if, and
to the extent, required by applicable law to enable the sub-servicer to perform its obligations under the applicable sub-servicing
agreement, and (y) qualified to perform its obligations under the applicable sub-servicing agreement. For purposes of this Agreement,
the Servicer or Special Servicer, as applicable, shall be deemed to have received any amount when the sub-servicer receives such
amount, irrespective of whether such amount is remitted to the Servicer or Special Servicer, as applicable, for deposit in the
Collection Account, any Cash Management Account, any Reserve Account or the Distribution Account, and actions taken by the sub-servicer
shall be deemed to be actions of the Servicer or Special Servicer. The Servicer or Special Servicer, as applicable, shall notify
the Trustee, the Certificate Administrator, the Borrower and the Depositor in writing promptly upon the appointment of any sub-servicer
and promptly furnish the Trustee, upon its request, with a copy of the sub-servicing agreement. The Servicer or Special Servicer,
as applicable, shall cause each sub-servicing agreement to provide that no sub-servicer shall be permitted to enter into any sub-servicing
agreement with other sub-servicers without the prior written consent of the Servicer or Special Servicer, as applicable.

 

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(b)          Notwithstanding
any sub-servicing agreement, the Servicer or Special Servicer shall remain obligated and liable to the Trustee and the Certificateholders
for the servicing and administering of the Mortgage Loan in accordance with the provisions of Section 3.1 without diminution
of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification from a sub-servicer,
and to the same extent and under the same terms and conditions as if the Servicer or Special Servicer alone were servicing and
administering the Mortgage Loan.

 

(c)          Any
sub-servicing agreement entered into by the Servicer or Special Servicer shall provide that it may be assumed or terminated by
(i) the Trustee if the Trustee has assumed the duties of the Servicer or Special Servicer or if the Servicer or Special Servicer
is otherwise terminated pursuant to the terms of this Agreement, or (ii) a successor Servicer or Special Servicer if such successor
Servicer or Special Servicer has assumed the duties of the Servicer or Special Servicer, in each case without cost or obligation
to the Trustee, the successor Servicer or Special Servicer, the Trust or the Trust Fund.

 

(d)          Any
sub-servicing agreement, and any other transactions or services relating to the Mortgage Loan involving a sub-servicer, shall be
deemed to be between the Servicer or Special Servicer and such sub-servicer alone, and the Trustee, the Certificate Administrator,
the Depositor, the Trust and the Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations,
duties or liabilities with respect to the sub-servicer, and no provision herein shall be construed so as to require the Trust,
the Depositor, the Trustee or the Certificate Administrator to indemnify any such sub-servicer. The Servicer or Special Servicer
is permitted, subject to Accepted Servicing Practices and at its own expense, or to the extent that a particular expense is provided
herein to be an Advance or an expense of the Trust, at the expense of the Trust, to utilize other agents or attorneys typically
used by servicers of mortgage loans underlying commercial mortgage-backed securities in performing its obligations under this Agreement.

 

(e)          Notwithstanding
anything herein, each of the initial Servicer and the initial Special Servicer may (i) delegate certain of its duties and obligations
hereunder (such as inspections and appraisals) to third parties or (ii) to an affiliate of the Servicer or the Special Servicer,
as applicable. Such delegation shall not be considered a sub-servicing agreement hereunder, and the requirements and obligations
set forth herein applicable to sub-servicing agreements, sub-servicers or Servicing Function Participants shall not be applicable
to such arrangement. Notwithstanding any such delegation, the Servicer and the Special Servicer shall remain obligated and liable
for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to
the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loan as
required hereby.

 

(f)           In
addition to the foregoing, any sub-servicer engaged by the Special Servicer with respect to the Mortgage Loan shall fulfill all
of the requirements of the Special Servicer set forth under Section 6.4(a)(i)(A) hereof.

 

3.3          Cash
Management Accounts and Reserve Accounts. The Cash Management Accounts and the Reserve Accounts have been or shall be
established pursuant to

 

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 the terms of the Mortgage Loan Agreement and/or the Cash Management Agreement. The Servicer shall
exercise and enforce the rights of the Trust and the Companion Loan Holders with respect to the Cash Management Accounts and
the Reserve Accounts under the Mortgage Loan Agreement and the Cash Management Agreement, and shall make deposits thereto and
withdrawals therefrom, all in accordance with Accepted Servicing Practices and the other terms of this Agreement and the
other Mortgage Loan Documents.

 

3.4         Collection
Account. (a) The Servicer shall establish and maintain or cause to be established and maintained in the name of
“Wells Fargo Bank, National Association, as Servicer on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through
Certificates, Series 2016-225L” and/or “Wells Fargo Bank, National Association, as Servicer on behalf of
Wilmington Trust, National Association, as Trustee, for the benefit of the Companion Loan Holders with respect to 225 Liberty
Street Trust 2016-225L” one or more deposit accounts (the “Collection Account”) for the benefit of
the Certificateholders and the Companion Loan Holders. The Collection Account shall be an Eligible Account maintained with an
Eligible Institution. The Servicer shall deposit into the Collection Account within one Business Day of receipt of properly
identified and available funds the following amounts representing payments and collections received or made during each
Collection Period on or with respect to the Mortgage Loan:

 

(i)          all
payments on account of principal on the Mortgage Loan;

 

(ii)         all
payments on account of interest on the Mortgage Loan, including, without limitation, Default Interest;

 

(iii)        any
amount representing reimbursements by the Borrower of Advances, interest thereon, and any other expenses of the Depositor, the
Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, as required by the Mortgage Loan Documents
or hereunder;

 

(iv)        any
other amounts payable for the benefit of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the
Certificateholders under the Mortgage Loan

 

(v)         any
Prepayment Fees;

 

(vi)        any
amounts required to be deposited pursuant to Section 3.8(b) in connection with net losses realized on Permitted Investments
with respect to funds held in the Collection Account;

 

(vii)       all
Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14, all Net Liquidation Proceeds, Insurance
Proceeds and Condemnation Proceeds; and

 

(viii)      any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer, including,
without limitation, any (1) proceeds of any repurchase of a Loan Seller Percentage Interest in Mortgage Loan

 

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pursuant to Section
2.8 hereof and the applicable Trust Loan Purchase Agreement, (2) proceeds of the sale of the Mortgage Loan by the Special Servicer
pursuant to Section 3.16 hereof or a sale of a Foreclosed Property pursuant to Section 3.15(e), (3) amounts from
the Approved Mezzanine Lender representing proceeds of its purchase of the Mortgage Loan or cure payments permitted to be made
by such Approved Mezzanine Lender pursuant to the Mezzanine Intercreditor Agreement or (4) amounts payable under the Mortgage Loan
Documents by any Person to the extent not specifically excluded;

 

provided, however,
that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Servicer shall use
commercially reasonable efforts to deposit such amounts into the Collection Account within 1 Business Day of receipt by the Servicer
of any properly identified and available funds but, in any event, the Servicer shall deposit such amounts into the Collection Account
within 2 Business Days of receipt by the Servicer of any properly identified and available funds.

 

The foregoing requirements
for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments (if any) in the nature of Additional Servicing Compensation (other than Default Interest
and late payment charges) to which the Servicer or the Special Servicer, as applicable are entitled pursuant to Section 3.17
and any reimbursement made by the Borrower of expenses of the Servicer or the Special Servicer need not be deposited in the Collection
Account by the Servicer or the Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Mortgage Loan.

 

(b)          Funds
in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.8. The
Servicer shall on the Closing Date give written notice to the Certificate Administrator of the location and account number of the
Collection Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

 

(c)          On
or prior to each Remittance Date (or, in the case of clause (vi) below, on or prior to the Remittance Date specifically
applicable to the related Companion Loan), prior to the remittance of funds to the Certificate Administrator for deposit in the
Distribution Account pursuant to Section 3.5, the Servicer shall make withdrawals from the Collection Account, which withdrawals
shall be the only permitted withdrawals from the Collection Account by the Servicer, as described below (the order set forth below
not constituting an order of priority for such withdrawals unless otherwise indicated):

 

(i)           to
withdraw funds deposited in the Collection Account in error;

 

(ii)          to
reimburse the Trustee and the Servicer, in that order, for any Nonrecoverable Advances made by each together with unpaid interest
thereon at the Advance Interest Rate;

 

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(iii)         concurrently,
to pay the Servicing Fee to the Servicer (who shall pay the holder of the Excess Servicing Fee Rights the portion of the Servicing
Fee that represents Excess Servicing Fees in accordance with Section 3.17 of this Agreement) and the Certificate Administrator
Fee (including the portion that is the Trustee Fee) to the Certificate Administrator (who shall pay the Trustee the portion of
the Certificate Administrator Fee that represents the Trustee Fee pursuant to Section 8.5 hereof);

 

(iv)         to
pay to (a) the Servicer, as Additional Servicing Compensation, any income earned (net of losses (subject to Section 3.8(b))
on the investment of funds deposited in the Collection Account; and (b) the Special Servicer, the Special Servicing Fee, if any,
the Work-out Fee, if any, and the Liquidation Fee, if any, (with respect to clauses (a) and (b), in that order);

 

(v)          to
reimburse the Trustee and the Servicer, in that order, for (A) unreimbursed Advances made by each and not previously reimbursed
from amounts received with respect to the Mortgage Loan during the applicable Collection Period in the form of late payments, Liquidation
Proceeds, Condemnation Proceeds, Insurance Proceeds and other collections on the Mortgage Loan (and other than any Advance that
has been determined to be a Nonrecoverable Advance that has been reimbursed pursuant to clause (ii) above); and (B) unpaid
interest on such Advances at the Advance Interest Rate; provided, however, that, with respect to Advances that are not deemed
to be Nonrecoverable Advances, interest on Advances shall be payable (1) prior to the final liquidation of the Property or the
final payment and release of the Mortgage, only out of Default Interest or late payment charges (or actual payments by the Borrower
to cover such interest on Advances) collected in the related Collection Period, and (2) after the final liquidation of the Property
or the final payment and release of the Mortgage, first out of Default Interest and late payment charges (or actual payments by
the Borrower to cover such interest on Advances) on deposit in the Collection Account, and then out of all other amounts on deposit
in the Collection Account;

 

(vi)         to
remit to each Companion Loan Holder all remaining amounts on deposit in the Collection Account payable to such Companion Loan Holder
pursuant to the Co-Lender Agreement with respect to its Companion Loan(s), exclusive of any amounts reimbursable to the Servicer,
the Special Servicer, the Trustee or the Trust and allocable to such Companion Loan(s) in accordance with the Co-Lender Agreement,
including (A) if a Companion Loan is part of an Other Securitization Trust, to the extent required by the Co-Lender Agreement,
to pay the applicable party to the Other Pooling and Servicing Agreement for any interest accrued on (1) Companion Loan Advances
made thereby and (2) administrative advances, if any, made in respect of the Companion Loan; and (B) to make any other required
payments due under the Co-Lender Agreement to each Companion Loan Holder;

 

(vii)        to
reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses incurred
by them in connection with the liquidation of the Property and not otherwise covered and paid by an insurance policy or deducted
from the proceeds of liquidation or reimbursed as an Advance;

 

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(viii)       to
pay to the Servicer and the Special Servicer, as Additional Servicing Compensation, any payments under the Mortgage Loan Documents
in the nature of those fees and expenses that constitute Additional Servicing Compensation, to the extent remaining after payment
pursuant to clause (v) above (it being acknowledged that such amounts (other than Default Interest and late payment charges) are
not required to be deposited in the Collection Account and may be retained by the Servicer or the Special Servicer, as applicable,
or paid by the Servicer to the Special Servicer when due to the Special Servicer as set forth in Section 3.17), to the extent
actually received from or on behalf of the Borrower and permitted by (or not otherwise prohibited by) and allocated as such pursuant
to the terms of the Mortgage Loan Documents or this Agreement, and (unless retained as indicated above in this clause (vii))
deposited into the Collection Account by the Servicer;

 

(ix)         to
pay or to reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer for any expenses, indemnities
and other amounts (including Trust Fund Expenses) then due and payable or reimbursable to each, and to pay directly any other costs
and expenses expressly payable out of the Collection Account or at the expense of the Trust, in any event pursuant to the terms
of this Agreement and not previously paid or reimbursed pursuant to the preceding clauses;

 

(x)          to
the extent not previously paid or advanced, to pay to the Certificate Administrator for payment (or set aside for eventual payment)
by it of any and all taxes imposed on the Lower-Tier REMIC or Upper-Tier REMIC by federal or state governmental authorities, as
provided in Section 12.1(k); provided, that, if such taxes are the result of the Depositor’s, Servicer’s,
Special Servicer’s, Trustee’s or Certificate Administrator’s, as applicable, negligence, fraud, bad faith or
willful misconduct, then such party that was negligent, acted in bad faith or engaged in fraud or willful misconduct will be required
to indemnify the Trust for the amount of such taxes pursuant to Sections 6.6 and 8.12, as applicable;

 

(xi)        to
pay the CREFC® Licensing Fee to CREFC®, to the extent of funds available in the Collection Account
following the withdrawal of the amounts described in clauses (ii) through (x) above, on the related Remittance Date;
and

 

(xii)       on
each Remittance Date, to remit all funds received during or prior to the related Collection Period and remaining after the withdrawals
specified in clauses (i) through (xi) above to the Certificate Administrator for deposit in the Distribution Account
pursuant to Section 3.5.

 

provided that
(A) Monthly Interest Payment Advances are reimbursable solely out of collections allocable to the Trust Loan pursuant to the Co-Lender
Agreement, (B) Companion Loan Advances are reimbursable solely out of collections allocable to the Companion Loans pursuant to
the Co-Lender Agreement, and (C) any payment or reimbursement of any other items specified above under clauses (iv)(b),
(v), (vi) (to the extent of amounts described in clause (vi)(A)), (vii) and (ix) of this Section
3.4(c) shall, as and to the extent provided in the Co-Lender Agreement, be made out of: (1) first, to the maximum
extent permitted under the Co-Lender Agreement, any amounts on deposit in the Collection Account that would otherwise be

 

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distributable
under the Co-Lender Agreement to the Junior Trust Notes; and (2) second, any remaining amounts on deposit in the Collection
Account that would otherwise be distributable under the Co-Lender Agreement with respect to the Senior Trust Notes and the Companion
Loan Notes, on a pro rata and pari passu basis in accordance with their relative principal balances (except to the
extent that interest on Monthly Interest Payment Advances and/or Companion Loan Advances are allocable to, and payable out of collections
on, the related Senior Note), all in accordance with the Co-Lender Agreement, and taking into account the subordination of the
Junior Trust Notes to the Senior Trust Notes and the Companion Loan Notes.

 

If a Monthly Interest
Payment Advance is made with respect to the Trust Loan, then that Monthly Interest Payment Advance, together with interest on such
Monthly Debt Service Advance, shall only be reimbursed out of future payments and collections on the Trust Loan, but not out of
payments or other collections on the Companion Loans. Likewise, the Certificate Administrator Fee (including the portion that is
the Trustee Fee) shall only be paid out of payments and other collections on the Trust Loan, but not out of payments or other collections
on the Companion Loans.

 

Notwithstanding the foregoing,
with respect to any Remittance Date, in no event shall the Servicer be permitted to make a withdrawal pursuant to clauses (iii),
(iv)(b), (v), (vi), (vii), (viii), (ix) or (x) above of this Section 3.4(c)
if, (1) the item proposed to be withdrawn, if not withdrawn, would be required to be advanced by the Servicer as an Administrative
Advance or covered by a Monthly Interest Payment Advance with respect to such Remittance Date and (2) as a result of such withdrawal,
the amount on deposit in the Collection Account after giving effect to such withdrawal would be less than the Required Advance
Amount (it being understood that the Servicer shall be permitted to make withdrawals in the order of priority specified above up
to the amount on deposit in the Collection Account that would result in funds equaling or exceeding the Required Advance Amount
remaining in the Collection Account). Notwithstanding the foregoing, such withdrawal limitations shall not apply (and accrued amounts
previously eligible for withdrawal pursuant to clauses (iii), (iv)(b), (v), (vi), (vii), (viii),
(ix) or (x) above of this Section 3.4(c) but
which remain unpaid due to the operation of this paragraph may then be withdrawn and paid) upon (1) the final liquidation
of the Mortgage Loan or the Property, (2) the final payment of the Mortgage Loan and release of the Mortgage or (3) the determination
that any Advance that would increase the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance.

 

The Servicer shall advance
or pay to the Trustee and the Certificate Administrator (on behalf of itself and the Trustee) and advance or pay to the Special
Servicer, if applicable, from the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the
Trustee and the Certificate Administrator, as applicable, therefrom, promptly upon receipt of certificates of a Servicing Officer
of the Special Servicer, a Responsible Officer of the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
describing the item and amount to which the Special Servicer, the Certificate Administrator or the Trustee, respectively, are entitled
together with any other information reasonably requested by the Servicer. The Servicer may rely conclusively on any such certificate,
shall have no duty to recalculate the amounts stated therein and shall have no liability if the amount paid in reliance thereon
is an amount to which the Special Servicer, the Certificate Administrator or the Trustee, as applicable, is not entitled.

 

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On the Remittance Date
for each Companion Loan, the Servicer shall remit to the related Companion Loan Holder the amounts contemplated to be payable thereto
on such date as contemplated by clause (vi) of the first paragraph of this Section 3.4(c).

 

(d)          On
each Remittance Date, the Servicer shall withdraw from the Collection Account all funds received during or prior to the related
Collection Period and remaining after the withdrawals specified in clauses (i) through (xi) of the first paragraph
of Section 3.4(c) and shall remit such funds to the Certificate Administrator for deposit in the Distribution Account pursuant
to Section 3.5.

 

(e)          If
the Servicer makes any reimbursement or payment out of the Collection Account to cover any related Companion Loan Holder’s
share of any cost, expense, indemnity, Property Protection Advance or interest on such Property Protection Advance, or fee with
respect to the Mortgage Loan, then the Servicer (prior to the occurrence of a Special Servicing Loan Event) and the Special Servicer
(following the occurrence of a Special Servicing Loan Event) shall use efforts consistent with the Accepted Servicing Practices
to collect such amount out of collections on such Companion Loan or, if and to the extent permitted under the related Co-Lender
Agreement, from such Companion Loan Holder.

 

3.5          Distribution
Account. (a) The Certificate Administrator shall establish and maintain in the name of the “Citibank, N.A., as
Certificate Administrator for the benefit of Wilmington Trust, National Association, as Trustee, and the registered holders
of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L”, a deposit
account (the “Distribution Account”), which shall be deemed to include the Lower-Tier Distribution Account
and the Upper-Tier Distribution Account, which shall be subaccounts of the Distribution Account for the benefit of the
Certificateholders and the Trustee, as holder of the Uncertificated Lower-Tier Interests. The Distribution Account shall be
an Eligible Account maintained with an Eligible Institution. On each Remittance Date, the Servicer shall transfer from the
Collection Account to the Certificate Administrator for deposit into the Lower-Tier Distribution Account all funds received
during or prior to the related Collection Period and remaining on deposit therein, after giving effect to the withdrawals
made pursuant to clauses (i) through (xiii) of Section 3.4(c). The Certificate Administrator shall
credit the funds remitted by the Servicer from the Collection Account to the Distribution Account. The Certificate
Administrator shall make withdrawals from the Distribution Account to make distributions to the Holders of the Certificates
pursuant to Section 4.1. Upon receipt of the Initial Interest Deposit, the Certificate Administrator shall deposit
such amount in the Distribution Account for distribution on the first Distribution Date.

 

Amounts held in the Distribution
Account shall be uninvested.

 

The Certificate Administrator
shall make withdrawals from the Distribution Account to make distributions to the Holders of the Certificates pursuant to Section
4.1 and Section 4.3.

 

(b)          The
Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the following
order of priority and only for the following purposes:

 

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(i)           concurrently,
to pay the Certificate Administrator Fee (including the portion that is the Trustee Fee) to the Certificate Administrator (who
shall pay the Trustee the portion of the Certificate Administrator Fee that represents the Trustee Fee pursuant to Section 8.5
hereof), but only from any Monthly Interest Payment Advance and only to the extent that such amounts are not paid out of the Collection
Account pursuant to Section 3.4(c);

 

(ii)          to
make or be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and (c) and Section
4.3(a) and (b) into the Upper-Tier Distribution Account and to make distributions to the Holder of the Class R Certificates
(in respect of the Class LT-R Interest) pursuant to Section 4.1;

 

(iii)         to
withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled thereto;
and

 

(iv)         to
clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.

 

(c)          The
Certificate Administrator shall make withdrawals from the Upper-Tier Distribution Account in the following order of priority and
only for the following purposes:

 

(i)           to
withdraw amounts deposited in error;

 

(ii)          to
make distributions to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest)
on each Distribution Date pursuant to Section 4.1, Section 4.3 or Section 10.1 as applicable; and

 

(iii)         to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 10.1.

 

(d)          The
Certificate Administrator shall establish and maintain a reserve account (the “Interest Reserve Account”) in
the name of the “Citibank, N.A., as Certificate Administrator for the benefit of Wilmington Trust, National Association,
as Trustee, and the registered holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series
2016-225L”. The Interest Reserve Account shall be an Eligible Account maintained with an Eligible Institution, and may be
a sub-account of the Distribution Account. On each Distribution Date occurring in any February and on any Distribution Date occurring
in any January that occurs in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution
Date), the Certificate Administrator shall deposit into the Interest Reserve Account an amount equal to one day’s net interest
collected on the principal balance of the Trust Loan as of the related Payment Date occurring in the month preceding the month
in which such Distribution Date occurs, calculated at the Mortgage Loan Interest Rate with respect to the Trust Loan less the Administrative
Fee Rate, to the extent such funds are on deposit on the applicable Payment Date or an advance is made in respect of the Payment
Date (all amounts so deposited in any consecutive January and February, “Withheld Amounts”). On each Remittance
Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator
shall withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and February,
if any, and deposit

 

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such amounts into the Distribution Account for distribution with respect to the Series FX Certificates.

 

3.6          Foreclosed
Property Account. The Special Servicer shall establish and maintain one or more deposit accounts (the
“Foreclosed Property Account”) on behalf of the Trust for the benefit of the Certificateholders in the
name of “Trimont Real Estate Advisors, LLC, as Special Servicer on behalf of Wilmington Trust, National Association, as
Trustee for the benefit of the registered Holders of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through
Certificates, Series 2016-225L, and the Companion Loan Holders, as their interests may appear” related to the
Foreclosed Property, if any, held in the name of the Special Servicer on behalf of the Trustee for the benefit of the
Certificateholders and the Companion Loan Holders. Each Foreclosed Property Account shall be an Eligible Account maintained
with an Eligible Institution. The Special Servicer shall deposit into the Foreclosed Property Account within one Business Day
of receipt all funds collected and received in connection with the operation or ownership of such Foreclosed Property. On or
before the last day of each Collection Period, the Special Servicer shall withdraw the funds in any Foreclosed Property
Account, net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s
reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a). The Special
Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property
Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

 

3.7          Appraisal
Reductions. (a) Within 60 days after the occurrence of an Appraisal Reduction Event with respect to the Mortgage Loan,
the Special Servicer shall (i) notify the Servicer, the Trustee, the Certificate Administrator and, during any Control Period
and any Consultation Period, the Controlling Class Representative of such occurrence of an Appraisal Reduction Event, (ii)
use commercially reasonable efforts to obtain an independent Appraisal of the Property unless an Appraisal was performed
within 12 months prior to the Appraisal Reduction Event and the Special Servicer is not aware of any material adverse change
in the market or condition or value of the Property and (iii) determine on the basis of such Appraisal(s) whether there
exists any Appraisal Reduction Amount and, if so, give notice thereof to the Servicer, the Trustee, the Companion Loan
Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the master servicer, special
servicer and trustee with respect to such Other Securitization Trust) and the Certificate Administrator. The cost of
obtaining such Appraisals shall be paid by the Servicer as a Property Protection Advance or an Administrative Advance unless
it would constitute a Nonrecoverable Advance, and in such case, as an expense of the Trust. Updates of such Appraisals shall
be obtained by the Special Servicer every twelve months for so long as an Appraisal Reduction Event exists and will be paid
for by the Servicer as a Property Protection Advance or an Administrative Advance (or paid for by the Trust if the Servicer
determines that such Advance would constitute a Nonrecoverable Advance), and the Appraisal Reduction Amount shall be adjusted
accordingly and if required in accordance with any such adjustment, each Class of Certificates that has been notionally
reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored to the
extent required by such adjustment of the Appraisal Reduction Amount, and there shall be a redetermination of whether
a Control Period, a Consultation Period or a Consultation Termination Period is then in effect. The Servicer shall provide by
electronic means reasonably acceptable to the Special Servicer and the Servicer the information in its possession or control
as

 

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reasonably requested in writing by the Special Servicer within two Business Days of any request to permit the Special
Servicer to calculate or to recalculate the Appraisal Reduction Amount. Appraisal Reduction Amounts with respect to the
Mortgage Loan shall be allocated first to the Junior Trust Notes on a pro rata and pari passu basis (in
accordance with the relative principal balance of such Junior Trust Notes) up to the aggregate principal balance of the
Junior Trust Notes, with any remainder being allocated to the Senior Notes on a pro rata and pari passu basis
(in accordance with the relative principal balance of such Senior Notes).

 

Any such Appraisal obtained
under this Section 3.7 shall be delivered by the Special Servicer to the Servicer, the Trustee, the Certificate Administrator,
the 17g-5 Information Provider and, during any Control Period and any Consultation Period, the Controlling Class Representative,
in electronic format and the Certificate Administrator shall make such Appraisal available to Non-Restricted Privileged Persons
pursuant to Section 8.14(b), and the 17g-5 Information Provider shall post such Appraisal on the 17g-5 Information Provider’s
Website.

 

(b)          While
an Appraisal Reduction Amount exists with respect to the Trust Loan, (i) the amount of any Monthly Interest Payment Advances with
respect to delinquent payments of interest on the Trust Loan shall be reduced as provided in Section 3.23(a); and (ii) the
existence thereof shall be taken into account for purposes of determining (x) the Voting Rights of certain Classes of Certificates
as provided in Section 3.7(c) and (y) whether a Control Period is or is not then in effect as provided in the definition
thereof.

 

(c)          The
Certificate Balance of each Class of the Principal Balance Certificates shall be notionally reduced (solely for purposes of determining
(x) the Voting Rights of the related Classes in certain limited circumstances as described in this Agreement, and (y) whether a
Control Period or Consultation Period is or is not then in effect), on any Distribution Date to the extent of any Appraisal Reduction
Amount in respect of the Trust Loan allocated to such Class on such Distribution Date. The Appraisal Reduction Amount for any Distribution
Date allocable to the Trust Loan shall be applied to notionally reduce the Certificate Balances of the Principal Balance Certificates
in the following order of priority: first, to the Class F Certificates; second, to the Class E Certificates; third,
to the Class D Certificates; fourth, to the Class C Certificates; and fifth, to the Class B Certificates provided
in each case that no Certificate Balance in respect of any such Class may be notionally reduced below zero. Appraisal Reduction
Amounts shall not be applied to notionally reduce the Certificate Balance of the Class A Certificates.

 

(d)          With
respect to any Appraisal used for purposes of determining an Appraisal Reduction Amount, the appraised value of the Property or
Foreclosed Property, as applicable, will be determined on an “as is” basis.

 

(e)          If
(i) an Appraisal Reduction Event has occurred, (ii) either (A) no Appraisal or updates of an Appraisal has been obtained or conducted
with respect to the Property or Foreclosed Property, as the case may be, during the 12-month period prior to the date of such Appraisal
Reduction Event or (B) a material change in the circumstances surrounding the Property or Foreclosed Property, as the case may
be, has occurred since the date of the most recent Appraisal that would materially adversely affect the value of the Property or
Foreclosed Property, as the case may be, and (iii) no new Appraisal has been obtained or conducted for the

 

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Property or Foreclosed
Property, as the case may be, contemplated by the immediately preceding clause (ii), within 60 days after the Appraisal Reduction
Event has occurred, then (x) until a new Appraisal is conducted with respect to the Property or Foreclosed Property, as the case
may be, as to which a new Appraisal is required, the Appraisal Reduction Amount shall be equal to 25% of the unpaid principal balance
of the Mortgage Loan, and (y) upon receipt or performance of the new Appraisal by the Special Servicer with respect to the Property
or Foreclosed Property, as the case may be, as to which an Appraisal is required, the Appraisal Reduction Amount shall be recalculated
in accordance with the definition of Appraisal Reduction Amount. Notwithstanding the foregoing, deemed Appraisal Reduction Amounts
imposed pursuant to clause (x) of the preceding sentence shall not be allocated to any Class of Certificates for purposes
of determining whether a Class of Control Eligible Certificates is an Appraisal-Reduced Class, whether a Control Period is or is
not then in effect, or the allocation of Voting Rights for certain purposes.

 

(f)           During
any Control Period and during any Consultation Period, the Special Servicer shall consult with the Controlling Class Representative
in respect of the determination of any Appraisal Reduction Amount. The determination by the Special Servicer following such consultation
will be binding until such time as a new determination is made based on a new appraisal obtained as a result of the exercise of
the rights of the Controlling Class Representative discussed below or otherwise in accordance with this Agreement. Any Class of
Control Eligible Certificates, if and when it is reduced to less than 25% of its initial Certificate Balance (taking into account
the application of any Appraisal Reduction Amount to notionally reduce the Certificate Balance of such Class) is referred to as
an “Appraisal-Reduced Class”. The holders of the majority (by Certificate Balance) of the Appraisal-Reduced
Class (such holders, the “Requesting Holders”) shall have the right, at their sole expense, to require the Special
Servicer to order a second Appraisal in respect of the related Appraisal Reduction Event that has occurred with respect to the
Mortgage Loan, and use reasonable efforts to cause such second Appraisal to be delivered within 60 days from receipt of the Requesting
Holders’ written request and shall cause such second Appraisal to be prepared by an Independent Appraiser. Upon receipt of
such second Appraisal, the Special Servicer shall be required to recalculate such Appraisal Reduction Amount based upon such second
Appraisal. If required by any such recalculation, a Control Period may be reinstated and the applicable Appraisal-Reduced Class
may be reinstated as the Controlling Class.

 

(g)          In
addition, the holders of the majority (by Certificate Balance) of the Appraisal-Reduced Class will have the right, from time to
time, in their sole and absolute discretion and at their sole expense, to present to the Special Servicer one or more Appraisals
(prepared by an Independent Appraiser) of the Property following an Appraisal Reduction Event; provided, that such holders
of such Appraisal-Reduced Class may not present more than five Appraisals of the Property in a calendar year; and, provided,
further, however, that such holders of the Appraisal-Reduced Class may present an Appraisal of the Property at any
time without regard to the limitation in the preceding proviso upon the occurrence of any material change in the Property or with
respect to the Mortgage Loan; and, provided, further, however, that any such Appraisal must be acceptable
to the Special Servicer in accordance with Accepted Servicing Practices. Upon receipt of each such additional Appraisal, the Special
Servicer shall be required, in accordance with the Accepted Servicing Practices, to recalculate the Appraisal Reduction Amount
based upon such other Appraisal. If required by any such recalculation, the applicable Appraisal-Reduced Class shall be reinstated
as the Controlling Class. In each case,

 

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Appraisals that are delivered by any Appraisal-Reduced Class shall be in addition to any
Appraisals that the Special Servicer may otherwise be required to obtain in accordance with the Accepted Servicing Practices upon
the occurrence of a material change at the Property or that the Special Servicer is otherwise required or permitted to order under
this Agreement without regard to any Appraisal requests made by any other party. Absent manifest error in the appraised value contained
in an Appraisal (including a failure to reflect material adverse changes in circumstances affecting property valuations occurring
since the date of such Appraisal), the Special Servicer shall not be permitted to adjust downward the appraised value of the Property
contained in any Appraisal (provided such Appraisal satisfies customary standards for qualified appraisals in CMBS transactions)
delivered to the Special Servicer (including any Appraisal delivered by any holder of a certificate of an Appraisal-Reduced Class)
in making an Appraisal Reduction Amount calculation, to the extent that such downward adjustment would cause the subject Class
of Control Eligible Certificates to become an Appraisal-Reduced Class.

 

(h)          Upon
becoming an Appraisal-Reduced Class and thereafter (including during any period that the Appraisal-Reduced Class is challenging
the determination of the Appraisal Reduction Amount with a second Appraisal or otherwise presenting a new Appraisal as described
above), the applicable Class of Control Eligible Certificates may not exercise any rights of the Controlling Class until such time,
if any, as such Class is reinstated as the Controlling Class. As such, a Consultation Period or a Consultation Termination Period,
as the case may be, shall be in effect until such reinstatement, and upon such reinstatement a Control Period shall be restored
and the applicable Appraisal-Reduced Class shall be entitled to exercise the rights of the Controlling Class.

 

3.8          Investment
of Funds in the Collection Account and any Foreclosed Property Account. (a) The Servicer and, with respect to the
Foreclosed Property Accounts the Special Servicer may direct any depository institution maintaining the Collection Account or
Foreclosed Property Account and any Reserve Account (to the extent interest is not payable to the Borrower), respectively
(each Collection Account, the Foreclosed Property Account and/or Reserve Account, for purposes of this Section 3.8, an
“Investment Account”), to invest the funds in such Investment Account in one or more Permitted Investments
that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than the Business Day
preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement.
Any direction by the Servicer or the Special Servicer, as applicable, to invest funds on deposit in an Investment Account
shall be in writing and shall certify that the requested investment is a Permitted Investment which matures at or prior to
the time required hereby or is payable on demand. All such Permitted Investments shall be held to maturity, unless payable on
demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such)
or in the name of a nominee of the Trustee (including, without limitation, the Certificate Administrator on behalf of the
Trustee). The Servicer, acting on behalf of the Trustee, shall have sole control (or the Special Servicer, with respect to
any Foreclosed Property Accounts) over each such investment and any certificate or other instrument evidencing any such
investment shall be delivered directly to the Trustee or its agent (which shall initially be the Servicer or the Special
Servicer, as applicable), together with any document of transfer, if any, necessary to transfer title to such investment to
the Trustee or its nominee. The Trustee shall have no responsibility or liability with respect to the investment directions
of the Servicer or the Special Servicer or any losses resulting therefrom, whether from

 

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Permitted Investments or otherwise.
In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on
demand, the Servicer and the Special Servicer, as applicable, shall:

 

(i)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required
to be withdrawn on such date; and

 

(ii)          demand
payment of all amounts due thereunder promptly upon determination by the Servicer or the Special Servicer, as applicable, that
such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related
Investment Account.

 

(b)          All
net income and gain realized from investment of funds deposited in the Collection Account and the Reserve Accounts (to the extent
not payable to the Borrower) shall be for the benefit of the Servicer in accordance with the terms and priorities of this Agreement.
All net income and gain realized from investment of funds deposited in the Foreclosed Property Account shall be for the benefit
of the Special Servicer. Any net losses on funds in the Collection Account, the Reserve Accounts (except in the case of any such
loss with respect to a Reserve Account, to the extent the loss amounts were invested for the benefit of the Borrower under the
terms of the Mortgage Loan Documents) or the Foreclosed Property Account shall be reimbursed by the Servicer or the Special Servicer,
as applicable, from its own funds promptly, but in any event on or prior to the Remittance Date following the realization of such
loss.

 

(c)           Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Servicer or the Special Servicer,
as applicable, shall take such action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate proceedings. In the event the Servicer or the Special Servicer, as applicable, takes any such action,
the Servicer shall pay or reimburse the Servicer or the Special Servicer, as applicable, out of the Trust Fund, pursuant to Section
3.4(c), for all reasonable out of pocket expenses, disbursements and advances incurred or made by the Servicer or the Special
Servicer, as applicable, in connection therewith.

 

(d)           Notwithstanding
the foregoing, none of the Servicer, the Special Servicer or the Certificate Administrator (each in its capacity as the Servicer,
the Special Servicer or the Certificate Administrator, as the case may be) shall be required to deposit any loss on an investment
of funds in an account described in this Section 3.8 if such loss was incurred solely as a result of the bankruptcy or insolvency
of a depository institution or trust company holding such account, so long as (i) such depository institution or trust company
satisfied the qualifications set forth in the definition of Eligible Institution at the time such investment or deposit was made
and 30 days prior to the date of such loss; (ii) such depository institution or trust company was not an Affiliate of the Servicer,
the Special Servicer or the Certificate Administrator, as applicable, and (iii) such loss is not the result of fraud, negligence,
bad faith or willful misconduct of the Servicer, the Special Servicer or the Certificate Administrator, as applicable; provided,
however, that neither the Trustee nor the Certificate Administrator shall have any responsibility or liability

 

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with respect
to the investment directions of the Servicer or the Special Servicer or any losses resulting therefrom, whether from Permitted
Investments or otherwise.

 

3.9          Payment
of Taxes, Assessments, etc. The Servicer (other than with respect to a Foreclosed Property) and the Special Servicer
(with respect to any Foreclosed Property) shall maintain accurate records with respect to the Property (or such Foreclosed
Property, as the case may be) reflecting the status of real estate taxes, assessments, charges and other similar items that
are or may become a lien on the Property (or such Foreclosed Property, as the case may be) and the status of insurance
premiums payable in respect of insurance policies required to be maintained pursuant to Section 3.11 hereof. The
Servicer shall obtain, from time to time, all bills for the payment of such items (including renewal premiums). The Servicer
shall pay real estate taxes, assessments and charges, insurance premiums, ground rent, operating expenses and other similar
items from funds in the applicable Reserve Account in accordance with the Mortgage Loan Agreement at such time as may be
required by the Mortgage Loan Documents. If the Borrower do not make the necessary payments and/or a Mortgage Loan Event of
Default has occurred and amounts in the applicable Reserve Account are insufficient to make such payments, the Servicer shall
make a Property Protection Advance, subject to the determination of non-recoverability provided in Section 3.23, from
its own funds for amounts payable with respect to all such items related to the Property when and as the same shall become
due and payable. The Servicer shall ensure that the amount of funds in the applicable Reserve Account is increased when and
if applicable taxes, assessments, charges and other similar items, ground rents or insurance premiums are increased, in
accordance with the terms of the Mortgage Loan Agreement.

 

3.10       Appointment
of Special Servicer. (a) Trimont Real Estate Advisors, LLC is hereby appointed as the initial Special Servicer to service
the Mortgage Loan while a Special Servicing Loan Event has occurred and is continuing and perform the other obligations of
the Special Servicer hereunder.

 

(b)          If
there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed and replaced
pursuant to Sections 7.1 and 7.2. The Trustee or the Certificate Administrator shall, promptly after receiving notice
or otherwise gaining actual knowledge of any such removal, so notify the Servicer and the Companion Loan Holders, and after the
Certificate Administrator posts such notice on the Certificate Administrator’s Website, so notify each Rating Agency. The
appointment of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that the initial Special Servicer specified above shall
not be liable for any actions or any inaction of any such successor Special Servicer. No termination fee shall be payable to the
terminated Special Servicer. No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective
until the successor Special Servicer has assumed all of its responsibilities, duties and liabilities hereunder in writing and Rating
Agency Confirmation with respect to such appointment has been delivered to the Trustee. Any successor Special Servicer shall be
deemed to make the representations and warranties provided for in Section 2.5(a) mutatis mutandis as of the date
of its succession. In addition, the Person accepting such assignment and delegation shall constitute a Qualified Replacement Special
Servicer. A “Qualified Replacement Special Servicer” is a replacement special servicer that satisfies all of
the eligibility requirements

 

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applicable to special servicers in this Agreement (including, without limitation, the requirements
of Section 6.4(a)(i) except as otherwise provided in Section 7.1(d) with respect to a Special Servicer appointed
by the Controlling Class Representative during a Control Period).

 

The terminated Special
Servicer shall retain all rights accruing to it under this Agreement, including the right to receive fees accrued prior to its
termination and other amounts payable to it (including indemnification payments).

 

(c)          Upon
determining that a Special Servicing Loan Event has occurred and is continuing, the Servicer shall immediately give notice thereof
to the Special Servicer, the Trustee, the Companion Loan Holders and the Certificate Administrator, and the Servicer shall use
its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting
the Mortgage Loan File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating
to the Mortgage Loan and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect
thereto. The Servicer shall use its reasonable efforts to comply with the preceding sentence within five Business Days of the date
that a Special Servicing Loan Event has occurred. The Servicer in any event shall continue to act as Servicer and administrator
of the Mortgage Loan until the Special Servicer has commenced the servicing of the Mortgage Loan, upon the occurrence and during
the continuation of a Special Servicing Loan Event, which shall occur, in the case of a Special Servicing Loan Event, upon the
receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. The Special Servicer
shall instruct the Borrower to continue to remit all payments in respect of the Mortgage Loan to the Servicer. The Servicer shall
forward any notices it would otherwise send to the Borrower under the Mortgage Loan to the Special Servicer who shall send such
notice to the Borrower while a Special Servicing Loan Event has occurred and is continuing. The Servicer (or, while a Special Servicing
Loan Event has occurred and is continuing, the Special Servicer) shall provide the Approved Mezzanine Lender all default-related
notices required under the Mezzanine Intercreditor Agreement, including, without limitation, in connection with any cure rights
or purchase option.

 

(d)          Upon
determining that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall immediately give notice thereof
to the Companion Loan Holders, the Servicer, the Trustee and the Certificate Administrator, and upon giving such notice such Special
Servicing Loan Event shall cease, the Special Servicer’s obligation to service the Mortgage Loan shall terminate and the
obligations of the Servicer to service and administer the Mortgage Loan shall resume and the Special Servicer shall return all
of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c) to the Servicer.

 

(e)          In
making a Major Decision or in servicing the Mortgage Loan during the continuance of a Special Servicing Loan Event, the Special
Servicer shall provide to the Certificate Administrator originals of documents entered into between the Special Servicer and the
Borrower or otherwise in the Special Servicer’s possession or under its control following the occurrence of the Special Servicing
Loan Event in connection therewith that are required to be included within the definition of “Mortgage Loan File”
for inclusion in the Mortgage Loan File (to the extent such documents are in the possession of the Special Servicer) and copies
of any additional related Mortgage Loan information, including correspondence with the Borrower, and

 

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the Special Servicer shall
promptly provide copies of all of the foregoing to the Servicer as well as copies of any analysis or internal review prepared by
or for the benefit of the Special Servicer, provided that, such materials shall not include any Privileged Information.

 

(f)          During
any period in which a Special Servicing Loan Event is continuing with respect to the Mortgage Loan, no later than the Business
Day preceding each date on which the Servicer is required to furnish a report under Section 3.18(a) to the Certificate Administrator,
the Special Servicer shall deliver to the Servicer a written statement (or, if applicable, one or more CREFC® Reports
that contain(s) the information set forth in clauses (i) and (ii) of this Section 3.10(f) below) describing (i) the amount
of all payments on account of interest received on the Mortgage Loan, the amount of all payments on account of principal received
on the Mortgage Loan, the amount of Insurance Proceeds, Condemnation Proceeds and Net Liquidation Proceeds received, the amount
of any Foreclosure Proceeds received with respect to the Property, and the amount of net income or net loss, as determined from
management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any rental income that does not constitute rents from real property with respect to, the Foreclosed Property, in each case in
accordance with Section 3.15 and (ii) such additional information relating to the Mortgage Loan as the Servicer, the Certificate
Administrator or the Trustee reasonably requests to enable it to perform its duties under this Agreement.

 

(g)          Notwithstanding
the provisions of the preceding Section 3.10(c), the Servicer shall maintain ongoing payment records with respect to the
Mortgage Loan and shall provide the Special Servicer with any information reasonably required by the Special Servicer to perform
its duties under this Agreement.

 

(h)          Within
60 days after a Special Servicing Loan Event occurs, the Special Servicer shall prepare a report (the “Asset Status Report”)
for the Mortgage Loan and deliver such report (in a format reasonably acceptable to the recipients and the Special Servicer) to
the Controlling Class Representative (during any Control Period and any Consultation Period or any Consultation Termination Period),
the Companion Loan Holders, the Servicer and the Certificate Administrator, and to the 17g-5 Information Provider, in accordance
with Section 8.14(b) (who shall promptly post it to the 17g-5 Information Provider’s Website pursuant to Section
8.14(b)). Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)          summary
of the status of the Mortgage Loan and any negotiations with the Borrower;

 

(ii)         a
discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with
Accepted Servicing Practices, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related
guaranties or other collateral for the Mortgage Loan and whether outside legal counsel has been retained;

 

(iii)         the
most current rent roll and income or operating statement available for the Property;

 

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(iv)         the
Special Servicer’s recommendations on how the Mortgage Loan might be returned to performing status or otherwise realized
upon;

 

(v)          the
appraised value of the Property together with the Appraisal or the assumptions used in the calculation thereof;

 

(vi)         the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed work-outs with respect thereto
and the status of any negotiations with respect to such work-outs, and an assessment of the likelihood of additional Mortgage Loan
Events of Default;

 

(vii)        a
description of any proposed amendment, modification or waiver of a material term of any ground lease;

 

(viii)       a
description of any actions taken or proposed actions to be taken by the Special Servicer with respect to the Mortgage Loan;

 

(ix)         the
alternative courses of action considered by the Special Servicer in connection with any actions taken or proposed actions to be
taken by the Special Servicer with respect to the Mortgage Loan;

 

(x)          the
decision that the Special Servicer made or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives; and an analysis of whether or
not taking such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action,
setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation (including
the applicable discount rate used) and all related assumptions;

 

(xi)         a
summary of the status of any action that was described in the most recent prior Asset Status Report and subsequently effected by
the Special Servicer; and

 

(xii)        such
other information as the Special Servicer deems relevant in light of the proposed action and Accepted Servicing Practices.

 

The Special Servicer
shall: (x) deliver to the Certificate Administrator, in an electronic format reasonably acceptable to the Certificate Administrator,
a proposed notice to Certificateholders that shall include a summary of any Final Asset Status Report (which shall be a brief summary
of the current status of the Property and strategy with respect to the resolution and work-out of the Mortgage Loan), and the Certificate
Administrator shall post such summary (but not the Asset Status Report) on the Certificate Administrator’s Website pursuant
to Section 8.14(b); (y) and shall deliver such summary of any Final Asset Status Reports to the 17g-5 Information Provider
(who shall post such summary to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)); and (z) implement
the applicable Final Asset Status Report in the form delivered to the 17g-5 Information Provider pursuant to the first paragraph
of this Section 3.10(h).

 

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The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and, following the prompt delivery of such modified
Asset Status Report to the 17g-5 Information Provider in an electronic format reasonably acceptable to the 17g-5 Information Provider,
which the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b),
implement such report.

 

If during any Control
Period (i) the Controlling Class Representative affirmatively approves in writing an Asset Status Report or (ii) after ten Business
Days from receipt of an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably
necessary for the Controlling Class Representative to make a decision regarding the Asset Status Report, the Controlling Class
Representative does not object to such Asset Status Report, then the Special Servicer shall take the recommended actions described
in the Asset Status Report. Within ten Business Days after receipt of an Asset Status Report, together with all information reasonably
requested by the Controlling Class Representative in the possession of the Special Servicer that is reasonably necessary to make
a decision regarding the Asset Status Report, the Controlling Class Representative may object to such Asset Status Report.

 

During any Control Period,
if the Controlling Class Representative objects to an Asset Status Report within the above-referenced ten Business Day period,
then the Special Servicer shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than 30
days after the objection to the Asset Status Report by the Controlling Class Representative. During any Control Period, the Special
Servicer shall revise such Asset Status Report as provided in the prior paragraph until the earlier of (a) the delivery
by the Controlling Class Representative of an affirmative approval in writing of such revised Asset Status Report, and (b) the
failure of the Controlling Class Representative to disapprove such revised Asset Status Report in writing within ten Business Days
of its receipt thereof; provided that the Special Servicer may take actions with respect to the Property before the expiration
of such ten Business Day period if the Special Servicer reasonably determines that failure to take such action before the expiration
of such ten Business Day period would violate the Accepted Servicing Practices.

 

During any Control Period,
if the Controlling Class Representative has timely objected as required hereunder, but has not approved or been deemed to approve
any revised Asset Status Report within 90 days from the submission of the initial Asset Status Report, then the Special Servicer
and the Controlling Class Representative will use reasonable efforts to negotiate a mutually agreeable Asset Status Report during
the next 30 days, and if they are unable to reach an agreement within such 30-day period, the Special Servicer will take the action
recommended in its most recently submitted Asset Status Report, provided, that such action does not violate Accepted Servicing
Practices. The Asset Status Report and all modifications thereto shall be prepared in accordance with the Accepted Servicing Practices.

 

The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement the new action in such revised
report so long as such revised report has been prepared, reviewed and either approved or not rejected as provided above. Each of
the Controlling Class Representative (during any Consultation Period) and any Companion Loan Holder (at any time) shall be entitled
to consult (on a non-binding basis) with the Special Servicer and propose alternative courses of action in respect of any Asset
Status Report. During such respective periods, the Special Servicer shall consider such alternative

 

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courses of action and any other
feedback provided by the Controlling Class Representative or any Companion Loan Holder, as applicable. The Special Servicer may
revise the Asset Status Reports as it deems reasonably necessary in accordance with Accepted Servicing Practices to take into account
any input and/or recommendations of (i) the Controlling Class Representative during a Consultation Period but prior to a Consultation
Termination Period, and (ii) any Companion Loan Holder, but, in the case of clause (i) above, only to the extent the Special Servicer
determines that Controlling Class Representative’s input and/or recommendations are consistent with Accepted Servicing Practices
and in the best interest of the Certificateholders and the Companion Loan Holders, taking into account the interests of all of
the Certificateholders and the Companion Loan Holders as a collective whole.

 

The Special Servicer
may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless such action would
be required in order to act in accordance with the Accepted Servicing Practices. During any Control Period or any Consultation
Period, if the Special Servicer takes any action inconsistent with an Asset Status Report that has been adopted as provided above,
the Special Servicer shall promptly notify the Controlling Class Representative of such inconsistent action and provide a reasonably
detailed explanation of the reasons therefor.

 

The Special Servicer
shall deliver to the Servicer, the Controlling Class Representative (during any Control Period and any Consultation Period), the
17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and, subject
to Section 4.5, each Rating Agency a copy of each Final Asset Status Report, in each case with reasonable promptness following
the adoption thereof and in an electronic format reasonably acceptable to the parties. Notwithstanding anything herein to the contrary:
(i) the Special Servicer and the Servicer shall have no right or obligation to consult with or to seek and/or obtain consent or
approval from any Controlling Class Representative prior to acting (and provisions of this Agreement requiring such consultation,
consent or approval shall be of no effect) during the period following any resignation or removal of a Controlling Class Representative
and before a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Controlling Class
Representative or any Companion Loan Holder, as contemplated by Section 9.3 or pursuant to or as contemplated by any provision
of this Agreement, the Co-Lender Agreement or the Mezzanine Intercreditor Agreement, may (and the Special Servicer or the Servicer,
as applicable, shall ignore and act without regard to any such advice, direction or objection that the Special Servicer or the
Servicer, as applicable, has determined, in its reasonable, good faith judgment, would): (A) require or cause the Special Servicer
or the Servicer, as applicable, to violate applicable law, the terms of the Mortgage Loan Documents, the Co-Lender Agreement, the
Mezzanine Intercreditor Agreement or any Section of this Agreement, including the Special Servicer’s or the Servicer’s
obligation to act in accordance with the Accepted Servicing Practices, (B) result in the imposition of federal income tax on the
Trust, cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, (C) expose the Trust, any Certificateholder,
any Companion Loan Holder, the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or any
of their respective Affiliates, members, managers, officers, directors, employees or agents, to any material claim, suit or liability
or (D) materially expand the scope of the Servicer’s or Special Servicer’s responsibilities under this Agreement or
the scope of the Trustee’s or Certificate Administrator’s responsibilities under this Agreement.

 

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(i)           During
the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Borrower and,
subject to the rights of the Controlling Class Representative (during any Control Period and any Consultation Period), take any
actions consistent with Section 3.24, Accepted Servicing Practices and the most recent Asset Status Report.

 

(j)           Upon
request of any Certificateholder (or any Beneficial Owner, if applicable), which constitutes a Non-Restricted Privileged Person
and which shall have provided the Certificate Administrator with an Investor Certification substantially in the form of Exhibit
K-1, the Certificate Administrator shall mail or transmit electronically, without charge, to the address specified in such
request a copy of the most current Asset Status Report. Notwithstanding anything to the contrary in this Agreement, a Certificateholder
(or any Beneficial Owner, if applicable), which shall have provided the Certificate Administrator with an Investor Certification
substantially in the form of Exhibit K-2, shall only be entitled to receive a copy of the most current Distribution Date
Statements and no other reports from the Certificate Administrator’s Website.

 

(k)          In
addition, during the continuance of a Special Servicing Loan Event, on the last day of each Collection Period the Special Servicer
shall prepare and deliver to the Servicer the CREFC Special Servicer Loan File with respect to the Mortgage Loan.

 

3.11        Maintenance
of Insurance and Errors and Omissions and Fidelity Coverage. (a) The Servicer shall, consistent with Accepted Servicing
Practices and the Mortgage Loan Documents, use efforts consistent with Accepted Servicing Practices to cause the Borrower to
maintain (or if the Borrower fails to maintain such insurance, the Servicer shall cause to be maintained to the extent such
insurance is available at commercially reasonable rates, and to the extent the Trustee, as mortgagee, has an insurable
interest) insurance with respect to the Property of the types and in the amounts required to be maintained by the Borrower
under the Mortgage Loan Documents. The cost of any such insurance maintained by the Servicer shall be advanced by the
Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance. Neither the Servicer nor the Special
Servicer shall be required to maintain, and shall not cause the Borrower to be in default with respect to the failure of the
Borrower to obtain, all-risk casualty insurance which does not contain any carve-out for terrorist or similar acts, if and
only if the Special Servicer (subject to the consent of the Controlling Class Representative during any Control Period) has
determined, in accordance with Accepted Servicing Practices, that (i) such insurance is not required pursuant to the terms of
the Mortgage Loan Documents as in effect on such date, or (ii) the failure to maintain such insurance would constitute an
Acceptable Insurance Default. Neither the Servicer nor the Special Servicer shall be required to obtain terrorism insurance
pursuant to this Agreement to the extent the Borrower would not be obligated to maintain terrorism insurance under the
Mortgage Loan Documents as in effect on the date thereof, and, accordingly, prior to the Property becoming a Foreclosed
Property, neither the Servicer nor the Special Servicer shall spend more for terrorism insurance premiums than the Borrower
shall be obligated to spend. Notwithstanding anything in this Agreement, neither the Servicer nor the Special Servicer shall
be required to maintain or cause to be maintained any insurance if such insurance would require a Property Protection Advance
that would be a Nonrecoverable Advance (provided, that nothing shall prohibit the Servicer or the Special

 

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Servicer, as
applicable, from maintaining such insurance if the costs of doing so are paid as an expense of the Trust).

 

(b)          The
Special Servicer, consistent with Accepted Servicing Practices and the Mortgage Loan Documents, shall cause to be maintained such
insurance (including environmental insurance) with respect to any Foreclosed Property as the Borrower is required to maintain with
respect to the Property referred to in subsection (a) of this Section. The cost of any such insurance with respect
to a Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed Property Account or shall be advanced by
the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable Advance. Any such insurance (other
than terrorism insurance, which shall be maintained to the extent required under subsection (a) of this Section 3.11)
that is required to be maintained with respect to a Foreclosed Property shall only be so required to the extent such insurance
is available at commercially reasonable rates and the Trustee or other applicable party on behalf of the Trust and the Companion
Loan Holders has an insurable interest. If the Special Servicer requests the Servicer to make a Property Protection Advance in
respect of the premiums due in respect of such insurance, the Servicer shall, as soon as practicable after receipt of such request,
make such Property Protection Advance unless such Advance would be a Nonrecoverable Advance, and if the Servicer does not make
such Advance, the Trustee (within five Business Days of its receipt of notice of the Servicer’s failure to make such Advance)
shall make an Advance of the premiums to maintain such insurance, provided that, in each such case, such obligations shall
be subject to the provisions of this Agreement concerning Nonrecoverable Advances, the Trustee as mortgagee having an insurable
interest and the availability of such insurance at commercially reasonable rates.

 

(c)          The
Servicer or the Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained by maintaining
a master force placed or blanket insurance policy insuring against losses on the Property or any Foreclosed Property, as the case
may be for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this Section 3.11.
The incremental cost of such insurance allocable to any particular Property or Foreclosed Property, if not borne by the Borrower,
shall be paid by the Servicer as a Property Protection Advance unless it would be a Nonrecoverable Advance. If such master force
placed or blanket insurance policy contains a deductible clause, the Servicer or the Special Servicer, as applicable, shall be
obligated to deposit in the Collection Account out of its own funds all sums that would have been deposited therein but for such
clause to the extent any such deductible exceeds the deductible limitation that pertained to the Mortgage Loan, or in the absence
of any such deductible limitation, the deductible limitation that is consistent with Accepted Servicing Practices.

 

(d)          Each
of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout
the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy (from (i) an insurance company
whose claims paying ability is rated at least “A-” by S&P and “A (low)” by DBRS or, if not then rated
by S&P or DBRS, either (x) an equivalent rating by at least two NRSROs or (y) “A:X” by A.M. Best Company, Inc.,
or (ii) any other insurance company which does not result in the downgrade, qualification (if applicable) or withdrawal of the
ratings then assigned by any of the Rating Agencies to any Class of Certificates, as evidenced by Rating Agency

 

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Confirmation provided
to each of the Trustee and the Certificate Administrator) covering the Servicer’s or Special Servicer’s, as applicable,
officers and employees of the Servicer or the Special Servicer, as applicable, in connection with its activities under this Agreement.
Each such insurance policy shall protect the Servicer or the Special Servicer, as applicable, against losses resulting directly
from forgery, theft, embezzlement, fraud, errors and omissions of such covered persons. Coverage of the Servicer or the Special
Servicer under a policy or bond obtained by an Affiliate thereof and providing the coverage required by this Section 3.11(d)
shall satisfy the requirements of this Section 3.11(d). The amount of coverage shall be at least equal to the coverage that
is required by applicable governmental authorities having regulatory power over the Servicer and the Special Servicer. If no such
coverage amounts are imposed by such regulatory authorities, the amount of coverage shall be at least equal to the coverage that
would be required by FNMA or FHLMC with respect to the Servicer and the Special Servicer if each were servicing and administering
the Mortgage Loan for FNMA or FHLMC or as otherwise approved by FNMA or FHLMC. In the event that any such bond or policy ceases
to be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a comparable replacement bond or policy. Notwithstanding
the foregoing, with respect to the initial Special Servicer, if and for so long as it is acting as the Special Servicer, coverage
in the amount of $10,000,000 that otherwise meets the requirements described above in this Section 3.11(d) shall be deemed acceptable.

 

Both the Servicer and
Special Servicer shall be required to use reasonable efforts to cause each and every sub-servicer, if any, to maintain a blanket
fidelity bond and an errors and omissions insurance policy meeting the requirements set forth above in this Section 3.11(d).
In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable, shall be
required to obtain a comparable replacement bond or policy.

 

In lieu of the foregoing,
but subject to this Section 3.11(d), the Servicer and Special Servicer shall be entitled to self-insure directly or through
its parent with respect to such risks so long as its (or its immediate or remote parent’s) long-term unsecured debt or deposit
account is rated at least “A-” or its equivalent by S&P and “A (low)” by DBRS or, if not then rated
by S&P or DBRS, either (x) an equivalent rating by at least two NRSROs or (y) “A:X” by A.M. Best Company, Inc.

 

(e)          No
provision of this Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve
the Servicer or the Special Servicer from its duties and obligations as set forth in this Agreement. The Certificate Administrator
on the Trustee’s behalf shall be entitled to request, upon receipt of a written request from any Certificateholder, and the
Servicer and the Special Servicer shall each deliver or cause to be delivered to the Certificate Administrator on the Trustee’s
behalf, a certificate of insurance from the surety and insurer certifying that such insurance is in full force and effect. The
Certificate Administrator shall make any such certificate of insurance available to the requesting Certificateholder on a confidential
basis.

 

3.12        Procedures
with Respect to Defaulted Mortgage Loan; Realization upon the Property. (a) Upon a Mortgage Loan Event of Default, the
Special Servicer on behalf of the Trust and the Companion Loan Holders (subject to consent of the Controlling Class
Representative during any Control Period, consultation with the Controlling Class

 

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Representative during any Consultation
Period, and subject to the terms of the Mortgage Loan Documents and consistent with Accepted Servicing Practices), shall
promptly pursue the remedies set forth in the Mortgage Loan Documents, including foreclosure or otherwise realization on the
Property and the other collateral for the Mortgage Loan. In connection with any foreclosure, enforcement of the applicable
Mortgage Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the
Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer
determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If
such Advance is determined to constitute a Nonrecoverable Advance, then such expenses shall be paid from the Collection
Account if consistent with Accepted Servicing Practices.

 

(b)          Such
proposed acceleration of the Mortgage Loan and/or foreclosure on the Property shall be taken unless the Special Servicer waives
such Mortgage Loan Event of Default (or modifies or amends the Mortgage Loan to cure the Mortgage Loan Event of Default), which
the Special Servicer may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and does
not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or constitute
a “significant modification” of the Mortgage Loan under Treasury Regulations Section 1.860G-2(b).

 

(c)          In
connection with such foreclosure as described in Section 3.12(a) or other realization on the Property, the Special Servicer
shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted to
direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore the
Property damaged by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance
policy to lapse in violation of its respective obligations hereunder. If the Servicer does expend its own funds to restore the
Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations),
such expense shall be a Property Protection Advance. In connection with any foreclosure, enforcement of the Mortgage Loan Documents
or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted
Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If such Advance is determined to constitute a
Nonrecoverable Advance, then such expenses shall be paid from the Collection Account if consistent with Accepted Servicing Practices.

 

(d)          Notwithstanding
the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust and the Companion Loan Holders and
thereby cause the Trust to be the beneficial owner of the Property, or take any other action with respect to such item that would
cause the Trustee, on behalf of the Trust, or any Companion Loan Holder to be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of the Property within the meaning of CERCLA or any comparable law,
unless the Special Servicer has previously determined, based on a report prepared at the expense of the Trust by an independent
person who regularly conducts site assessments for purchasers of comparable properties, that (i) the Property is in compliance
with applicable Environmental Laws or that taking the remedial

 

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actions necessary to comply with such laws is reasonably likely
to produce a greater recovery on a present value basis than not taking such actions and (ii) there are no circumstances known to
the Special Servicer relating to the use of hazardous substances or petroleum-based materials which require investigation or remediation,
or that if such circumstances exist taking such remedial actions is reasonably likely to produce a greater recovery on a net present
value basis than not taking such actions. The Special Servicer shall deliver a copy of any such report to the 17g-5 Information
Provider in electronic format and the 17g-5 Information Provider shall make such report available to the Rating Agencies and NRSROs
pursuant to Section 8.14(b).

 

If the Special Servicer
has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in the best economic interest
of the Trust and the Companion Loan Holders (as a collective whole, as if the Trust and the Companion Loan Holders constituted
a single lender) (as determined in accordance with Accepted Servicing Practices) to institute a foreclosure or take any other actions
described in the immediately preceding paragraph, then subject to the rights of the Controlling Class Representative to
consent to and/or consult in respect of such action, as applicable, pursuant to the terms hereof and subject to the rights of the
Approved Mezzanine Lender, if applicable, the Special Servicer shall take such proposed action.

 

The Special Servicer
shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean up or remediation
as a Property Protection Advance unless the Servicer determines that such Advance would constitute a Nonrecoverable Advance. If
such Advance is determined to constitute a Nonrecoverable Advance, then such expenses shall be paid from the Collection Account
if consistent with Accepted Servicing Practices.

 

(e)          The
environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who regularly
conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a manner consistent
with Accepted Servicing Practices. The cost of each such environmental site assessment shall qualify as a Property Protection Advance
and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute a Nonrecoverable Advance.

 

(f)           Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire and hold for the benefit of the Trust any personal
property (including any Collateral consisting of franchise agreements, intellectual property or equity interests in any entity
or other non-real property Collateral) pursuant to this Section 3.12 unless:

 

(i)          such
personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the Special
Servicer; or

 

(ii)         the
Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property Protection
Advance) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on the
Upper-Tier REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail
to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding.

 

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(g)          Notwithstanding
any acquisition of title to the Property following a Mortgage Loan Event of Default under the Mortgage Loan and cancellation of
the Mortgage Loan, the Mortgage Loan shall, in whole or in part (to the extent allocable to the Property that has become a Foreclosed
Property), be an REO Mortgage Loan and shall be deemed to remain outstanding and held in the Trust for purposes of the application
of collections and shall be reduced only by collections net of expenses. For purposes of all calculations hereunder, so long as
the Mortgage Loan shall be deemed to remain outstanding, (i) it shall be assumed that the unpaid principal balance of the Mortgage
Loan immediately after any discharge is equal to the unpaid principal balance of the Mortgage Loan immediately prior to such discharge
and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b).

 

(h)          The
Special Servicer shall notify the Servicer of any abandoned and/or foreclosed properties which require reporting to the IRS and
shall provide the Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect
to the Mortgage Loan which is abandoned or foreclosed, and the Servicer shall report to the IRS and the Borrower, in the manner
required by applicable law, such information, and the Servicer shall report, via IRS Form 1099A and/or Form 1099C, all acquisition
and abandonment of secured property and/or forgiveness of indebtedness, as applicable, to the extent such information has been
provided to the Servicer by the Special Servicer. Upon request, the Servicer shall deliver a copy of any such report to the Trustee
and the Certificate Administrator.

 

3.13        Trustee
to Cooperate; Release of Items in Mortgage Loan File.  From time to time and as appropriate for the servicing of the
Mortgage Loan or foreclosure of or realization on the Property, the Certificate Administrator shall, upon request of the
Servicer or the Special Servicer and delivery to the Certificate Administrator of a receipt for release in the form of Exhibit
B hereto, release or cause its Custodian to release any items from the Mortgage Loan File to the Servicer or the Special
Servicer, as the case may be, within the lesser of (i) seven calendar days and (ii) five Business Days of its receipt of the
related receipt for release, and the Trustee shall execute such documents furnished to it as shall be necessary to the
prosecution of any such proceedings. Such receipt for release shall obligate the Servicer or the Special Servicer to (and the
Servicer or the Special Servicer, as applicable, shall) return such items to the Certificate Administrator (or any other
Custodian on its behalf) when the need therefor by the Servicer or the Special Servicer no longer exists. Neither the
Certificate Administrator nor the Custodian shall have any responsibility or duty with respect to any Mortgage Loan Files
while not in its physical possession (provided that such Mortgage Loan Files were properly released in accordance with this
Agreement), it being understood and agreed that possession by the Custodian of any Collateral Security Documents shall not be
imputed to the Custodian at any time such Collateral Security Documents have been properly released pursuant to the terms
hereof.

 

3.14        Title
and Management of Foreclosed Property. (a) In the event that title to the Property is acquired for the benefit of the
Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed,
certificate of sale or other comparable document shall be taken in the name of the Trustee, as trustee for the benefit of the
Holders of 225 Liberty Street Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, or its nominee (which
shall not include the Special Servicer), on behalf of the Trust and the Companion Loan Holders or as otherwise contemplated
pursuant to Section 8.10.

 

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Title may be taken in the name of a limited liability company wholly-owned by the Trust and
which is managed by the Special Servicer (the costs of which shall be advanced by the Servicer, provided that such
Advance would not be a Nonrecoverable Advance or from the Collection Account if such Advance is a Nonrecoverable Advance).
Promptly after such acquisition of title, the Special Servicer shall consult with counsel to determine when an Acquisition
Date shall be deemed to occur under the REMIC Provisions with respect to the Property, the expense of such consultation being
treated as a reimbursable expense of the Special Servicer related to the foreclosure. The Special Servicer, on behalf of the
Trust and the Companion Loan Holders, shall dispose of any Foreclosed Property held by the Trust as expeditiously as
appropriate in accordance with Accepted Servicing Practices, but in any event within the time period, and subject to the
conditions, set forth in Sections 3.15 and Section 12.2. Subject to Sections 12.2 and Section
3.14(d), the Special Servicer shall hire on behalf of the Trust and the Companion Loan Holders a Successor Manager to
manage, conserve, protect and operate such Foreclosed Property for the Certificateholders and the Companion Loan Holders
solely for the purpose of its prompt disposition and sale. In connection with such management and subject to Section
3.4(c)(vii), the Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed
Property Account or the Collection Account pursuant to Section 3.4(c)(vii).

 

(b)          The
Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed Property
separate and apart from its own funds and general assets and shall establish and maintain with respect to the Foreclosed Property
a Foreclosed Property Account in the name of the Special Servicer on behalf of the Trustee pursuant to Section 3.6.

 

(c)          The
Special Servicer shall have full power and authority, subject to Accepted Servicing Practices, the REMIC Provisions and the specific
requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operation of any
Foreclosed Property for the benefit of the Trust and the Companion Loan Holders (as a collective whole as if the Trust and the
Companion Loan Holders constituted a single lender) on such terms as are appropriate and necessary for the efficient liquidation
of such Foreclosed Property, so long as the Special Servicer deems such actions to be consistent with Accepted Servicing Practices.
The Special Servicer shall cause, in accordance with Accepted Servicing Practices, any Foreclosed Property to be administered so
that it constitutes “foreclosure property” within the meaning of the REMIC Provisions at all times. The Special Servicer
shall cause, in accordance with Accepted Servicing Practices, any income from the operation or the sale of any Foreclosed Property
to not result in the receipt by the Trust of any income from non-permitted assets as described in Code Section 860F(a)(2)(B).

 

The Special Servicer
shall deposit or cause to be deposited on a daily basis in the related Foreclosed Property Account all revenues received with respect
to a Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom funds necessary for the proper operation,
management and maintenance of such Foreclosed Property and for other expenses related to the preservation and protection of such
Foreclosed Property, including, but not limited to:

 

(i)          all
insurance premiums due and payable in respect of such Foreclosed Property;

 

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(ii)          all
taxes, assessments, charges or other similar items in respect of such Foreclosed Property that could result or have resulted in
the imposition of a lien thereon; and

 

(iii)         all
costs and expenses necessary to preserve such Foreclosed Property, including the payment of ground rent, if any.

 

To the extent that amounts
on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii)
above (and all similar amounts or expenses), the Special Servicer shall direct the Servicer to, and the Servicer shall, make a
Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance
would constitute a Nonrecoverable Advance. If such Advance is determined to constitute a Nonrecoverable Advance, then such expenses
shall be paid from the Collection Account if consistent with Accepted Servicing Practices.

 

(d)          The
Special Servicer, on behalf of the Trust, shall (subject to Section 3.14(a)) contract with any Successor Manager for the
operation and management of any such Foreclosed Property; provided that no such contract shall impose individual liability
on the Trustee or the Trust; provided, further, that:

 

(i)           the
terms and conditions of any such contract shall not be inconsistent herewith;

 

(ii)          any
such contract shall require, or shall be administered to require, that the Successor Manager (A) request that the Special Servicer
pay from the Foreclosed Property Account all costs and expenses incurred in connection with the operation and management of any
such Foreclosed Property, and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer, as soon
as practicable but in no event later than the Business Day immediately following receipt, for deposit into the Foreclosed Property
Account; and

 

(iii)         none
of the provisions of this Section 3.14 relating to any such contract or to actions taken through any such Successor Manager
shall be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations to the Trust
on behalf of the Certificateholders and the Companion Loan Holders with respect to the operation and management of any such Foreclosed
Property.

 

The Special Servicer
shall be entitled, and to the extent required by the REMIC Provisions, shall be required to enter into an agreement with any Independent
Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer
by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. All REO
Management Fees shall be an expense of the Trust payable from the Foreclosed Property Account or subject to reimbursement pursuant
to Section 3.4(c)(vii). The Special Servicer agrees to monitor the performance of the Successor Manager and to enforce the
obligations of the Successor Manager on behalf of the Trust and the Companion Loan Holders. Expenses incurred by the Special Servicer
in connection herewith shall qualify as Property Protection Advances.

 

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(e)          On
or before the last day of each Collection Period, the Special Servicer shall withdraw from the Foreclosed Property Account and
remit to the Servicer for deposit into the Collection Account the proceeds and collections received or collected during such Collection
Period on or with respect to the Foreclosed Property (including any funds no longer needed in any reserves established as provided
below), net of expenses paid therefrom and amounts reasonably expected to be needed to fund any reserves deemed necessary for the
operation, preservation and protection of such Foreclosed Property in the event that the Foreclosed Property is a real property,
including without limitation, the creation of reasonable reserves for working capital, repairs, replacements and necessary capital
improvements and other related expenses.

 

3.15        Sale
of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan is
acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of
the Certificateholders and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise, the
deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall
not include the Special Servicer), on behalf of the Trust and the Companion Loan Holders or as otherwise contemplated
pursuant to Section 8.10. The Special Servicer, on behalf of the Trust and the Companion Loan Holders, shall sell any
Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in no event later
than the time period set forth in Section 12.2 hereof in a manner provided under this Section 3.15.

 

(b)          [RESERVED]

 

(c)          Subject
to the consent or consultation rights of the Controlling Class Representative, the Special Servicer shall accept the highest cash
offer for Foreclosed Property received from any person. However, in no event may such offer be less than an amount at least equal
to the portion of the Repurchase Price attributable to such Foreclosed Property. In the absence of any such offer, the Special
Servicer shall accept the highest cash offer (other than from an Interested Person) that it determines is a fair price based on
Appraisals obtained within the last nine months. If the highest offeror is an Interested Person or any Certificateholder, then
the Trustee shall determine the fairness of the highest offer based upon an independent appraisal obtained at the expense of the
Trust; provided, that if the Trustee is required to determine whether a cash offer by an Interested Person or any Certificateholder
constitutes a fair price, the Trustee may designate an independent third party expert in real estate or commercial mortgage loan
matters with at least five (5) years’ experience in valuation of or investment in properties `similar to the Foreclosed Property,
which such expert shall be selected with reasonable care by the Trustee for the sole purpose of determining whether any such cash
offer constitutes a fair price for the Foreclosed Property; provided, further, that if the Trustee so designates
any such third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination and the reasonable costs of all Appraisals, inspection reports and broker opinions of value incurred by the Trustee
in making such determination shall be reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s
determination that such amounts are not Nonrecoverable Advances, and then as an expense of the Trust. Notwithstanding the foregoing
and subject to the rights of the Controlling Class Representative, the Special Servicer shall not be obligated to accept the higher
cash offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection of such offer would

 

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be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders
and Companion Loan Holders constituted a single lender) (as a collective whole), and the Special Servicer may accept a lower cash
offer (from any person other than itself or an Affiliate) if it determines, in accordance with Accepted Servicing Practices, that
acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective
whole, as if such Certificateholders and Companion Loan Holders constituted a single lender).

 

(d)          Subject
to the provisions of Sections 3.14 and Section 12.2, the Special Servicer shall act on behalf of the Trust and the
Companion Loan Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of a Foreclosed
Property, including the collection of all amounts payable in connection therewith. Any sale of any Foreclosed Property shall be
without recourse to the Depositor, the Trust, the Trust Fund, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Certificateholders or the Companion Loan Holders (except that any contract of sale and assignment and conveyance
documents may contain customary warranties, so long as the only recourse for breach thereof is to the Trust and the Companion Loan
Holders) and if consummated in accordance with the terms of this Agreement, none of the Depositor, the Trust, the Trust Fund, the
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall have any liability to any Certificateholder
or Companion Loan Holders with respect to the purchase price thereof accepted by the Special Servicer or the Trustee.

 

(e)          The
proceeds of any sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection therewith,
shall be deposited in the Collection Account in accordance with Section 3.4(a).

 

(f)          Within
30 days of the sale of a Foreclosed Property or within the Collection Period in which the sale of a Foreclosed Property occurred,
the Special Servicer shall provide to the Companion Loan Holders, the Trustee and the Certificate Administrator a statement of
accounting (or, if applicable, one or more CREFC® Reports that contain(s) the information set forth in clauses
(i) to (v) below of this Section 3.15(f)) for the Foreclosed Property, including, without limitation,, (i) the
date the Foreclosed Property was acquired in foreclosure or by deed in lieu of foreclosure or otherwise, (ii) the date of disposition
of such Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect
to the outstanding principal balance of the Mortgage Loan, calculated from the date of acquisition to the disposition date, and
(v) such other information as the Companion Loan Holders, the Trustee or the Certificate Administrator may reasonably request.

 

(g)          The
Servicer shall prepare and file on a timely basis the reports of foreclosures and abandonments of the Property required by Section
6050J of the Code and the reports of discharges of indebtedness income in respect of the Mortgage Loan required by Section 6050P
of the Code.

 

3.16        Sale
of the Mortgage Loan.

 

(a)          (i) Within 60 days after the
occurrence of a Special Servicing Loan Event, the Special Servicer shall use reasonable efforts to order (but shall not be
required to be received

 

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within that 60-day period) an Appraisal for the Property. The Servicer shall promptly notify in
writing the Special Servicer, the Trustee, the Certificate Administrator, the Companion Loan Holders and the Controlling
Class Representative (during any Control Period and any Consultation Period) of the occurrence of such Special Servicing Loan
Event, and the Special Servicer shall, within the time period specified in the Mezzanine Intercreditor Agreement (and if no
time period is specified therein, no later than five Business Days after receipt of such notice), so notify the Approved
Mezzanine Lender of the occurrence of such Special Servicing Loan Event which notice results in the trigger of the Approved
Mezzanine Lender’s purchase option rights under the Mezzanine Intercreditor Agreement. Upon delivery by the Special
Servicer of the notice described in the preceding sentence, subject to the right, if any, of the Approved Mezzanine Lender to
purchase the Mortgage Loan pursuant to the Mezzanine Intercreditor Agreement, the Special Servicer may offer to sell to any
Person the Mortgage Loan or the Special Servicer (or an Affiliate thereof) may offer to purchase the Mortgage Loan, if and
when the Special Servicer determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be
made for collection of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and
the Companion Loan Holders (as a collective whole, as if the Trust and the Companion Loan Holders constituted a single
lender) on a net present value basis. The Special Servicer shall provide the Trustee, the Companion Loan Holders,
the Certificate Administrator and the Controlling Class Representative (during any Control Period and any Consultation
Period) not less than five Business Days prior written notice of its intention to sell the Mortgage Loan, in which case the
Special Servicer is required to accept the highest cash offer received from any Person (other than any Interested Person) for
the Mortgage Loan in an amount at least equal to the sum of (a) the Repurchase Price, with respect to the Trust Loan, and (b)
without duplication, an equivalent amount, with respect to each Companion Loan (such sum, the “Mortgage Loan
Purchase Price“) or, if it has received no offer at least equal to the Mortgage Loan Purchase Price, the Special
Servicer may, at its option, purchase the Mortgage Loan at such Mortgage Loan Purchase Price. Any Appraisal obtained pursuant
to this Section 3.16 will be delivered by the Special Servicer to the Certificate Administrator in electronic format,
and the Certificate Administrator shall make such Appraisal available to Non-Restricted Privileged Persons pursuant to Section
8.14(b) and shall forward a copy thereof to the Trustee. The Companion Loans shall be sold together with the Trust Loan,
subject to this Section 3.16 and any additional requirements set forth in the Co-Lender Agreement.

 

(ii)          In
the absence of any offer at least equal to the Mortgage Loan Purchase Price (or purchase by the Special Servicer for the Mortgage
Loan Purchase Price), and, provided, that the Mortgage Loan is in default, the Special Servicer shall accept the highest
cash offer received from any Person that is determined by the Special Servicer to be a fair price for the Mortgage Loan, if the
highest offeror is a person other than the Depositor, the Servicer, the Certificate Administrator, the Special Servicer (or any
of its Affiliates), a holder of 50% or more of the Controlling Class, the Controlling Class Representative (or any of its Affiliates),
any Borrower Restricted Party, any independent contractor engaged by the Special Servicer, a holder of an Approved Mezzanine Loan,
an Other Depositor, the master servicer, the special servicer (or any independent contractor engaged by the special servicer) or
the trustee for an Other Securitization Trust, a Companion Loan Holder (except to the extent described below), or any known affiliate
of any of them (any such person, an “Interested Person”). The Trustee (based upon, among

 

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other things, the Appraisals
ordered pursuant to the preceding clause (i) (the cost of which shall be paid by the Servicer as a Property Protection Advance)
and copied or otherwise delivered to the Trustee) shall determine if the highest cash offer is a fair price if the highest offeror
is an Interested Person, and such determination shall be binding upon all parties. Notwithstanding anything contained herein to
the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the
Trustee may (at its option and at the expense of the Trust) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the Mortgage Loan,
that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage
Loan. If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively
upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of
value incurred by any such third party pursuant to this paragraph and all reasonable costs and fees of the Trustee in making such
determination shall be reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s determination
that such amounts are not Nonrecoverable Advances, and then as an expense of the Trust. Neither the Trustee, in its individual
capacity, nor any of its Affiliates may make an offer for or purchase the Mortgage Loan.

 

(iii)         The
Special Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance with Accepted
Servicing Practices, that the rejection of such offer would be in the best interests of the Holders of the Certificates and the
Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single
lender). In addition, the Special Servicer may accept a lower offer if it determines, in accordance with Accepted Servicing Practices,
that the acceptance of such offer would be in the best interests of the Holders of the Certificates and the Companion Loan Holders
(as a collective whole as if such Certificateholders and the Companion Loan Holders constituted a single lender) (for example,
if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered by the prospective
buyer making the lower offer are more favorable), provided, that the offeror is not the Special Servicer or a Person that
is an Affiliate of the Special Servicer. The Special Servicer shall use reasonable efforts to sell the Mortgage Loan prior to the
Rated Final Distribution Date.

 

(iv)         Unless
and until the Mortgage Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other resolution
strategies with respect to the Mortgage Loan, including, without limitation, work-out and foreclosure, as the Special Servicer
may deem appropriate, consistent with the Asset Status Report and Accepted Servicing Practices and the REMIC Provisions.

 

(b)          The
right of the Special Servicer to purchase or sell the Mortgage Loan after the occurrence of a Special Servicing Loan Event shall
terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Mortgage
Loan has not yet occurred, the Special Servicer’s right shall terminate and such exercise shall be of no further force or
effect) if the Mortgage Loan is no longer delinquent as a result of any of the following: (i) the Special Servicing Loan Event
has ceased pursuant to the terms of this

 

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Agreement, (ii) the Mortgage Loan has become subject to a fully executed agreement reflecting
the terms of the work-out arrangement, (iii) the Mortgage Loan has otherwise been resolved (including by a full or discounted pay-off)
or (iv) the Approved Mezzanine Lender has exercised any purchase option set forth in the Mezzanine Intercreditor Agreement.

 

(c)          Any
sale of the Mortgage Loan shall be for cash only.

 

(d)          During
any Control Period and any Consultation Period, any sale of the Mortgage Loan for less than the Repurchase Price shall be subject
to the right of the Controlling Class Representative to match the price at which the Mortgage Loan is to be sold and purchase the
Mortgage Loan instead of the original offeror (the “Controlling Class Right of First Refusal”). The Controlling
Class Right of First Refusal with respect to the Mortgage Loan may be exercised by providing written notice of the Controlling
Class Representative’s election to exercise such option to each party to this Agreement. The Controlling Class Right of First
Refusal with respect to the Mortgage Loan shall be exercised, if not waived sooner, within five Business Days of written notice
from the Special Servicer in accordance with Section 3.16(a). If the Controlling Class Representative does not exercise
its Controlling Class Right of First Refusal within such five Business Day period, then such Controlling Class Right of First Refusal
shall terminate as to the subject offer for the Mortgage Loan, but the Controlling Class Representative shall have the Controlling
Class Right of First Refusal with respect to any new sale solicitation (including new offers solicited or received from the same
offeror) of the Mortgage Loan by the Special Servicer that is unrelated to and separate in time from the subject proposed sale
and offering process, provided, that the Mortgage Loan has not been sold pursuant to the subject solicitation and offering
process. If the Controlling Class Representative exercises the Controlling Class Right of First Refusal with respect to the Mortgage
Loan, then the Trustee shall determine whether the purchase price constitutes a fair price and any such determination by the Trustee
shall be binding on all parties. If the Controlling Class Representative exercises the Controlling Class Right of First Refusal
with respect to the Mortgage Loan, then the Controlling Class Representative shall purchase the Mortgage Loan for cash at the applicable
purchase price within ten Business Days of exercising such option. Notwithstanding anything contained herein to the contrary, if
the Trustee is required to determine whether such offered purchase price constitutes a fair price, the Trustee may (at its option
and at the expense of the Controlling Class Representative) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the Mortgage Loan,
that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage
Loan. If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively
upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of
value incurred by any such third party pursuant to this paragraph and any reasonable out-of-pocket costs and fees of the Trustee
(including the reasonable fees of any third party hired by the Trustee to determine whether a purchase price constitutes a fair
price) or of any other party to this Agreement in connection with the Controlling Class Representative’s exercise of the
Controlling Class Right of First Refusal shall be reimbursable by the Controlling Class Representative.

 

(e)          Notwithstanding
anything to the contrary herein, the Special Servicer shall not sell the Mortgage Loan pursuant to Section 3.16(a) without
the written consent of each

 

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Companion Loan Holder (provided that such consent is not required from a Companion Loan Holder if such
Companion Loan Holder is the Borrower or an Affiliate of the Borrower) unless the Special Servicer has delivered to such Companion
Loan Holder: (a) at least 15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least
ten days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale; (c) at least ten days prior to the proposed sale date,
a copy of the most recent appraisal for the Mortgage Loan, and any documents in the Mortgage Loan File reasonably requested by
such Companion Loan Holder that are material to determining the price of the Mortgage Loan; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors) 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 Servicer or the
Special Servicer in connection with the proposed sale; provided, that such Companion Loan Holder may waive any of the delivery
or timing requirements set forth in this sentence. The Controlling Class Representative and each Companion Loan Holder (or its
representative) will be permitted to make offers to purchase, and either such party is permitted to be the purchaser at any sale
of, the Mortgage Loan, unless such person is the Borrower or an agent or an affiliate of the Borrower.

 

(f)           Notwithstanding
anything in this Section 3.16 to the contrary, the Approved Mezzanine Lender shall have the right to purchase the Mortgage
Loan, and cure defaults relating thereto, if so specified and to the extent set forth in the Mezzanine Intercreditor Agreement.

 

3.17        Servicing
Compensation. The Servicer shall be entitled to receive the Servicing Fee with respect to the Trust Loan, the Companion
Loans and any REO Mortgage Loan payable monthly from the Collection Account or otherwise in accordance with and subject to Section
3.4(c). The Servicer shall be entitled to retain as compensation any late payment charges (to the extent not applied to
pay Advance Interest) and certain other customary charges and fees to the extent described below, as well as reimbursement
for all other costs or expenses incurred by it in performing its duties hereunder other than: (i) fees of any sub-servicer
and the expenses of any sub-servicer that would not be reimbursable to the Servicer if such expenses were incurred by the
Servicer; (ii) the cost of any fidelity bond or errors and omissions policy required by Section 3.11(d); (iii)
overhead expenses of the Servicer including but not limited to those which may properly be allocable under the
Servicer’s accounting system or otherwise to the Servicer’s activities under this Agreement or the income derived
by it hereunder including the costs to the Servicer associated with employees of the Servicer performing services in
connection with the obligations of the Servicer hereunder; and (iv) costs and expenses arising from the negligence, bad faith
or willful misconduct of the Servicer (the “Servicer Customary Expenses”). So long as no Special Servicing
Loan Event has occurred and is continuing, the Servicer shall also be entitled to retain as Additional Servicing
Compensation, to the extent actually paid by the Borrower for such purpose, any late payment fees (including any late payment
fees collected after the occurrence of a Special Servicing Loan Event but accrued prior to such Special Servicing Loan Event)
(to the extent not applied pursuant to Section 3.4(c)), Default Interest (to the extent not applied pursuant to Section
3.4(c)), assumption fees, assumption application fees, defeasance fees, substitution fees, release fees, Modification
Fees, insufficient fund fees, Consent Fees, loan service transaction fees and similar fees and expenses

 

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to the extent, with
respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise prohibited by) the
terms of the Mortgage Loan Documents and this Agreement; provided, that if consent of the Special Servicer is
required, the Servicer and Special Servicer shall share the related fees, including assumption fees (but not including
assumption application fees), substitution fees, release fees, Modification Fees and Consent Fees, equally; provided, however,
that the Servicer shall not be entitled to apply or retain any Default Interest or any late payment charges with respect to
the Mortgage Loan, if a default thereunder or Mortgage Loan Event of Default is continuing, unless and until such default or
Mortgage Loan Event of Default has been cured and all delinquent amounts (including any Default Interest) due with respect to
the Mortgage Loan have been paid and all interest on Advances and Companion Loan Advances has been paid. In addition, the
Servicer shall be entitled to retain as additional compensation any income earned (net of losses to the extent provided in
this Agreement) on the investment of funds deposited in the Collection Account and any Reserve Accounts (to the extent not
payable to the Borrower) to the extent provided for in this Agreement.

 

Wells Fargo Bank, National
Association and any successor holder of the Excess Servicing Fee Right shall be entitled, at any time, at its own expense, to
transfer, sell, pledge or otherwise assign such Excess Servicing Fee Right in whole (but not in part), in either case, to any
Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale,
pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state securities laws and is otherwise made in accordance
with the Securities Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor
a certificate substantially in the form attached as Exhibit P-1 to this Agreement, and (iii) the prospective transferee
shall have delivered to Wells Fargo Bank, National Association and the Depositor a certificate substantially in the form attached
as Exhibit P-2 to this Agreement. None of the Depositor, the Trustee, the Certificate Administrator or the Certificate
Registrar is obligated to register or qualify the Excess Servicing Fee Right under the Securities Act or any other securities
law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of the
Excess Servicing Fee Right without registration or qualification. Wells Fargo Bank, National Association and each holder of the
Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of the Excess Servicing Fee Right shall,
and Wells Fargo Bank, National Association hereby agrees, and each such holder of the Excess Servicing Fee Right by its acceptance
of the Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of the Excess Servicing Fee
Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Initial Purchasers, the Certificate
Administrator, the Trustee, the Custodian, the Servicer, the Certificate Registrar and the Special Servicer against any liability
that may result if such transfer is not exempt from registration and/or qualification under the Securities Act or other applicable
federal and state securities laws or is not made in accordance with such federal and state laws or in accordance with the foregoing
provisions of this paragraph. By its acceptance of the Excess Servicing Fee Right, the holder thereof shall be deemed to have
agreed not to use or disclose any information received in connection with its acquisition and holding of the Excess Servicing
Fee Right in any manner that could result in a violation of any provision of the Securities Act or other applicable securities
laws or that would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From
time to time following any transfer, sale, pledge or assignment of the 

 

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Excess Servicing Fee Right, the Person then acting as the Servicer shall pay, out of each amount
paid to such Servicer as Servicing Fees with respect to the Mortgage Loan or REO Mortgage Loan, as the case may be, the Excess
Servicing Fees to the holder of the Excess Servicing Fee Right within one (1) Business Day following the payment of such Servicing
Fees to the Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Servicer.
The holder of the Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding
sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Depositor, the Special Servicer,
the Trustee or the Custodian shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment
or transfer of the Excess Servicing Fee Right.

 

If a Special Servicing
Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with respect to
the Mortgage Loan or an REO Mortgage Loan for so long as such Special Servicing Loan Event continues as well as reimbursement for
all other costs or expenses incurred by it in performing its duties hereunder other than: (i) fees of any sub-servicer and the
expenses of any sub-servicer that would not be reimbursable to the Special Servicer if such expenses were incurred by the Special
Servicer; (ii) the cost of any fidelity bond or errors and omissions policy required by Section 3.11(d); (iii) overhead
expenses of the Special Servicer including but not limited to those which may properly be allocable under the Special Servicer’s
accounting system or otherwise to the Special Servicer’s activities under this Agreement or the income derived by it hereunder
including the costs to the Special Servicer associated with employees of the Special Servicer performing services in connection
with the obligations of the Special Servicer hereunder; and (iv) costs and expenses arising from the negligence, bad faith or willful
misconduct of the Special Servicer (the “Special Servicer Customary Expenses”). If a Special Servicing Loan
Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrower negotiated
by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest
made on the Mortgage Loan following such written agreement for so long as another Special Servicing Loan Event does not occur.

 

If the Special Servicer
is terminated (other than for cause) or resigns after such written agreement is entered into with respect to the Specially Serviced
Mortgage Loan and before the Special Servicing Loan Event is terminated, the terminated or resigning Special Servicer shall retain
the right to receive any and all Work-out Fees on all payments of principal and interest made on the Mortgage Loan (or an allocable
part thereof) following such written agreement (negotiated by such Special Servicer prior to its termination or resignation) for
so long as another Special Servicing Loan Event does not occur and the successor Special Servicer shall have no rights with respect
to such Work-out Fee. No Work-out Fee shall be payable to the Special Servicer if the Approved Mezzanine Lender purchases the Mortgage
Loan pursuant to the Mezzanine Intercreditor Agreement or any Loan Seller repurchases its Loan Seller Percentage Interest in the
Mortgage Loan (or an allocable portion thereof) pursuant to the Trust Loan Purchase Agreement.

 

In addition, the Special
Servicer shall be entitled to receive a Liquidation Fee with respect to each Liquidated Property, each liquidated Foreclosed Property
or the liquidation of the Mortgage Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage
Loan), whether through judicial foreclosure, sale or otherwise, or in connection with

 

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the sale, discounted pay-off or other liquidation
of the Mortgage Loan or any Foreclosed Property, as to which the Special Servicer receives Liquidation Proceeds, Insurance Proceeds
and Condemnation Proceeds, except that no Liquidation Fee shall be payable in connection with (i) a repurchase by a Loan Seller
of its Loan Seller Percentage Interest in the Trust Loan (or the allocable portion thereof) pursuant to the applicable Trust Loan
Purchase Agreement (so long as such repurchase occurs within the cure period required under such Trust Loan Purchase Agreement
which cure period shall not exceed 180 days), (ii) a sale of the Trust Loan, any Companion Loan or any Foreclosed Property by the
Special Servicer to itself pursuant to Section 3.16 hereof, (iii) a purchase of the Mortgage Loan by the Approved Mezzanine
Lender pursuant to the purchase option described in the Mezzanine Intercreditor Agreement (so long as such purchase occurs within
90 days after notice of the applicable purchase option trigger event is first delivered to the Approved Mezzanine Lender; provided,
that for the avoidance of doubt, if there are one or more purchase option trigger events that occur following an initial purchase
option trigger event that has not ceased, such 90-day period shall commence on the date the first notice of the initial purchase
option trigger event was given to the Approved Mezzanine Lender) or (iv) a purchase of the Trust Loan, a Companion Loan or the
Foreclosed Property by the Controlling Class Representative or any affiliate thereof, if such purchase occurs within 90 days after
the later of (x) the date on which the Special Servicer first delivers to the Controlling Class Representative for its approval
the initial Asset Status Report and (y) the date on which the Special Servicing Loan Event that triggered the Asset Status Report
occurred. The Liquidation Fee with respect to the Mortgage Loan shall be payable from, and shall be calculated using the related
Net Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds. Each of the foregoing fees shall be payable from funds
on deposit in the Collection Account as provided in Section 3.4(a). The Special Servicer during the continuance of a Special
Servicing Loan Event shall also be entitled to retain as Additional Servicing Compensation any late payment fees (to the extent
not applied pursuant to Section 3.4(c)), Default Interest (to the extent not applied pursuant to Section 3.4(c)),
assumption fees, assumption application fees, substitution fees, consent fees, release fees, Modification Fees, restructure fees,
loan service transaction fees and similar fees and expenses to the extent, with respect to any such amounts, collected (to the
extent permitted by (or not otherwise prohibited by) and allocated to such amounts in accordance with the terms of the Mortgage
Loan Documents or this Agreement, and any income earned (net of losses to the extent provided in this Agreement) on the investment
of funds deposited in the Foreclosed Property Account to the extent provided in this Agreement and if the Special Servicer’s
consent is required on any action related to the Mortgage Loan prior to a Special Servicing Loan Event, then the Servicer and the
Special Servicer will equally share the related fees, including assumption fees (but not assumption application fees), substitution
fees, release fees, Modification Fees and Consent Fees.

 

Notwithstanding anything
herein to the contrary, with respect to any Collection Period, the Special Servicer shall only be entitled to receive a Work-out
Fee or a Liquidation Fee, but not both. Further notwithstanding anything herein to the contrary, all Liquidation Fees and Work-out
Fees payable with respect to the Mortgage Loan or the Property shall be offset by any Modification Fees collected or earned by
the Special Servicer with respect to the Mortgage Loan within the prior 24 months (determined as of the closing date of the work-out
or liquidation as to which the subject Work-out Fee or Liquidation Fee became payable) in connection with any modification, restructure,
extension, waiver, amendment or work-out of the Mortgage Loan,

 

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but only to the extent those fees have not previously been deducted
from a Work-out Fee or Liquidation Fee.

 

If the Special Servicer
is terminated or resigns for any reason, and it commenced the process of liquidation of any Liquidated Property or any liquidated
Foreclosed Property or the liquidation of the Mortgage Loan (including, without limitation, all or any portion thereof that constitutes
an REO Mortgage Loan), the Special Servicer will receive a portion of any Liquidation Fee that becomes payable with respect to
the Mortgage Loan or such Liquidated Property or Foreclosed Property that was being administered by the Special Servicer at the
time of such resignation or termination. The terminated Special Servicer and the successor Special Servicer will apportion the
Liquidation Fee between themselves in a manner that reflects their relative contributions in earning the Liquidation Fee, provided,
that if the terminated Special Servicer and the successor Special Servicer cannot agree on an apportionment of the Liquidation
Fee, the Liquidation Fee will be apportioned on the basis of the number of months the terminated Special Servicer and the successor
Special Servicer administered the Mortgage Loan over a period commencing on the date of the Special Servicing Loan Event and ending
on the date of the final liquidation of the Mortgage Loan or such Liquidated Property or Foreclosed Property or the consummation
of such assignment. The Servicer and the Special Servicer shall use commercially reasonable efforts in accordance with Accepted
Servicing Practices to collect from the Borrower the amount of any fees and other expenses payable by the Borrower under the Mortgage
Loan Documents, including, without limitation, Borrower Reimbursable Trust Expenses, including exercising all remedies available
under the Mortgage Loan Documents that would be exercised in accordance with the Accepted Servicing Practices.

 

Notwithstanding any other
provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement for
an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the amount of
such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust by the Borrower (to the extent
the Borrower is required to do so under the Mortgage Loan Agreement); (ii) failure of the Borrower to reimburse for such payment
constitutes a Mortgage Loan Event of Default; (iii) such expense would qualify as an “unanticipated expense incurred by the
REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or is otherwise an unanticipated expense (it
being understood that the Servicer Customary Expenses and the Special Servicer Customary Expenses are not unanticipated); or (iv)
such reimbursement is expressly provided for herein or such expense is expressly described herein as an expense of the Trust or
as an Advance.

 

Except as otherwise expressly
provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive all or any portion of
the servicing compensation (or the Special Servicer’s right to receive all or any portion of the Special Servicing Fee) or
other servicing compensation provided for herein shall be made, and any such attempted transfer, sale, pledge or other disposition
shall be void, unless such transfer is made to a successor Servicer or successor Special Servicer, as applicable, in connection
with the assumption by such successor of the duties hereunder pursuant to Section 7.2.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form

 

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of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, the Borrower, the Property Manager or the Borrower Sponsor in respect of the
Trust Loan or the Companion Loans and any purchaser of the Trust Loan, any Companion Loan or any Foreclosed Property) in connection
with the disposition, work-out or foreclosure of the Mortgage Loan, the management or disposition of any Foreclosed Property or
the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section
3.17; provided that such prohibition will not apply to the Permitted Special Servicer/Affiliate Fees.

 

As compensation for its
activities hereunder, on each Distribution Date the Certificate Administrator shall be entitled to the Certificate Administrator
Fee (including that portion which is payable to the Trustee as the Trustee Fee). Except as otherwise provided herein, the Certificate
Administrator’s fee includes all routine expenses of the Trustee, the Certificate Administrator and the Authenticating Agent.
Each of the Trustee’s and Certificate Administrator’s rights to the Certificate Administrator Fee (including that portion
of the Certificate Administrator Fee that represents the Trustee Fee, which is payable to the Trustee) may not be transferred in
whole or in part except in connection with the transfer of all of the Trustee’s or Certificate Administrator’s, as
applicable, responsibilities and obligations under this Agreement.

 

3.18        Reports
to the Certificate Administrator; Account Statements. (a) The Servicer shall prepare, or cause to be prepared, and
deliver to the Certificate Administrator in an electronic format reasonably acceptable to the Certificate Administrator,
consistent with Accepted Servicing Practices, not later than (i) 5:00 p.m. (New York time) two Business Days prior to each
Distribution Date, the CREFC® Loan Periodic Update File and (ii) 2:00 p.m. on the Remittance Date, the
remaining CREFC® Reports (except the CREFC® Bond Level File, the CREFC®
Collateral Summary File, the CREFC® Special Servicer Loan File, the CREFC® Operating Statement
Analysis Report and the CREFC® NOI Adjustment Worksheet). In connection with the preparation of its
CREFC® Reports, the Servicer shall provide the Certificate Administrator with the amount of
CREFC® Licensing Fee paid to CREFC® for the related Distribution Date for inclusion in the
Distribution Date Statement.

 

The CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be made available to the Certificate
Administrator by the Servicer (with respect to the non-Specially Serviced Mortgage Loan) or by the Special Servicer (with respect
to the Specially Serviced Mortgage Loan and Foreclosed Property) on the Servicer’s Internet website (www.wellsfargo.com/com/comintro),
on a quarterly and annual basis (commencing with the quarter ending June 30, 2016 and year ending December 31, 2016), within 60
days after receipt by the Servicer or the Special Servicer, as applicable, of the financial statements, operating statements, rent
rolls, or other information required to prepare (or, if previously prepared, update) the CREFC® Operating Statement
Analysis Report and the CREFC® NOI Adjustment Worksheet, but shall not be deemed to have been received by the Certificate
Administrator until such time as it is actually received; provided, however, that, with respect to the CREFC® Operating Statement
Analysis Report only, any analysis or report with respect to the first calendar quarter of each year shall not be required to the
extent not required to be provided under the then current applicable CREFC® guidelines.

 

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The Servicer shall furnish
(i) to the Certificate Administrator in electronic format and (ii) to the 17g-5 Information Provider (who shall post such reports
to its website) the CREFC® Reports produced by it pursuant to this Agreement not later than the time period specified
in this Section 3.18(a).

 

(b)          The
Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer by the
Borrower pursuant to the Mortgage Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer,
Loan Seller s or Depositor pursuant to this Agreement. None of the Servicer, the Special Servicer, the Trustee or the Certificate
Administrator shall be responsible for the completeness or accuracy of the information provided by any other Person (except that
the Servicer shall use efforts consistent with Accepted Servicing Practices to correct patent errors).

 

(c)          The
Servicer or the Special Servicer, as applicable, shall provide to the Certificate Administrator electronic copies of the operating
statements and other periodic Property reports it receives from the Borrower pursuant to the Mortgage Loan Agreement, in each case
in a format acceptable to the Certificate Administrator, Servicer and Special Servicer and within a reasonable period of time after
so received and only to the extent so received.

 

(d)          The
Servicer or Special Servicer, as applicable, shall deliver to each Companion Loan Holder all reports and other information that
it is delivering to the Certificate Administrator pursuant to this Section 3.18, with each such delivery to be made concurrently
with the corresponding delivery to the Certificate Administrator (but, in the case of the CREFC® Reports referenced
in the first paragraph of Section 3.18(a), no later than the Remittance Date for the applicable Companion Loan).

 

3.19        [reserved]

 

3.20        [reserved]

 

3.21        Access to
Certain Documentation Regarding the Mortgage Loan and Other Information.

 

(a)          The
Certificate Administrator, with respect to the items listed in clauses (i) - (v) and (vii) - (xiii)
below (to the extent such items are in its possession), and the Trustee, with respect to the items listed in clause (vi)
below (to the extent such items are in its possession or in the possession of the Custodian), shall make available at its applicable
Corporate Trust Office, or at the office of a Custodian, upon reasonable advance notice and during normal business hours, for review
by Non-Restricted Privileged Persons (or, solely in the case of the Distribution Date Statement, all Privileged Persons), originals
or copies of, among other things, the following items, to the extent provided to and in the possession of the Certificate Administrator
or the Trustee, as applicable (except to the extent not permitted by applicable law or under any of the Mortgage Loan Documents),
(i) this Agreement, each sub-servicing agreement delivered to the Certificate Administrator after the Closing Date, the Trust Loan
Purchase Agreement and any amendments thereto, (ii) Distribution Date Statements and all CREFC® Reports delivered
to Certificateholders since the Closing Date, (iii) all annual officers’ certificates and accountant’s reports required
to be delivered by the Borrower to the Servicer and

 

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by the Servicer to the Special Servicer, the Trustee and the Certificate Administrator
since the Closing Date regarding compliance with the relevant agreements, (iv) the most recent property inspection report prepared
by or on behalf of the Servicer or Special Servicer, as applicable, in respect of the Property, (v) the most recent operating statements,
if any, collected by or on behalf of the Servicer with respect to the Property, (vi) the Mortgage Loan Documents and any and all
modifications, waivers or amendments of the terms of any of the Mortgage Loan Documents entered into by the Servicer or Special
Servicer, as applicable, and delivered to the Certificate Administrator, (vii) any and all Officer’s Certificates and other
evidence delivered to the Trustee and the Certificate Administrator to support the determination of the Servicer or the Trustee,
as applicable, that any Advance was, or if made would be, a Nonrecoverable Advance, (viii) the reports to be furnished by the Borrower,
(ix) any and all notices and reports delivered to the Certificate Administrator with respect to the Property as to which the environmental
testing revealed environmental issues, (x) the summary of any Final Asset Status Report delivered to the Certificate Administrator,
(xi) the annual, quarterly and monthly operating statements, if any collected by or on behalf of the Servicer or the Special Servicer,
as applicable, and delivered to the Certificate Administrator for the Property, (xii) notices of all Servicer or Special Servicer
terminations or resignations (and appointments of successors to the Servicer or the Special Servicer), and (xiii) the Offering
Circular. Copies of any and all of the foregoing items shall be available (i) on the Certificate Administrator’s Website
or (ii) to the extent not available at the Certificate Administrator’s Website or otherwise made available electronically,
at the Corporate Trust Office of the Certificate Administrator or the Trustee or at the offices of the Custodian, as applicable,
upon written request; provided, however, the Certificate Administrator and the Trustee shall each be permitted to require
payment of a sum sufficient to cover reasonable costs and expenses of providing such copies.

 

(b)          Prior
to the occurrence of a Special Servicing Loan Event and upon delivery of an Investor Certification substantially in the form of
Exhibit K-1 to the Certificate Administrator, Brookfield GP shall have access to all the reports and information made available
to such Privileged Persons on the Certificate Administrator’s website. After the occurrence of a Special Servicing Loan Event
and upon delivery of an Investor Certification substantially in the form of Exhibit K-2 to the Certificate Administrator, Brookfield
GP shall have access to the Distribution Date Statements prepared by the Certificate Administrator on the Certificate Administrator’s
website.

 

(c)          Certain
information concerning the Mortgage Loan and the Certificates (such as the Distribution Date Statements and the CREFC®
Reports) shall be provided by the Certificate Administrator to third parties (including, but not limited to, Bloomberg, L.P., Trepp,
LLC, Intex Solutions, Inc., Markit and BlackRock Solutions) with the consent of the Depositor and providing such information shall
not constitute a breach of this Agreement by the Certificate Administrator. The Depositor hereby consents to such provision of
information by the Certificate Administrator.

 

(d)          Upon
request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered
to the 17g-5 Information Provider electronically in a format acceptable to the 17g-5 Information Provider in accordance with Section
8.14(b). In no event shall the 17g-5

 

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Information Provider disclose on the 17g-5 Information Provider’s Website which
Rating Agency requested such additional information.

 

3.22        Inspections.
The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2017,
so long as a Special Servicing Loan Event is not then continuing. The Special Servicer shall inspect or cause to be inspected
the Property as soon as practicable following the occurrence of a Special Servicing Loan Event and annually for so long as a
Special Servicing Loan Event is continuing. The Servicer or the Special Servicer, as applicable, shall further inspect, or
cause to be inspected, the Property whenever it receives information that the Property has been materially damaged, left
vacant, or abandoned, or if waste is being committed thereto. All such inspections shall be performed in such manner as shall
be consistent with Accepted Servicing Practices. The cost of the annual inspections referred to in the first sentence of this paragraph
performed by the Servicer shall be an expense of the Servicer. The cost of all additional inspections performed by the
Servicer and all inspections, including any annual inspection, performed by the Special Servicer will be paid by the Servicer
as a Property Protection Advance or an Administrative Advance unless it would constitute a Nonrecoverable Advance and in such
case, as an expense of the Trust. The Servicer or the Special Servicer, as the case may be, shall prepare a written report of
inspection and deliver it to the Certificate Administrator in electronic format reasonably acceptable to the Certificate
Administrator and to the Companion Loan Holders in electronic format reasonably acceptable to the Companion Loan Holders. The
Certificate Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section
8.14(b).

 

3.23        Advances.
(a) In the event that all or any portion of a Monthly Interest Payment (or an Assumed Monthly Interest Payment, as
applicable) representing interest due or deemed due on the Trust Loan (including, without limitation, all or any portion
thereof that constitutes an REO Trust Loan) during any calendar month has not been received by the close of business on the
Determination Date in such calendar month, then the Servicer, subject to its determination that such amounts are not
Nonrecoverable Advances, shall on the Remittance Date in such calendar month make an advance for remittance to the
Certificate Administrator for deposit into the Distribution Account, in an amount equal to all or such portion of such
Monthly Interest Payment (or Assumed Monthly Interest Payment, as applicable) (in each case other than the Balloon Payment
(excluding any Assumed Monthly Interest Payment) and net of the Servicing Fee which shall not be paid to the Servicer until
funds are available in the Collection Account for payment of such fee) due or deemed due on the Trust Loan that was
delinquent as of the close of business on the Determination Date in such calendar month; provided that neither the
Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Interest Payment Advance with
respect to the Trust Loan if the related Monthly Interest Payment (or, if applicable, the Assumed Monthly Interest Payment)
in respect of the Trust Loan is received by the Servicer by 2:00 p.m., New York time, on the Remittance Date on which the
Monthly Interest Payment Advance is to be made. The Servicer shall also advance in respect of each Payment Date (or Assumed
Payment Date) following a delinquency in the payment of the Balloon Payment of the Mortgage Loan or foreclosure (or
acceptance of a deed-in-lieu of foreclosure or comparable conversion) of the Mortgage Loan not later than the related
Remittance Date, to the Certificate Administrator for deposit in the Distribution Account, the amount of any Assumed Monthly
Interest Payment deemed due with respect to the Trust Loan on such Payment Date (or Assumed Payment Date) (other than the
Balloon Payment (excluding

 

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any Assumed Monthly Interest Payment) and Default Interest). For the avoidance of doubt, in the
event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan, any Monthly
Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a
result of such reduction. The Servicer shall maintain a record of each Monthly Interest Payment Advance it has made pursuant
to this Section 3.23(a) on the Trust Loan and shall notify the Certificate Administrator thereof in the appropriate
CREFC® Reports in order to permit allocation thereof pursuant to Section 3.4 and Section 3.5. In
the event that the Servicer does not remit any amounts required to be remitted to the Certificate Administrator on each
Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly
Interest Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date,
the Servicer shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period
from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date.
Neither the Servicer nor the Special Servicer will have any obligation to make any Monthly Interest Payment Advance for any
Companion Loan.

 

At any time that an Appraisal
Reduction Amount exists with respect to the Mortgage Loan, the amount that would otherwise be required to be advanced by the Servicer
in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount by a fraction, the
numerator of which is the then outstanding principal balance of the Trust Loan minus the portion of the Appraisal Reduction Amount
allocable to the Trust Loan, and the denominator of which is the then outstanding principal balance of the Trust Loan.

 

The Certificate Administrator
shall notify the Servicer and the Trustee by telephone and electronically if as of 3:00 p.m., New York City time, on the Remittance
Date, if the Certificate Administrator has not received the amount of a Monthly Interest Payment Advance required pursuant to this
Section 3.23(a). In addition, the Certificate Administrator shall notify the Trustee by telephone and electronically if
as of 11:00 a.m., New York City time, on any Distribution Date if the Servicer has not made the Monthly Interest Payment Advance
required to have been made on the related Remittance Date pursuant to this Section 3.23(a).

 

Notwithstanding the foregoing
provisions of this Section 3.23(a) or any other contrary provisions of this Agreement, any portion of a Monthly Interest
Payment Advance intended to cover the CREFC® Licensing Fee shall be advanced directly to CREFC® on
the applicable Remittance Date.

 

If the Servicer and the
Trustee do not make a Property Protection Advance because it would be a Nonrecoverable Advance, then the Servicer may, but is not
required to, pay such amounts from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices
and, if the Servicer does not pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds
to pay such Property Protection Advance or to perform the action requiring such Property Protection Advance.

 

(b)          Subject
to Section 3.23(e), the Servicer shall advance, regarding the Mortgage Loan for the benefit of the Certificateholders and
the Companion Loan Holders, to the extent it determines that such amount is recoverable, all customary and reasonable out-of-pocket

 

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costs and expenses incurred by the Servicer or the Special Servicer in the performance of its servicing obligations, including,
but not limited, to the costs and expenses incurred in connection with (i) the preservation, restoration, operation and protection
of the Property which, in the Servicer’s sole discretion, exercised in accordance with Accepted Servicing Practices, are
necessary to prevent an immediate or material loss to the Trust’s and the Companion Loan Holders’ interest in the Property,
(ii) the payment of (A) real estate taxes, assessments, and governmental charges that may be levied or assessed against the Borrower
or any of its affiliates or the Property or revenues therefrom or which become liens on the Property, (B) ground lease rents and
other amounts required to be paid under ground leases, (C) Insurance Premiums and (D) the out-of-pocket costs and expenses of the
Servicer or the Special Servicer, as applicable (including, without limitation, reasonable attorneys’ fees and expenses)
to the extent not paid by or on behalf of the Borrower that are incurred in connection with assumption of the Mortgage Loan or
a release of the Property from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures
and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third party experts,
including Independent Appraisers, environmental and engineering consultants, (iv) the out-of-pocket costs and expenses of the Special
Servicer with respect to annual inspections of the Property and (v) the management, operation and liquidation of the Property if
the Property is acquired by the Special Servicer or its affiliate in the name of the Trustee (collectively, “Property
Protection Advances”). In addition, subject to Section 3.23(e), the Servicer shall make certain administrative
advances (collectively, “Administrative Advances”), regarding only the Trust Loan for the benefit of the Certificateholders,
to the extent that (i) the Servicer determines that such advances are recoverable from collections on the Trust Loan, (ii) the
items for which such advances are made would not otherwise be advanced by the Servicer as a Property Protection Advance pursuant
to Section 3.23(b), and (iii) the items for which such advances are to be made constitute unpaid Borrower Reimbursable Trust
Expenses (other than indemnification payments). For the avoidance of doubt, notwithstanding any other provision herein, the Servicer
shall not be obligated to make any Administrative Advance or Property Protection Advance that it determines, together with interest
thereon, shall constitute a Nonrecoverable Advance if made. During the continuation of a Special Servicing Loan Event, the Special
Servicer shall give the Servicer and the Trustee not less than five Business Days’ written notice before the date on which
the Servicer is requested to make any Property Protection Advance or Administrative Advance with respect to the Mortgage Loan,
the Trust Loan or any Foreclosed Property, as applicable; provided, however, that only three Business Days’
written notice shall be required in respect of Property Protection Advances required to be made on an urgent or emergency basis
(which may include, without limitation, Property Protection Advances required to make tax or insurance payments). In addition,
the Special Servicer shall provide the Servicer with such information in its possession as the Servicer may reasonably request
to enable the Servicer to determine whether a requested Property Protection Advance or Administrative Advance, as the case may
be, would constitute a Nonrecoverable Advance. Subject to Section 6.3, notwithstanding anything herein to the contrary,
if the Special Servicer requests that the Servicer make an Advance, the Servicer may conclusively rely on such request as evidence
that such advance is not a Nonrecoverable Advance; provided, however, that the Special Servicer will not be entitled to make such
a request more frequently than once per calendar month with respect to Advances other than emergency Advances (although such request
may relate to more than one Advance). The Servicer shall notify the Trustee in writing promptly upon, and in any event

 

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within one
Business Day after, becoming aware that it will be unable to make any Property Protection Advance or Administrative Advance required
to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Advance,
the Person to whom it will be paid, and the circumstances and purpose of such Advance, and shall set forth therein information
and instructions for the payment of such Advance. If the Servicer and the Trustee do not make a Property Protection Advance because
it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account
as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special
Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the
action requiring such Property Protection Advance.

 

(c)          To
the extent the Servicer fails to make an Advance that it is required to make under this Agreement and upon knowledge of a Responsible
Officer of the Trustee, the Trustee shall be required to make such Advance pursuant to Section 7.6. It is understood that
the obligation of the Servicer and the Trustee (pursuant to Section 7.6) to make such Advances is mandatory, subject to
the limitations set forth in this Agreement, and shall continue to apply after any modification or amendment of the Mortgage Loan
pursuant to Section 3.24 hereof, beyond the Maturity Date of the Mortgage Loan if a payment default shall have occurred
on such date and through any court appointed stay period or similar payment delay resulting from any insolvency of the Borrower
or related bankruptcy, notwithstanding any other provision of this Agreement, other than the requirement of recoverability, and
shall continue, subject to the requirement of recoverability, until the earlier of (i) the payment in full of all the Mortgage
Loan and (ii) the date on which the Property becomes liquidated.

 

(d)          Subject
to the proviso to the first sentence of Section 3.23(a), interest on each Advance made by the Servicer or the Trustee shall
accrue for each day that such Advance is outstanding at a rate of interest equal to the Prime Rate (the “Advance Interest
Rate”) for each such day (or the most recent day on which the Prime Rate was reported, if not reported on such day) on
the basis of a year of 360-days and the actual number of days elapsed in a month. Interest on the Advances, if unreimbursed, shall
compound annually.

 

(e)          Notwithstanding
any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to make an Advance only to
the extent that the Servicer (in accordance with Accepted Servicing Practices) or the Trustee has (based on good faith and reasonable
business judgment) determined that such Advance, together with interest thereon at the Advance Interest Rate, would not constitute
a Nonrecoverable Advance if made. In making such non-recoverability determination, the Servicer (in accordance with Accepted Servicing
Practices) or the Trustee (based on good faith and reasonable business judgment), as applicable, shall be entitled to consider
(among other things) the obligations of the Borrower under the terms of the Mortgage Loan as it may have been modified, to consider
(among other things) the Property in its “as-is” or then current condition and occupancy, as modified by such party’s
assumptions regarding the possibility and effects of future adverse change with respect to the Property, to estimate and consider
(among other things) future expenses and to estimate and consider (among other things) the timing of recoveries. The Trustee and
the Servicer, in that order, shall be entitled to reimbursement for any such Advances from the Collection Account and shall obtain
such reimbursement in accordance with Section 3.4(c). If the context requires,

 

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each reference to the reimbursement or payment
of an Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon
at the Advance Interest Rate through the date of payment or reimbursement. If the Servicer and the Trustee do not make a Property
Protection Advance because it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts
from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not
pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection
Advance or to perform the action requiring such Property Protection Advance.

 

(f)           The
determination by the Servicer or the Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would
constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to the Companion Loan
Holders, the Certificate Administrator and Trustee in electronic format (if such determination is made by the Servicer) and the
Controlling Class Representative (during any Control Period and any Consultation Period), detailing the reasons for such determination
with supporting documents attached. Such Officer’s Certificate shall be made available to any Non-Restricted Privileged Person
by the Certificate Administrator or the 17g-5 Information Provider by posting such Officer’s Certificate to the Certificate
Administrator’s Website or to the 17g-5 Information Provider’s Website, as applicable, pursuant to Section 8.14(b).
The costs of any appraisals, reports or surveys and other information requested by the Servicer or the Trustee establishing an
Advance as a Nonrecoverable Advance shall be treated as Trust Fund Expenses, payable from the Collection Account pursuant to Section
3.4(c), and shall constitute a Property Protection Advance or Administrative Advance, as applicable, if paid by the Servicer
or the Trustee from its funds. The Servicer’s reasonable determination of nonrecoverability in accordance with the above
provisions shall be conclusive and binding on the Trustee and the Trustee shall be entitled to rely conclusively thereupon. The
Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination in its
reasonable business judgment. If the Servicer and the Trustee do not make a Property Protection Advance because it would be a Nonrecoverable
Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account as Trust Fund Expenses if
consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special Servicer shall have no
obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the action requiring such
Property Protection Advance.

 

(g)          The
Servicer and the Trustee are not obligated to advance or pay (i) delinquent scheduled payments with respect to any Companion Loan,
(ii) the Balloon Payment with respect to the Trust Loan or the Companion Loans (but are obligated to advance the related Assumed
Monthly Interest Payment for the Trust Loan in accordance with the terms of this Agreement), (iii) any Default Interest, (iv) amounts
required to cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure
of the Property to comply with any applicable law, including any Environmental Law, or (except in connection with the foreclosure
or other acquisition of the Property in accordance with Section 3.12 upon the occurrence of a Mortgage Loan Event of Default)
to investigate, test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (v) any losses
arising with respect to defects in the title to the Property, (vi) any costs of capital improvements to the

 

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Property other than
those necessary to prevent an immediate or material loss to the Trust’s interest in the Property, (vii) Prepayment Fees,
(viii) subordinated obligations, including the Approved Mezzanine Loan or (ix) any cure payments. In addition, the Servicer shall
have no obligation to make any Administrative Advances with respect to any Companion Loan.

 

3.24        Modifications
of Mortgage Loan Documents; Due on Sale; Due on Encumbrance. (a) The Servicer (if no Special Servicing Loan Event has
occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event) each in accordance with Section
9.3 or this Section 3.24, may, subject to the rights of the Controlling Class Representative during any Control
Period and during any Consultation Period and, subject to the rights of any Companion Loan Holders under the related
Co-Lender Agreement and subject to the rights of the Approved Mezzanine Lender under the Mezzanine Intercreditor Agreement,
if any, modify, waive or amend any term of the Mortgage Loan if such modification, waiver or amendment (i) is consistent with
Accepted Servicing Practices and (ii) does not either (A) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail
to qualify as a REMIC under the Code or (B) constitute a “significant modification” of the Mortgage Loan pursuant
to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be
entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the
contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date beyond the date that
is the earlier of (1) seven years prior to the Rated Final Distribution Date and (2) 20 years prior to the end of the current
term of any Ground Lease, plus any options to extend the Ground Lease exercisable unilaterally by the Borrower. With respect
to any action as to which the Special Servicer’s consent is required under this Agreement (including any Major
Decision), the Servicer must obtain the consent of the Special Servicer who during a Control Period, in turn, shall obtain
the consent of the Controlling Class Representative prior to granting its approval to the Servicer to take such action. After
obtaining such approval, the Servicer shall be responsible for processing such action (if no Special Servicing Loan Event has
occurred and is continuing).

 

(b)          All
modifications, waivers or amendments of the Mortgage Loan shall be in writing and shall be effected in a manner consistent with
Accepted Servicing Practices and the REMIC Provisions. The Servicer or the Special Servicer, as applicable, shall notify the Depositor,
the Trustee, the Certificate Administrator, the Companion Loan Holders and the Controlling Class Representative, in writing, of
any modification, waiver or amendment of any term of the Mortgage Loan and the date thereof, and shall deliver to the Trustee or
a Custodian on its behalf (with a copy to the Companion Loan Holders) an original recorded counterpart of the agreement relating
to such modification, waiver or amendment within ten Business Days following the execution and recordation thereof. In the event
the Servicer or the Special Servicer, or a court of competent jurisdiction in connection with a work-out or proposed work-out of
the Mortgage Loan, modifies the interest rate applicable to the Mortgage Loan, the adverse aggregate economic effect of the modification
shall be applied to the Certificates, in reverse order of seniority.

 

(c)          Subject
to Section 3.27 of this Agreement, any modification of the Mortgage Loan Documents that requires a Rating Agency Confirmation
pursuant to the Mortgage Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining
such Rating Agency Confirmation in the Mortgage Loan Documents,

 

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shall not be made without the Servicer’s or the Special Servicer’s,
as applicable, first receipt of such Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained at the Borrower’s
expense in accordance with the Mortgage Loan Agreement or, if not so provided in the Mortgage Loan Agreement or if the Borrower
does not pay, at the expense of the Trust.

 

(d)          Subject
to Section 3.27 of this Agreement, prior to implementing any Major Decision under clauses (i) through (v)
and (xi)(A) (to the extent that the related agreement is modified in a manner materially adverse to the “Senior Lender,”
“Mortgage Lender” or such other similar term as may be set forth therein) of the definition thereof, the Servicer or
the Special Servicer shall obtain a Rating Agency Confirmation from each Rating Agency.

 

(e)          Notwithstanding
the foregoing, the Servicer and the Special Servicer (if a Special Servicing Loan Event is continuing) may in accordance with Accepted
Servicing Practices (but without any Rating Agency Confirmation or consent of the Controlling Class Representative) grant the Borrower’s
request for consent to subject the Property to an easement, right-of-way or similar agreement for utilities, access, parking, public
improvements or another similar purpose and may consent to subordination of the Mortgage Loan to such easement, right-of-way or
similar agreement.

 

(f)           Notwithstanding
the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Mortgage
Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Servicer has received (i) replacement
collateral consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies
the requirements of the Mortgage Loan Documents, in an amount sufficient to make all scheduled payments under the Mortgage Loan
(or defeased portion thereof) when due, (ii) a certificate of an Independent certified public accountant to the effect that such
substituted property will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity)
on the Mortgage Loan (or defeased portion thereof) in compliance with the requirements of the terms of the Mortgage Loan Documents,
(iii) one or more Opinions of Counsel (at the expense of the Borrower) to the effect that the Trustee, on behalf of the Trust Fund,
will have a first priority perfected security interest in such substituted Property; provided, however, that, to
the extent consistent with the Mortgage Loan Documents, the Borrower shall pay the cost of any such opinion as a condition to granting
such defeasance, (iv) to the extent consistent with the Mortgage Loan Documents, a single purpose entity shall act as a successor
mortgagor, if so required by the Rating Agencies, (v) to the extent permissible under the Mortgage Loan Documents, the Servicer
shall use its reasonable efforts to require the Borrower to pay all costs of such defeasance, including but not limited to the
cost of maintaining any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan Documents, the Servicer
shall obtain, at the expense of the Borrower, Rating Agency Confirmation from each Rating Agency.

 

(g)          Notwithstanding
anything herein to the contrary, in no event shall the Servicer permit such amounts to be maintained in the Collection Account
for a period in excess of 365 days (or 366 days in the case of a leap year).

 

(h)          As
the Mortgage Loan contains provisions in the nature of a “due on sale” clause, which by its terms: (i) provides that
the Mortgage Loan shall (or may at the mortgagee’s

 

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option) become due and payable upon the sale or other transfer of an interest
in the Property or equity interests in the Borrower or certain principals of the Borrower except when certain conditions are met;
or (ii) provides that, except when certain conditions are met, the Mortgage Loan may not be assumed without the consent of the
mortgagee in connection with any such sale or other transfer, neither the Servicer nor the Special Servicer, on behalf of the Trustee
as the mortgagee of record on behalf of the Trust, shall (A) fail to exercise any right it may have with respect to the Mortgage
Loan (1) to accelerate the payments thereon or (2) to withhold its consent to any sale or transfer, consistent with the Accepted
Servicing Practices or (B) waive any right to exercise such rights, unless, (x) with respect to the Mortgage Loan (if no Special
Servicing Loan Event has occurred and is continuing), the Servicer has obtained the prior written consent (or deemed consent) of
the Special Servicer, which consent shall be deemed given five Business Days after the ten Business Day review period of the Controlling
Class Representative (or, with respect to such ten Business Day period, such longer period as required by the related Mezzanine
Intercreditor Agreement for review by any holder of the Approved Mezzanine Loan) after receipt (unless earlier objected to) by
the Special Servicer from the Servicer of the Servicer’s written analysis and recommendation with respect to such waiver
or exercise of such right together with such other information reasonably required by the Special Servicer, or (y) prior to the
Special Servicer, with respect to the Mortgage Loan (during the occurrence and continuation of a Special Servicing Loan Event)
itself taking such an action, or with respect to the Mortgage Loan (if no Special Servicing Loan Event has occurred and is continuing),
consenting to such a proposed action of the Servicer, the Special Servicer has obtained, prior to the occurrence and continuance
of a Consultation Period, the prior written consent (or deemed consent) of the Controlling Class Representative, which consent
shall be deemed given ten Business Days after receipt (unless earlier objected to) by the Controlling Class Representative of the
Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation with respect to such waiver
together with such other information reasonably required by the Controlling Class Representative.

 

(i)           As
the Mortgage Loan contains provisions stating that the Mortgage Loan may not be assumed or transferred without the consent of the
mortgagee, unless certain conditions are satisfied, the Special Servicer, with respect to the Mortgage Loan (during the occurrence
and continuation of a Special Servicing Loan Event) or the Servicer with respect to the Mortgage Loan (if no Special Servicing
Loan Event has occurred and is continuing), as applicable, on behalf of the Trustee as the mortgagee of record on behalf of the
Trust, shall determine in accordance with the Accepted Servicing Practices whether such conditions have been satisfied.

 

(j)           As
the Mortgage Loan contains provisions in the nature of a “due on encumbrance” clause that by its terms: (i) provides
that the Mortgage Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any additional
lien or other encumbrance on the related Property or equity interests in the Borrower or principals of the Borrower; or (ii) requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Property or equity
interests in the Borrower or principals of the Borrower, neither the Servicer nor the Special Servicer, on behalf of the Trustee
as the mortgagee of record, on behalf of the Trust, shall (A) fail to exercise any right it may have with respect to the Mortgage
Loan (1) to accelerate the payments thereon or (2) to withhold its consent to the creation of any additional lien or other encumbrance,
consistent with the Accepted

 

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Servicing Practices or (B) waive its right to exercise such rights, unless, (x) with respect to the
Mortgage Loan (if no Special Servicing Loan Event has occurred and is continuing), the Servicer has obtained the prior written
consent (or deemed consent) of the Special Servicer, which consent shall be deemed given five Business Days after the ten Business
Day review period of the Controlling Class Representative (or, with respect to such ten Business Day period, such longer period
as required by the related Mezzanine Intercreditor Agreement for review by any holder of the Approved Mezzanine Loan) after receipt
(unless earlier objected to) by the Special Servicer from the Servicer of the Servicer’s written analysis and recommendation
with respect to such waiver or exercise of such right together with such other information reasonably required by the Special Servicer,
or (y) prior to the Special Servicer, with respect to the Mortgage Loan (during the occurrence and continuation of a Special Servicing
Loan Event) itself taking such an action, or with respect to the Mortgage Loan (if no Special Servicing Loan Event has occurred
and is continuing), consenting to such a proposed action of the Servicer, the Special Servicer has obtained, prior to the occurrence
and continuance of a Consultation Period, the prior written consent (or deemed consent) of the Controlling Class Representative,
which consent shall be deemed given ten Business Days (or, with respect to such ten Business Day period, such longer period as
required by the Mezzanine Intercreditor Agreement for review by any holder of the Approved Mezzanine Loan) after receipt (unless
earlier objected to) by the Controlling Class Representative of the Servicer’s and/or Special Servicer’s, as applicable,
written analysis and recommendation with respect to such waiver together with such other information reasonably required by the
Controlling Class Representative.

 

(k)          The
parties hereby acknowledge that the Co-Lender Agreement provides that (i) to the extent consistent with Accepted Servicing Practices
(taking into account the extent to which the Junior Trust Notes are junior to the Senior Notes pursuant to the Co-Lender Agreement):
(x) no waiver, reduction or deferral of any particular amounts due on any of the Senior Notes (except for REMIC or grantor trust
expenses, if applicable) will be effected prior to the waiver, reduction or deferral of the entire corresponding item in respect
of the Junior Trust Notes; and (y) no reduction of the Mortgage Loan Interest Rate of any of the Senior Notes will be effected
prior to the reduction of the Mortgage Loan Interest Rate of the Junior Trust Notes, to the fullest extent possible, and (ii) any
of the actions referred to in the immediately preceding clauses (i) (x) and (i)(y) will be effected (a) as among the Senior Notes,
on a pro rata and pari passu basis (based on the relative principal balance of each such Senior Note), (b) as among
the Junior Trust Notes, on a pro rata and pari passu basis (based on the relative principal balance of each such
Junior Trust Note), in each case as regards the economic effects thereto.

 

3.25        Servicer
and Special Servicer May Own Certificates. The Servicer, the Special Servicer and any agent thereof in its individual or
any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the
Servicer or the Special Servicer or such agent except as otherwise provided herein (including such restrictions on voting set
forth in the definition of Certificateholder).

 

3.26        Mezzanine
Intercreditor Agreement; Notice of Mortgage Loan Event of Default to Approved Mezzanine Lender and Companion Loan Holders.

 

(a)          The Servicer shall
give notice of any Mortgage Loan Event of Default to the Approved Mezzanine Lender, if any, and the Companion Loan Holders promptly
(and, in the

 

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event of the failure to make a Monthly Interest Payment on its scheduled Payment Date, such notice shall be given
promptly following such Payment Date) upon a Servicing Officer of the Servicer gaining actual knowledge of such default or Mortgage
Loan Event of Default, as provided in the Mezzanine Intercreditor Agreement and the Co-Lender Agreement, respectively, whether
or not the Servicer is obligated to give notice thereof to the Borrower. The Servicer or the Special Servicer, as applicable, shall
exercise the rights of the Trust as successor-in-interest to CGMRC, GACC and WFB, each in its capacity as (i) a senior lender under
the Mezzanine Intercreditor Agreement, and (ii) the initial holders of the Trust Notes under the Co-Lender Agreement. The Servicer
or the Special Servicer, as applicable, shall comply with and enforce the rights and perform the obligations of the Trust under
the terms of the Mezzanine Intercreditor Agreement and the Co-Lender Agreement. The rights of the Trust and the Certificateholders
in and under the Trust Loan and the Mortgage Loan Documents shall be subject to the terms of the Mezzanine Intercreditor Agreement
and the Co-Lender Agreement.

 

(b)          The
parties hereto acknowledge that the Mortgage Loan is subject to the terms and conditions of the Co-Lender Agreement and recognize
the respective rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holders under the Co-Lender
Agreement, including, without limitation: (i) with respect to the allocation of collections on or in respect of the Mortgage Loan,
and making of remittances, to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders; (ii) with respect to the
allocation of expenses and losses relating to the Mortgage Loan to the Trust, as holder of the Trust Loan, and to the Companion
Loan Holders; and (iii) the consultation, consent and other rights of any Companion Loan Holder or its representative. The Servicer
(if no Special Servicing Loan Event exists) or the Special Servicer (if a Special Servicing Loan Event exists or the Property has
been converted to a Foreclosed Property) shall prepare and provide to any Companion Loan Holder (or its representative) all notices,
reports, statements and communications to be delivered by the holder of the Trust Loan under the related Co-Lender Agreement, and
shall perform all duties and obligations to be performed by a servicer and perform all servicing-related duties and obligations
to be performed by the holder of the Trust Loan pursuant to the related Co-Lender Agreement. Furthermore, to the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to the Co-Lender Agreement are deemed incorporated
herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full. In the event of
any conflict between this Agreement and the Co-Lender Agreement, the terms of the Co-Lender Agreement shall control.

 

(c)          The
Servicer shall maintain the Note register provided for in Section 16 of the Co-Lender Agreement and shall record the names and
addresses of, and wire transfer instructions for, the holders of the Notes from time to time; provided that the Servicer need not
maintain a separate Note register from that maintained under the Mortgage Loan Agreement if the information in both registers would
otherwise be identical. The Servicer shall, upon request, provide to any other party to this Agreement the then current information
contained in such register.

 

(d)          At
any time after a Companion Loan has become part of an Other Securitization Trust and provided that the applicable parties hereto
have received written notice (which may be by email) thereof including contact information for the master servicer and special
servicer with respect to such Other Securitization Trust, all notices, reports, information

 

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or other deliverables required to be
delivered to the related Companion Loan Holder pursuant to this Agreement or the Co-Lender Agreement shall be delivered to the
master servicer and special servicer with respect to such Other Securitization Trust (who then may forward such items to the party
entitled to receive such items as and to the extent provided in the related Other Pooling and Servicing Agreement) and, when so
delivered to such master servicer and special servicer, the party hereto that is obligated under this Agreement or the Co-Lender
Agreement to deliver such notices, reports, information or other deliverables shall be deemed to have satisfied its delivery obligations
with respect to such items hereunder or under the Co-Lender Agreement.

 

3.27        Rating
Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of this
Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a
written confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or
qualification of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the
“Requesting Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any
Rating Agency for such Rating Agency Confirmation and (ii) within ten Business Days of such request being posted on the 17g-5
Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that
indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation, then (x) such Requesting Party shall be required to promptly request the related Rating Agency Confirmation
again, and (y) if there is no response to either such Rating Agency Confirmation request within five Business Days of such
second request, then (i) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency
Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan, the requirement to
obtain Rating Agency Confirmation shall be considered not to apply with respect to such Rating Agency for such action at such
time (as if such requirement did not exist for such matter at such time), other than such a requirement with respect to the
replacement of the Servicer or Special Servicer, and (ii) with respect to replacement of the Servicer or Special
Servicer, such condition shall be deemed not to apply if (A) in the event S&P is the non-responding Rating Agency, if the
replacement servicer or special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Servicer or
U.S. Commercial Mortgage Special Servicer, as applicable, and (B) in the event DBRS is the non-responding Rating Agency, if
the replacement servicer or special servicer is acting as servicer or special servicer, as applicable, in a commercial
mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination,
and DBRS has not qualified, downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
issued in any such securitization or placed any class of commercial mortgage securities issued in any such securitization on
watch citing the continuation of such replacement servicer or special servicer as servicer or special servicer, as
applicable, of such commercial mortgage securities as the sole or material factor in such rating action), as applicable.
Promptly following the Servicer’s or Special Servicer’s determination to take any action discussed above
following any requirement to obtain Rating Agency Confirmation being considered satisfied as described in the immediately
preceding sentence, the Servicer or Special Servicer, as applicable, shall be required to provide written notice to the 17g-5
Information Provider, who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to this
Agreement.

 

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Any Rating Agency Confirmation
request made by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, pursuant to this
Agreement, shall be made in writing (which may be in electronic form), which writing shall contain a cover page indicating the
nature of the Rating Agency Confirmation request, and shall contain all back-up material the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable, reasonably deems necessary for the Rating Agency to process such request.
Such written Rating Agency Confirmation request shall be provided (in electronic format reasonably acceptable to the 17g-5 Information
Provider) to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information
Provider’s Website in accordance with Section 8.14(b).

 

Promptly following the
Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27 following any
requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or Special Servicer, as applicable,
shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time,
and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with
Section 8.14(b).

  

(b)          Notwithstanding
the terms of the related Mortgage Loan Documents, the other provisions of this Agreement or the Co-Lender Agreement, with respect
to any Companion Loan as to which there exists Companion Loan Securities, if any action relating to the servicing and administration
of the Mortgage Loan or any REO Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation
as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action
will also require delivery of a Companion Loan Rating Agency Confirmation as a condition precedent to such action from each Companion
Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall be sought by the Servicer or Special Servicer, as applicable,
depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action.
The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to any Companion Loan Securities will be subject
to, will be permitted to be waived by the Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the Servicer
or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall
forward to one or more of its counterpart (i.e., the master servicer or special servicer, as applicable), the 17g-5 Information
Provider’s counterpart, or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable,
and the applicable parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the
extent not borne by the Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such
Companion Loan Rating Agency Confirmation at approximately the same time that the request for Rating Agency Confirmation with respect
to the applicable Relevant Action is sent to the 17g-5 Information Provider, (ii) all materials forwarded to the 17g-5 Information
Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at
approximately the same time that such materials are forwarded to the 17g-5 Information Provider, and (iii) any other materials
that the applicable Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation
promptly following such request. The Servicer

 

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or the Special Servicer, as applicable, may (but is not obligated to) send the request
for a Companion Loan Rating Agency Confirmation (and the related materials sent to the 17g-5 Information Provider’s counterpart
in connection therewith) to the applicable Companion Loan Rating Agency following the earlier of (a) receipt of notification from
the 17g-5 Information Provider’s counterpart that such information, report, notice or other document has been posted to the
17g-5 Information Provider counterpart’s website and (b) after 12:00 p.m. on the first Business Day following the date it
has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

Each of the Servicer
and the Certificate Administrator shall, promptly following receipt of written request from the Special Servicer, provide to the
Special Servicer the contact information for the master servicer, the special servicer, the trustee, the certificate administrator
and the 17g-5 Information Provider’s counterpart for the Other Securitization Trust, in each case solely to the extent known
to it.

 

(c)           The
Master Servicer (with respect to the non-Specially Serviced Mortgage Loan) or the Special Servicer (with respect to the Specially
Serviced Mortgage Loan) shall require the Borrower to obtain a Rating Agency Confirmation from each of the Rating Agencies with
respect to any of the following matters as set forth in the Mortgage Loan Agreement:

 

(i)           an
Approved Replacement Recourse Guarantor (as defined in the Mortgage Loan Agreement);

 

(ii)          an
Approved Replacement Reserve Guarantor (as defined in the Mortgage Loan Agreement);

 

(iii)         a
Transfer and Assumption (as defined in the Mortgage Loan Agreement); and

 

(iv)         an
Approved Mezzanine Loan (in accordance with Section 7.4 of the Mortgage Loan Agreement).

 

3.28        Approval
of Annual Budget. The Servicer and the Special Servicer each hereby agree and acknowledge that the Servicer and the
Special Servicer, as applicable, shall respond to any request by the Borrower under Section 4.10.5 of the Mortgage Loan
Agreement for written approval of the Annual Budget.

 

3.29        Cooperation
with Asset Reviewer. If any Companion Loan becomes the subject of an Asset Review pursuant to any related Other Pooling
and Servicing Agreement, each of the Servicer, the Special Servicer, the Trustee and the Custodian, as the case may be, shall
reasonably cooperate with the related Other Asset Representations Reviewer or any other party to the related Other Pooling
and Servicing Agreement in connection with such Asset Review solely by providing the related Other Asset Representations
Reviewer or such other requesting party with copies of any documents reasonably requested by the related Other Asset Representations Reviewer or such
other requesting party (not at its own expense or the expense of the Trust but at the expense of the related Loan Seller, the
related Other Asset Representations Reviewer or such other requesting party to the related Other Pooling and Servicing Agreement),
but only to the extent that (i) the related Other Asset Representations Reviewer or such other 

 

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requesting party has not been able
to obtain such documents from the related Loan Seller or any party to the related Other Pooling and Servicing Agreement, and (ii)
such documents are in the possession of the Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.
For the avoidance of doubt, none of the Servicer, the Special Servicer, the Trustee or the Custodian (i) shall have any further
obligations with respect to any Asset Review nor shall any such party be bound by the results of any Asset Review, or (ii) shall
be obligated to provide such documents if providing such documents, in its reasonable determination, would be a violation of this
Agreement or the Co-Lender Agreement.

 

3.30        Compensating
Interest Payments. The Servicer shall deliver to the Certificate Administrator for deposit in the Lower Tier Distribution
Account on each Remittance Date, without any right of reimbursement thereafter, a Compensating Interest Payment, in the event
that a Prepayment Interest Shortfall occurs as a result of the Servicer allowing the Borrower to deviate from the terms of the
Mortgage Loan Documents regarding principal prepayments (other than (w) subsequent to a Mortgage Loan Event of Default, (x) pursuant
to applicable law or a court order, (y) in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, or (z)
at the request or with the consent of the Special Servicer). In no event will the rights of the Certificateholders to the offset
of the aggregate Prepayment Interest Shortfalls be cumulative.

 

4.          PAYMENTS AND
STATEMENTS TO CERTIFICATEHOLDERS

 

4.1          Distributions.
(a) On each Distribution Date, to the extent of Certificate Available Funds, amounts held in the Distribution Account shall
be withdrawn and paid in the following amounts:

 

first, to the
Class A and Class X Certificates in respect of interest, up to, and pro rata, in accordance with the respective Interest
Distribution Amounts for such Classes and such Distribution Date;

 

second, to the
Class A Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

third, to the
Class A Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

fourth, to the
Class B Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fifth, to the
Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

sixth, to the
Class B Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

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seventh, to the
Class C Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eighth, to the
Class C Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

ninth, to the
Class C Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

tenth, to the
Class D Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eleventh, to the
Class D Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such Class
and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

twelfth, to the
Class D Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

thirteenth, to
the Class E Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fourteenth, to
the Class E Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

fifteenth, to
the Class E Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

sixteenth, to
the Class F Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

seventeenth, to
the Class F Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

eighteenth, to
the Class F Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates; and

 

nineteenth, to
the Class R Certificates, any remaining amounts

 

In no event will any
Class of Principal Balance Certificates receive distributions in reduction of its Certificate Principal Balance which in the aggregate
exceed the initial Certificate Principal Balance of such Class.

 

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(b)          On
each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of principal
or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses actually
distributable to its respective Related Certificates as provided in Section 4.1(a).

 

(c)          On
each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of interest
in an amount equal to the sum of (i) (A) in the case of the Class LA Uncertificated Interest, the Interest Distribution Amount
in respect of its Related Certificates, plus the portion of the Interest Distribution Amount in respect of the Class X Certificates
calculated based on the Class X Strip Rate for, and the Certificate Balance of, the Class A Certificates, in each case to the extent
actually distributable thereon as provided in Section 4.1(a), (B) in the case of the Class LB Uncertificated Interest, the
Interest Distribution Amount in respect of its Related Certificates, plus the portion of the Interest Distribution Amount in respect
of the Class X Certificates calculated based on the Class X Strip Rate for, and the Certificate Balance of, the Class B Certificates,
in each case to the extent actually distributable thereon as provided in Section 4.1(a); (C) in the case of the Class LC
Uncertificated Interest, the Interest Distribution Amount in respect of its Related Certificates, plus the portion of the Interest
Distribution Amount in respect of the Class X Certificates calculated based on the Class X Strip Rate for, and the Certificate
Balance of, the Class C Certificates, in each case to the extent actually distributable thereon as provided in Section 4.1(a);
and (D) in the case of each of the Class LD Uncertificated Interest, the Class LE Uncertificated Interest and the Class LF Uncertificated
Interest, the Interest Distribution Amount in respect of the Related Certificates, in each case to the extent actually distributable
thereon as provided in Section 4.1(a). Amounts distributable pursuant to this paragraph and Section 4.1(b)
are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be deemed to be made
by the Certificate Administrator by the Certificate Administrator being deemed to deposit such Lower-Tier Distribution Amount into
the Upper-Tier Distribution Account on each Distribution Date.

 

As of any date, the principal
balance of each Uncertificated Lower-Tier Interest will equal its Lower-Tier Principal Amount. The Pass-Through Rate with respect
to each Uncertificated Lower-Tier Interest will be the rate per annum set forth in the Introductory Statement hereto.

 

Any amount that remains
in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount shall
be distributed to the Holders of the Class R Certificates (in respect of the Class LT-R Interest, but only to the extent of the
amount remaining in the Lower-Tier Distribution Account, if any).

 

(d)          All
amounts distributable to a Class of Certificates pursuant to Section 4.1(a) and/or Section 4.3(a) on each Distribution
Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage
Interests. Such distributions shall be made on each Distribution Date to each Certificateholder of record at the close of business
on the related Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or
other entity located in the United States and having appropriate facilities therefor, provided that the Certificate Administrator
has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set

 

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forth therefor
in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the applicable Distribution
Date. Notwithstanding the foregoing, the final distribution on each Certificate will be made in like manner, but only upon presentment
and surrender of such Certificate at the location specified by the Certificate Administrator in the notice to Certificateholders
of such final distribution.

 

(e)          The
Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with respect to any Class of Certificates is expected to be made, post a notice on the Certificate
Administrator’s Website pursuant to Section 8.14(b), deliver such notice to the 17g-5 Information Provider (who shall
post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) and mail to each Holder
of such Class of Certificates on such date a notice to the effect that:

 

(i)           the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified; and

 

(ii)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Interest
Accrual Period related to such Distribution Date.

 

(f)           Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of
such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of the
appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of such
Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take
appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. All such
amounts shall be held by the Certificate Administrator in trust in accordance herewith until the expiration of a two year period
following such second notice, notwithstanding any termination of the Trust. If within two years after the second notice any such
Certificates shall not have been surrendered for cancellation, the Certificate Administrator shall hold all amounts distributable
to the Holders thereof for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder
and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust, at which time
such amounts shall be distributed to the Depositor. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust hereunder or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with this Section 4.1(f). Any such amounts transferred to the
Certificate

 

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Administrator may, but need not be, invested in Permitted Investments and all income and gain realized from investment
of such funds shall be for the benefit of the Certificate Administrator. In the event the Certificate Administrator is permitted
or required to invest any amounts in Permitted Investments under this Agreement, whether in its capacity as Certificate Administrator
or in the event of its assumption of the duties of, or becoming the successor to, the Servicer or the Special Servicer, as applicable,
in accordance with the terms of this Agreement, it shall invest such amounts in Permitted Investments under clause (i) of
the definition of Permitted Investments.

 

(g)          The
Certificate Administrator shall be responsible for the calculations with respect to distributions from the Trust so long as the
Trust has not been terminated in accordance with this Agreement. The Certificate Administrator shall have no duty to recompile,
recalculate or verify the accuracy of information provided to it by the Servicer pursuant to Section 3.18(a) and, in the
absence of manifest error in such information, may conclusively rely upon it.

 

(h)          On
each Distribution Date, any Realized Loss shall be allocated to the respective Classes of Principal Balance Certificates in Reverse
Sequential Order, in each case until the Certificate Balance of the subject Class has been reduced to zero.

 

Allocations of Realized
Losses to the Class LA, Class LB or Class LC Uncertificated Interest shall result in a corresponding reduction in the Notional
Balance of the Class X Certificates. Allocations of Realized Losses to any Class of Principal Balance Certificates shall be deemed
to result in a corresponding reduction of the Lower-Tier Principal Amount of the Related Uncertificated Lower-Tier Interest.

 

4.2          Withholding
Tax. Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal
withholding requirements with respect to payments to Certificateholders that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders shall not be required for any such withholding. In
the event the Certificate Administrator withholds any amount from interest payments or advances thereof to any
Certificateholder pursuant to federal withholding requirements, amounts so withheld shall be treated as having been entirely
distributed to such Certificateholder, and the Certificate Administrator shall indicate the amount withheld to such
Certificateholder through a report.

 

Each Beneficial Owner
and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges that interest
on the Certificates will be treated as United States source interest, and, as such, United States withholding tax may apply. Each
such Beneficial Owner and Certificateholder further agrees, upon request, to provide any certifications that may be required under
applicable law, regulations or procedures to evidence its status for United States withholding tax purposes and understands that
if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may
be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, if a payment
made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment
were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient
shall deliver to the Paying Agent, with a copy to each of

 

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the Trustee and the Certificate Administrator, at the time or times prescribed
by the Code and at such time or times reasonably requested by the Paying Agent or the Trustee, such documentation prescribed by
the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the
Paying Agent, the Trustee or the Certificate Administrator to comply with their respective obligations under FATCA, to determine
that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and
withhold from such payment. For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any
regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued
by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations
and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA
after the date of this Agreement.

 

4.3          Allocation
and Distribution of Prepayment Fees.

 

(a)          On
each Distribution Date, the Certificate Administrator shall withdraw any Prepayment Fees collected in respect of the Mortgage Loan
during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement, and shall distribute
such withdrawn amounts to the Holders of the following Classes of Certificates in the following manner: (i) the Holders of each
Class of Class A, Class B, Class C and Class D Certificates shall be entitled to receive on each Distribution Date an amount of
Prepayment Fees with respect to prepayments of the Trust Loan, equal to the product of (a) a fraction whose numerator is the amount
of principal distributed to such Class on such Distribution Date and whose denominator is the total amount of principal distributed
to all of the Class A, Class B, Class C and Class D Certificates representing principal prepayments in respect of the Trust Loan
on such Distribution Date, (b) the Base Interest Fraction for the related principal prepayment and such Class of Certificates,
and (c) the Prepayment Fee collected during the related Collection Period and allocable to the Trust Loan, (ii) any Prepayment
Fee collected during the related Collection Period and allocable to the Trust Loan remaining after such distributions shall be
distributed to the Class X Certificates so long as the Class A, Class B, Class C and Class D Certificates are outstanding (including,
if applicable, the Distribution Date on which the Certificate Balances of the Class A, Class B, Class C and Class D Certificates
is reduced to zero), and (iii) on any Distribution Date after the Certificate Balances of the Class A, Class B, Class C and Class
D Certificates is reduced to zero, any Prepayment Fee collected during the related Collection Period and allocable to the Trust
Loan shall be distributed to the Class X Certificates. If there is more than one Class of Class A, Class B, Class C and Class D
Certificates entitled to distributions of principal on any particular Distribution Date on which Prepayment Fees are distributable,
the aggregate amount of such Prepayment Fee shall be allocated among all such Classes of Class A, Class B, Class C and Class D
Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with
the first sentence of this Section 4.3(b).

 

(b)          All
Prepayment Fees so distributed shall be deemed to have been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect
of the Class LA Uncertificated Interest, Class LB Uncertificated Interest, Class LC Uncertificated Interest, Class LD Uncertificated
Interest, Class LE Uncertificated Interest and/or Class LF Uncertificated

 

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Interest, pro rata in accordance with their respective
Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated
Interest, as applicable, has received all distributions of interest and principal to which it is entitled.

 

(c)          No
Prepayment Fees shall be distributed to the Holders of the Class E, Class F or Class R Certificates.

 

4.4          Statements
to Certificateholders. (a) On each Distribution Date, based in part on information provided by the Servicer and/or the
Special Servicer, as applicable, the Certificate Administrator shall prepare and make available pursuant to Section
8.14(b) to any Privileged Person a statement in respect of the distributions on such Distribution Date (a
“Distribution Date Statement”) in the form of Exhibit O setting forth:

 

(i)           for
each Class of Regular Certificates the amount of the distributions made on such Distribution Date allocable to interest at the
Pass-Through Rate and the amount allocable to principal (separately identifying the amount of any principal payments (and specifying
the source of such payments)), and the amount of interest paid on Advances from Default Interest and allocable to such Class;

 

(ii)          if
the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to such Holders
if there were sufficient Certificate Available Funds, the amount of the shortfall allocable to such Class, stating separately the
amounts allocable to principal and interest;

 

(iii)         the
amount of any Monthly Interest Payment Advance for such Distribution Date;

 

(iv)         the
Certificate Balance or Notional Balance, as the case may be, of each Class of Regular Certificates after giving effect to any distribution
in reduction of the Certificate Balance or Notional Balance, as the case may be, on such Distribution Date;

 

(v)          the
principal balance of the Trust Loan and any Companion Loan (in each case including, without limitation, all or any portion thereof
that constitutes an REO Mortgage Loan) and the Certificate Balance or Notional Balance of each Class of Regular Certificates as
of the end of the Collection Period for such Distribution Date;

 

(vi)         the
aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;

 

(vii)        identification
of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event or Special Servicer Termination
Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to
the end of the immediately preceding calendar month;

 

(viii)       the
amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect
to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges

 

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retained by
the Servicer or the Special Servicer, and the amount of compensation paid to the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, separately listing the Certificate Administrator Fee (which includes the Trustee Fee) and the Special
Servicing Fee;

 

(ix)         the
number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which
any foreclosure proceedings have been commenced;

 

(x)          identification
of whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become
a Foreclosed Property;

 

(xi)         information
with respect to any declared bankruptcy of the Borrower;

 

(xii)        as
to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the related Collection Period, the identity
of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection
Period;

 

(xiii)       a
list of conveyances or transfers of the Property by the Borrower as of the end of the related Collection Period;

 

(xiv)       the
aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;

 

(xv)        the
amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;

 

(xvi)       an
itemized report identifying any Appraisal Reduction Amount;

 

(xvii)      the
amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period;

 

(xviii)     the
aggregate amount of Borrower Reimbursable Trust Fund Expenses;

 

(xix)       the
amount of Prepayment Fees, if any, collected during the related Collection Period and distributed on such Distribution Date to
the Holders each Class of the Class X Certificates;

 

(xx)        the
information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject
of a demand to repurchase for breach of the related representations and warranties;

 

(xxi)       the
amount of any CREFC® Licensing Fee payable on the related Remittance Date with respect to the related Interest Accrual
Period;

 

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(xxii)      an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the
related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer pursuant to this Agreement;
and

 

(xxiii)     the
amount of any principal prepayment made on any Special Distribution Date occurring during the related Collection Period.

 

The Depositor, the Servicer,
the Special Servicer, the Trustee and the Certificate Administrator may agree to enhance the reporting requirements of the Distribution
Date Statement without Certificateholder approval, except that during a Control Period, no such enhancement shall, unless required
by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset
Status Report and communications between the Special Servicer and the Controlling Class Representative) without the prior written
consent of the Controlling Class Representative.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information
set forth in clauses (i), (ii) and (iv) above as to the applicable Class, aggregated for such calendar year
or applicable portion of such year during which such Person was a Certificateholder, together with such other information as the
Certificate Administrator deems necessary or desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably
requests, to enable Certificateholders to prepare their tax returns for such calendar year. Such obligation of the Certificate
Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided
by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.

 

(b)          The
Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date
pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders
or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer
and the Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to
it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be
furnished by the Servicer is based on information required to be provided by the Restricted Parties or the Special Servicer, the
Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of
such information from the Restricted Parties or the Special Servicer, as applicable. To the extent that information required to
be furnished by the Special Servicer is based on information required to be provided by the Restricted Parties, the Special Servicer’s
obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Restricted
Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled to rely on information
supplied by the Restricted Parties without independent verification.

 

The Certificate Administrator
shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant
to 

 

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Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses
shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly,
annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Restricted Parties.

 

At the reasonable request
and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website
to any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations
of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information
Website pursuant to Section 8.14(b)).

 

In addition, the Certificate
Administrator shall make available on the Certificate Administrator’s Website such information as set forth in Section
8.14(b) herein.

 

4.5          Investor Q&A
Forum; Investor Registry and Rating Agency Q&A Forum.

 

(a)          The
Certificate Administrator shall make available to Non-Restricted Privileged Persons only, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Non-Restricted Privileged
Persons may (i) submit questions to the Certificate Administrator relating to the Distribution Date Statement, or submit questions
to the Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to Section 8.14(b)(ii)(B),
the Mortgage Loan or the Property (each an “Inquiry” and collectively, “Inquiries”), and
(ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry
from a Non-Restricted Privileged Person for the Servicer or the Special Servicer, as applicable, the Certificate Administrator
shall forward such Inquiry to the appropriate person at the Servicer or the Special Servicer, as applicable (as identified to the
Certificate Administrator by the Servicer or the Special Servicer, as applicable), in each case via email within a commercially
reasonable period of time following receipt of such Inquiry. Following receipt of an Inquiry, the Certificate Administrator, the
Servicer or the Special Servicer, as applicable, unless such party determines not to answer such Inquiry as provided below, shall
reply to the Inquiry, which reply of the Servicer or the Special Servicer, as applicable shall be by email to the Certificate Administrator.
The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such
answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, determines, in its respective sole discretion, that (i) any
Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Trust, the Certificateholders
and/or any Companion Loan Holder, (iii) answering any Inquiry would be in violation of applicable law, the Mortgage Loan Documents
or this Agreement, (iv) answering the Inquiry would, or is reasonably expected to, result in the waiver of attorney-client privilege
or the disclosure of attorney work product, (v) answering any Inquiry would materially increase the duties of, or result in significant
additional cost or expense to, the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable,
(vi) answering any Inquiry would or is reasonably expected to require the disclosure of Privileged Information, or (vii) answering
any Inquiry is otherwise, for any reason, not advisable, it shall not be required to

 

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answer such Inquiry and, in the case of the
Servicer or the Special Servicer shall promptly notify the Certificate Administrator of such determination. The Certificate Administrator
shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered. Any notice by the Certificate
Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because
the Trust and Servicing Agreement provides that the Certificate Administrator, the Servicer and the Special Servicer shall not
answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described
in the Trust and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law, the applicable Mortgage Loan Documents or the Trust and Servicing
Agreement, (iv) answering any Inquiry that would, or could reasonably be expected to, result in the waiver of attorney-client privilege
or the disclosure of attorney work product, (v) answering any Inquiry would materially increase the duties of, or result in significant
additional cost or expense to, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, (vi) answering
any Inquiry would or is reasonably expected to require the disclosure of Privileged Information, or (vi) answering any Inquiry
is otherwise, for any reason, not advisable, no inference should or may be drawn from the fact that the Certificate Administrator,
the Servicer or the Special Servicer has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall
be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchasers
or any of their respective Affiliates. None of the Initial Purchasers, Depositor, the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or any of their respective Affiliates shall certify to any of the information posted in the Investor
Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Certificate
Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that
the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. No party shall post
or otherwise disclose direct communications with the Controlling Class Representative as part of its response to any Inquiries;
provided, that the Certificate Administrator shall have no obligation to review any inquiry or answer received by it for posting
to the Investor Q&A Forum to determine if such inquiry or answer contains any such direct communication with the Controlling
Class Representative, or otherwise to consult with the party from whom such Inquiry or answer is received to confirm the same,
and the Certificate Administrator shall have no liability in connection with its posting to the Investor Q&A Forum of any Inquiry
or answer containing such direct communication. The Investor Q&A Forum shall not reflect questions, answers and other communications
that are not submitted via the Certificate Administrator’s Website. In addition to the Certificate Administrator’s
receipt of the Investor Certification to confirm that such person is a Non-Restricted Privileged Person, the Certificate Administrator
may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum.

 

(b)          The
Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry shall be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its

 

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name and contact
information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders
and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s
name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates
owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes to be removed from the
Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove
it from the Investor Registry. The Certificate Administrator shall not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)          The
Distribution Date Statements, CREFC® Reports and any supplemental notices thereto, shall be provided by the Certificate
Administrator to certain market data providers upon the consent of the Depositor, and upon receipt by the Certificate Administrator
from such person of a certification in the form of Exhibit N hereto, which certification may be submitted electronically.
The Depositor hereby consents to the provision of such information to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit
and BlackRock Solutions, and the provision of such information shall not constitute a breach of this Agreement by the Certificate
Administrator.

 

(d)          The
17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The
“Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where NRSROs may (i) submit inquiries to the Certificate Administrator relating to the Distribution Date
Statement, (ii) submit inquiries to the Servicer or the Special Servicer, as applicable, relating to the reports prepared by such
parties, (iii) submit requests for loan-level reports and information (each such submission, a “Rating Agency Inquiry”)
or (iv) view Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto. Upon
receipt of a Rating Agency Inquiry for the Servicer, the Special Servicer or the Certificate Administrator, the 17g-5 Information
Provider shall forward the Rating Agency Inquiry to the appropriate person, in each case within a commercially reasonable period
of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry
as provided below, shall reply by email (or other electronic means reasonably acceptable to the 17g-5 Information Provider and
the Servicer or the Special Servicer, as applicable) to the 17g-5 Information Provider. The 17g-5 Information Provider shall post
(within a commercially reasonable period of time following of receipt of such response) such Rating Agency Inquiry and the related
response (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. If the Certificate Administrator,
the Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry
would be in violation of applicable law, the Accepted Servicing Practices, this Agreement or the applicable Mortgage Loan Documents,
(ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege
with, or the disclosure of attorney work product of, any counsel engaged by the Servicer, the Special Servicer, the Trustee or
the Certificate Administrator, as applicable, or (iii)(A) answering any Rating Agency Inquiry would

 

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materially increase the duties
of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special Servicer,
as applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance
with the Accepted Servicing Practices (or in good faith, in the case of the Certificate Administrator) that the performance of
such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry
and, in the case of the Certificate Administrator, the Servicer or the Special Servicer, shall promptly notify the 17g-5 Information
Provider by email (or other electronic means reasonably acceptable to the 17g-5 Information Provider and the Servicer or the Special
Servicer, as applicable) of such determination. The 17g-5 Information Provider shall promptly thereafter post the Rating Agency
Inquiry with the reason it was not answered to the Rating Agency Q&A Forum and Document Request Tool. The 17g-5 Information
Provider shall not be liable for the failure by any other such Person to so answer. Questions posted on the Rating Agency Q&A
Forum and Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on the Rating Agency Q&A Forum
and Document Request Tool shall be attributable only to the respondent, and shall not be deemed to be answers from any other person.
None of the Initial Purchasers, Depositor, or any of their respective Affiliates shall certify to any of the information posted
in the Rating Agency Q&A Forum and Document Request Tool and no such party shall have any responsibility or liability for the
content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s
Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is
administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool shall not reflect questions,
answers and other communications that are not submitted via the 17g-5 Information Provider’s Website. In addition to the
Certificate Administrator’s receipt of the Investor Certification to confirm that such person is a Non-Restricted Privileged
Person, the Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Rating Agency Q&A
Forum and Document Request Tool.

  

5.          THE CERTIFICATES

 

5.1          The Certificates.

 

(a)          The
Certificates shall be issued in substantially the respective forms set forth as Exhibits A-1 through A-8 hereto,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement
or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate
compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required by-law, or as may, consistently herewith, be determined by the officers executing such Certificates,
as evidenced by their execution thereof.

 

(b)          The
Certificates of each Class of Principal Balance Certificates shall be issued in minimum denominations of $100,000 and integral
multiples of $1 in excess of

 

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$100,000. The Class X Certificates shall be issued, maintained and transferred only in minimum denominations
of authorized initial Notional Balance of not less than $1,000,000 and in integral multiples of $1 in excess thereof. The Class
R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class R Certificates
and in integral multiples of 1% in excess thereof.

 

(c)          One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

5.2          Form
and Registration. (a) The Regular Certificates of each Class thereof may be sold to Non-U.S. Securities Persons in
offshore transactions in reliance on Regulation S under the Act. Such certificates shall initially be represented by a
temporary global certificate in definitive, fully registered form without interest coupons, substantially in the applicable
form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”), which shall be
deposited on the Closing Date on behalf of the purchasers of the Certificates represented thereby with the Certificate
Registrar, at its principal trust office, as custodian, for the Depository, and registered in the name of the Depository or
the nominee of the Depository for the account of designated agents holding on behalf of the Euroclear System
(“Euroclear”) and/or Clearstream Banking, société anonyme
(“Clearstream”). Prior to the expiration of the 40-day period commencing on the later of the commencement
of the offering of the Certificates and the Closing Date (the “Restricted Period”), beneficial interests
in each Temporary Regulation S Global Certificate may be held through Euroclear, Clearstream or any other Depository
Participant. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S
Global Certificate may be exchanged for an interest in the related permanent global certificate of the same Class (a
“Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto in accordance
with the procedures set forth in Section 5.3(f). During the Restricted Period, distributions due in respect of a
beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate
Administrator by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the
expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S
Global Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in
the Regulation S Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of
a Temporary Regulation S Global Certificate or a Regulation S Global Certificate may from time to time be increased or
decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter
provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar for
purposes of effecting the exchanges contemplated by the preceding paragraph.

 

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(b)          The
Regular Certificates of each Class thereof (other than the Class R Certificates) offered and sold to QIBs in reliance on Rule 144A
under the Act (“Rule 144A”) shall be represented by a single, global certificate in definitive, fully registered
form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A
Global Certificate” and, together with the Temporary Regulation S Global Certificates and the Regulation S Global Certificates,
the “Global Certificates”), which shall be deposited with the Certificate Registrar or an agent of the Certificate
Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository. The aggregate
Certificate Balance of a Rule 144A Global Certificate may from time to time be increased or decreased by adjustments made on the
records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)          The
Regular Certificates of each Class thereof that are initially offered and sold in the United States to investors that are Institutional
Accredited Investors that are not QIBs, the Initial Class F Certificates and the Class R Certificates (collectively, the “Non-Book
Entry Certificates”) shall be in the form of Definitive Certificates, substantially in the applicable form set forth
as an exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar who
shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)          Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depositor advises the Certificate Registrar in writing that the Depository is no longer willing or
able to discharge properly its responsibilities or continue as depository with respect to the Global Certificates of such Class
or ceases to be a Clearing Agency, and the Certificate Registrar and the Depositor are unable to locate and appoint a qualified
successor within 90 days of such notice or (ii) the Certificate Administrator or the Trustee has instituted or has been directed
to institute any judicial proceeding in a court to enforce the rights of the Certificateholders and the Certificate Administrator
or the Trustee, as the case may be, has been advised by counsel that in connection with such proceeding it is necessary or appropriate
for the Certificate Registrar to obtain possession of the related Certificates; provided, however, that under no
circumstances shall Definitive Certificates be issued to beneficial owners of a Temporary Regulation S Global Certificate. Upon
notice of the occurrence of any of the events described in clause (i) or (ii) above with respect to any Certificates
of a Class that are in the form of Global Certificates and upon surrender by the Depository of any Global Certificate of such Class
and receipt from the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates of such
Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A Global Certificate,
the same legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate Registrar shall
recognize the holders of such Definitive Certificates as Certificateholders under this Agreement.

 

5.3          Registration
of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at the
Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations
as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the
“Certificate Registrar”). In such capacities, the Certificate Administrator shall be responsible

 

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for,
among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Regular Certificates
of each Class thereof represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a
Rule 144A Global Certificate, respectively, and accepting Certificates for exchange and registration of transfer and (ii)
transmitting to the Trustee, the Depositor, the Servicer and the Special Servicer any notices from the
Certificateholders.

 

(b)          Subject
to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class. No transfer of any Certificate
shall be made unless that transfer is made pursuant to an effective registration statement under the Act, and effective registration
or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or
qualification.

 

(c)          Rule
144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A
Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its
interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class,
or to transfer its interest in such Rule 144A Global Certificate to a Person who is required to take delivery thereof in the form
of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules and procedures
of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation
S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof,
of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate
Administrator to credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Global Certificate in an
amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance
with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be credited with
such increase and the name of such account and (3) a certificate in the form of Exhibit C hereto given by the holder of
such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall
instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase,
or cause to be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the
account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial
interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global
Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial
interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

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(d)          Rule
144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Rule
144A Global Certificate for an interest in the Regulation S Global Certificate of the same Class, or to transfer its interest in
such Rule 144A Global Certificate to a Person who is required to take delivery thereof in the form of an interest in a Regulation
S Global Certificate, such holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of,
such interest for an equivalent beneficial interest in such Regulation S Global Certificate. Upon receipt by the Certificate Administrator,
as registrar, at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest
in the Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be
exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding the
participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit D hereto
given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in compliance with
the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, (B) that the
Certificate being transferred is not a “restricted security” as defined in Rule 144 under the Act or (C) that the transferee
is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Global
Certificate, without any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion
of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and
to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate equal to the
reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account
of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged
or transferred.

 

(e)          Temporary
Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial
interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar
as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate or
Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest
in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of
Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Administrator, as registrar,
at its office designated in Section 5.7 hereof, of (1) instructions from Euroclear or Clearstream, if applicable, and the
Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the Rule
144A Global

 

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Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global
Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository to
be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest
in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A
Global Certificate, a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating
that the Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person
acquiring such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction
meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or
cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the
beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, and the
Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the
account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction
in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to debit, or
cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary Regulation S
Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)           Temporary
Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate
as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S.
Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate
substantially in the form of Exhibit F hereto from the holder of a beneficial interest in such Temporary Regulation S Global
Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of the same Class.
The Certificate Registrar shall effect such exchange by delivering to the Depository for credit to the respective accounts of such
holders, a duly executed and authenticated Regulation S Global Certificate, representing the aggregate Certificate Balance of interests
in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate. The
delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied
upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein
has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Global
Certificate. Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation S
Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction
in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Global Certificate
to reflect the corresponding increase in the amount represented thereby. Until so exchanged in full and except as provided therein,
the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby, shall in all

 

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respects be entitled to the
same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A Global Certificate authenticated and delivered
hereunder.

 

(g)          Non-Book
Entry Certificate to Global Certificate. If a Holder of a Non-Book Entry Certificate (other than a Class R Certificate, but
including an Initial Class F Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an
interest in a Global Certificate of the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who
is entitled to take delivery thereof in the form of an interest in a Global Certificate, such Holder may, subject to the rules
and procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book
Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt by
the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) such Non-Book Entry Certificate,
duly endorsed as provided herein, (2) instructions from such Holder directing the Certificate Registrar, as registrar, to credit,
or cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion of the Certificate Balance
of the Non-Book Entry Certificate to be exchanged, such instructions to contain information regarding the participant account with
the Depository to be credited with such increase and (3) a certificate in the form of Exhibit G-1 hereto (in the event that
the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit G-2 hereto (in
the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit G-3 hereto
(in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar,
shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate
and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained
by such transferor and shall instruct the Depository to increase, or cause to be increased, such Global Certificate by the aggregate
Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to
the account of the Person specified in such instructions a beneficial interest in the applicable Global Certificate equal to the
Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)          No
Exchanges of Global Certificates to Non-Book Entry Certificates. Subject to the issuance of Definitive Certificates if and
when permitted by Section 5.2(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule
144A Global Certificate, Temporary Regulation S Global Certificate or Regulation S Global Certificate (or any portion thereof).
No Non-Book Entry Certificates (other than the Class R Certificates and the Initial Class F Certificates) were issued in connection
with the initial offering of the Certificates.

 

(i)           Other
Exchanges. If a Global Certificate is exchanged for Definitive Certificates if and when permitted by Section 5.2(d),
then such Definitive Certificates, as well as in all cases the Class R Certificates, may not be transferred unless: (i) the Certificate
Registrar received (A) a certificate from the proposed transferor substantially in the form attached as Exhibit H-1 to this Agreement
and an investment representation letter from the proposed transferee substantially in the form attached as Exhibit H-2 to this
Agreement or (B) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer may be made without
registration under the Act, together with the written certification(s) as to the facts

 

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surrounding such transfer from the Certificateholder
desiring to effect such transfer and/or the proposed transferee on which such opinion of counsel is based (which opinion of counsel
shall not be an expense of the Trust or of the Depositor, the Servicer, the Special Servicer, the Advisor, the Certificate Administrator,
the Trustee or the Certificate Registrar in their respective capacities as such); or (ii) such transfer is otherwise in accordance
with such procedures as are substantially consistent with the provisions of clause (g) above (including the certification
requirements intended to ensure that such transfers comply with Rule 144A or, except in the case of a transfer of Class R Certificates,
Regulation S under the Act, as the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar. No Initial Class F Certificates may be transferred unless: (1) such Initial Class F Certificate has been exchanged for
an equivalent beneficial interest in a Global Certificate of the Class F Certificates pursuant to Section 5.3(g) and (2)
the transferee is a Person who is entitled to take delivery thereof in the form of an interest in a Global Certificate pursuant
to the provisions of Sections 5.3(c), 5.3(d) or 5.3(g).

 

(j)           Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made
pursuant to the provisions of clause (e) above.

 

(k)           If
Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance
with the Act, or if a request is made to remove such legend on Certificates, the Certificates so issued shall bear the restrictive
legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory
evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act or, with
respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of Rule 144
under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver Certificates
that do not bear such legend.

 

(l)           All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)         No
Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be an employee
benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code (each, a “Plan”),
or any person acting on behalf of any such Plan or using the assets of a Plan to purchase such Certificate. Each prospective purchaser
or transferee of a Class R Certificate or an ERISA Restricted Certificate in the form of a Definitive Certificate shall deliver
to the transferor, the Certificate Registrar and the Trustee a representation letter, substantially in the form of Exhibit J,
stating that (i) the prospective purchaser or transferee is not a Plan or a person acting on behalf of or using the assets of a
Plan or (ii) only in the case of an ERISA Restricted Certificate in the form of a Definitive Certificate that is not a Class R
Certificate, (1) such purchaser or transferee is an insurance company, (2) the source of funds used to acquire or hold such ERISA
Restricted Certificate or interest therein is an “insurance company general account,” as such term is defined

 

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in PTCE
95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. In addition, no ERISA Restricted Certificate
or interest therein may be purchased by or transferred to any prospective purchaser or transferee that is or will be a Plan, or
to any Person acting on behalf of any such Plan or using the assets of a Plan to purchase such ERISA Restricted Certificate or
interest therein, unless (i) such purchaser or transferee is an insurance company, (ii) the source of funds used to acquire or
hold such ERISA Restricted Certificate or interest therein is an “insurance company general account,” as such term
is defined in PTCE 95-60, and (iii) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Furthermore, no ERISA
Restricted Certificate or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that
is or will be a governmental plan (as defined in Section 3(32) of ERISA) subject to any federal, state or local law that is, to
a material extent, similar to the fiduciary provisions of ERISA or Code Section 4975 (“Similar Law”), or to
any Person acting on behalf of any such plan or using the assets of such plan to acquire such Certificate if its acquisition, holding
and disposition of such Certificate would constitute or otherwise result in a non-exempt violation of Similar Law. Each beneficial
owner of a Certificate (other than a Class R Certificate) or any interest therein will be deemed to have represented, by virtue
of its acquisition or holding of such Certificate or interest therein, that either (i) it is not a Plan or an entity using assets
of a Plan, (ii) in the case of a Certificate other than an ERISA Restricted Certificate, it has acquired and is holding the Offered
Certificates in reliance on the Underwriter Exemption, and that it understands that there are certain conditions to the availability
of the Underwriter Exemption, including that the Offered Certificates must be rated, at the time of acquisition, not lower than
“BBB-” (or its equivalent) by a credit rating agency which meets the requirements of the Underwriter Exemption and
that such Offered Certificate is so rated and that it is an Institutional Accredited Investor or (iii) (1) it is an insurance company,
(2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance company general account,”
as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Each beneficial
owner of a Certificate or an interest therein which is a governmental plan (as defined in Section 3(32) of ERISA) subject to Similar
Law shall be deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein that the
acquisition, holding and disposition of such Certificate by the purchaser will not constitute or otherwise result in a non-exempt
violation of Similar Law. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void
ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.

 

(n)          Each
Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:

 

(i)           Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition of a Residual
Ownership Interest by a Person who is not a Permitted Transferee or by a

 

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Person who is acting as an agent of a Person who is not
a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and as fully as
possible.

 

(ii)          No
Residual Ownership Interest may be transferred, and no such transfer shall be registered in the Certificate Register, without the
express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the transfer, and such
proposed transfer shall not be effective, without such consent with respect thereto. In connection with any proposed transfer of
any Residual Ownership Interest, other than in connection with the initial transfer thereof to the Initial Purchasers and any subsequent
transfer thereof by the Initial Purchasers to any of their affiliates, the Certificate Registrar shall, as a condition to such
consent, (x) require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar
and to the proposed transferor, an affidavit in substantially the form attached as Exhibit I-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands
that, as the holder of a Residual Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual
interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become
due, (4) the proposed transferee shall not cause income with respect to the Residual Ownership Interest to be attributable to a
foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee
or any other U.S. Tax Person, (5) the proposed transferee shall not transfer the Residual Ownership Interest to any Person that
does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted
Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee,
and (6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.3(n) and
(y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed transferor
substantially in the form attached as Exhibit I-2 (the “Transferor Letter”), that the proposed transferor
has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know
that the proposed transferee’s statements in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)         Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than 60 days after a request for

 

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information from the transferor of such Residual Ownership Interest
or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such
Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the Code as may be
required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect
to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar,
the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such
agent referred to above; provided, however, such Persons shall in no event be excused from furnishing such information.

 

(iv)        The
Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

5.4          Mutilated,
Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate Registrar, or
the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona
fide purchaser, the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In
connection with the issuance of any new Certificate under this Section 5.4, the Certificate Registrar may require the
payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.4 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

 

5.5          Persons
Deemed Owners. The Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes
whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate
Registrar or any agent of any of them shall be affected by any notice to the contrary; provided, however, that
to the extent that a party to this Agreement responsible for distributing any report, statement or other information required
to be distributed to Certificateholders has been provided with an Investor Certification substantially in the form of Exhibit
K-1 from a Non-Restricted Privileged Person (including a Beneficial Owner or prospective transferee), such party to this
Agreement shall distribute such report, statement or other information to such Non-Restricted Privileged Person.

 

5.6          Access
to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall maintain in as
current a form as is reasonably practicable the most recent list available to it of the names and addresses of the
Certificateholders. If any Certificateholder that has provided an Investor Certification substantially in the form of Exhibit
K-1 (a) requests in writing from the Certificate Registrar a list of the names and addresses of

 

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Certificateholders, (b)
states that such Certificateholder desires to communicate with other Certificateholders with respect to its rights under this
Agreement or under the Certificates and (c) provides a copy of the communication which such Certificateholder proposes to
transmit, then the Certificate Registrar shall, within ten Business Days after the receipt of such request, afford such
Certificateholder access during normal business hours to a current list of the Certificateholders. Every Certificateholder,
by receiving and holding a Certificate, agrees that the Certificate Registrar and the Certificate Administrator shall not be
held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder,
regardless of the source from which such information was derived. The Depositor, the Servicer, the Special Servicer and the
Trustee shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request
therefor.

 

Upon the written request
of any Certificateholder that (a) has provided an Investor Certification substantially in the form of Exhibit K-1, (b) states
that such Certificateholder desires the Certificate Administrator to transmit a notice to all Certificateholders stating that such
Certificateholder wishes to be contacted by other Certificateholders, setting forth the relevant contact information and briefly
stating the reason for the requested contact (a “Special Notice”) and (c) provides a copy of the Special Notice
which such Certificateholder proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate
Administrator’s Website pursuant to Section 8.14(b) and shall mail such Special Notice to all Certificateholders (other
than any Certificateholder that is the Borrower, an Affiliate of the Borrower or the Property Manager or an agent of one or more
of the foregoing) at their respective addresses appearing on the Certificate Register. The costs and expenses of the Certificate
Administrator associated with delivering any such Special Notice shall be borne by the party requesting such Special Notice. Every
Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator nor the Certificate
Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders, regardless of
the information set forth in such Special Notice.

 

5.7          Maintenance
of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency or
agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar
initially designates its office at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention:
Global Transaction Services - 225 Liberty Street Trust 2016-225L, as its office for such purposes. The Certificate Registrar
shall give prompt written notice to the Certificateholders and the Borrower of any change in the location of the Certificate
Register or any such office or agency.

 

6.          THE DEPOSITOR,
THE SERVICER AND THE SPECIAL SERVICER

 

6.1          Respective
Liabilities of the Depositor, the Servicer and the Special Servicer. The Depositor, the Servicer and the Special Servicer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

6.2          Merger
or Consolidation of the Servicer or the Special Servicer. Each of the Servicer and the Special Servicer shall keep in
full effect its existence and rights as an entity

 

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under the laws of the jurisdiction of its organization, and shall be in
compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.

 

Any Person into which
the Servicer or the Special Servicer may be merged or consolidated, or any Person resulting from any merger or consolidation to
which the Servicer or the Special Servicer shall be a party, or any Person succeeding to the servicing business of the Servicer
or the Special Servicer, shall be the successor of the Servicer or the Special Servicer, as the case may be, hereunder, and shall
be deemed to have assumed all of the liabilities and obligations of such Servicer or Special Servicer hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that such successor or surviving Person would not cause the then current rating on any of the
Certificates to be qualified, downgraded or withdrawn by any of the Rating Agencies, as evidenced by a Rating Agency Confirmation
delivered to the Certificate Administrator and the Trustee.

 

Notwithstanding the foregoing,
if the Servicer or the Special Servicer is the surviving entity of such merger, consolidation or transfer, such Person shall not
be required to comply with any requirement to obtain a Rating Agency Confirmation or similar confirmation from any Rating Agency.

 

6.3          Limitation
on Liability of the Depositor, the Servicer, the Special Servicer and Others. (a) None of the Depositor, the Servicer,
the Special Servicer or any of their respective directors, officers, members, managers, partners, employees, Affiliates or
agents shall be under any liability to the Trust or the Certificateholders or any Companion Loan Holder for any action taken
or for refraining from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the
direction of Certificateholders or any Companion Loan Holders, or for errors in judgment; provided, however,
that this provision shall not protect the Depositor, the Servicer, the Special Servicer or any such other Person against any
breach of warranties or representations made by it herein or any liability which would otherwise be imposed by reason of
negligence, bad faith or willful misconduct in the performance of its duties or by reason of negligent disregard of its
obligations and duties hereunder. The Depositor, the Servicer, the Special Servicer and any of their respective directors,
officers, employees, members, managers, partners, Affiliates or agents may reasonably rely on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the Servicer,
the Special Servicer and any of their respective directors, officers, members, managers, partners, employees, agents,
Affiliates or other “controlling persons” within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act (“Controlling Persons”), shall be indemnified by the Trust (and, pursuant to and to the
extent set forth in the Co-Lender Agreement, by any Companion Loan Holder) and held harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and
expenses incurred in connection with any legal action or other claims, losses, damages, penalties, fines, forfeitures, legal
fees and expenses and related costs, judgments or other costs and expenses relating to this Agreement, the Mortgage Loan, the
Property, or the Certificates (except as any such claims, losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments or other costs and expenses shall be otherwise reimbursable and reimbursed pursuant to
this Agreement), other than any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and

 

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related costs, judgments or other costs and expenses incurred by reason of negligence, bad faith or willful misconduct by it
in the performance of its duties hereunder or by reason of its negligent disregard of its obligations and duties hereunder.
Such indemnification shall survive the termination or resignation of the Depositor, Servicer or the Special Servicer. None of
the Depositor, the Servicer or the Special Servicer shall be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its respective duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Depositor, the Servicer or the Special Servicer may, in its
discretion, undertake any such action which it may deem necessary or desirable in accordance with Accepted Servicing
Practices in respect of this Agreement and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of such action and any liabilities of the Trust,
and the Depositor, the Servicer and the Special Servicer shall be entitled to be reimbursed therefor pursuant to Section
3.4(c) from funds on deposit in the Collection Account. Neither the Servicer nor the Special Servicer shall be
accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates or
for the use or application by the Certificate Administrator of any funds remitted to the Certificate Administrator in
respect of the Mortgage Loan deposited into or withdrawn from the Distribution Account or any account (other than the
Collection Account and the Foreclosed Property Account and any other account maintained by the Servicer, the Special Servicer
or any Sub-Servicer pursuant to this Agreement) maintained by the Certificate Administrator or otherwise on behalf of the
Trustee (except to the extent that any such account is held by the Servicer or the Special Servicer in its commercial
capacity), or for investment of such amounts (other than investments made with the Servicer or the Special Servicer in its
commercial capacity).

 

In addition, neither
the Servicer nor the Special Servicer shall have any liability with respect to, and the Servicer and the Special Servicer shall
be entitled to rely as to the truth of the statements made and the correctness of the opinions expressed therein on, any certificates
or opinions furnished to such Servicer or such Special Servicer, as the case may be, and conforming to the requirements of this
Agreement. To the extent consistent with Accepted Servicing Practices, each of the Servicer and the Special Servicer may rely in
good faith on information provided to it by the other parties hereto (unless the provider and the recipient of such information
are the same Person or Affiliates) and by the Borrower and shall have no duty to investigate or verify the accuracy thereof.

 

(b)          The
Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Trustee or
the Certificate Administrator under this Agreement. The Depositor may, but shall not be obligated to, enforce the obligations of
the Servicer and the Special Servicer, the Trustee and the Certificate Administrator under this Agreement. In addition, in no event
shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Licensing Fee to CREFC® (as described in Section 3.4(c)), to report any such CREFC® Licensing
Fee so paid (as described in Section 4.4(a)) or to make available any Distribution Date Statement to any person (including,
without limitation, CREFC®) (as described in Section 3.21).

 

(c)          In
order to comply with Applicable Laws, each of the Servicer and the Special Servicer may be required to obtain, verify and record
certain information relating to

 

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individuals and entities that maintain a business relationship with the Servicer or the Special
Servicer, as applicable. Accordingly, each of the parties hereto agrees to provide to the Servicer or the Special Servicer, as
applicable, upon its request from time to time, such identifying information and documentation as may be available for such party
in order to enable the Servicer or the Special Servicer, as applicable, to comply with Applicable Laws.

 

6.4          Servicer
and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer. (a) In connection with any resignation
permitted pursuant to Sections 6.4(b) or in connection with the sale or transfer of a substantial portion of their
mortgage servicing or asset management portfolio, each of the Servicer and the Special Servicer may resign and assign its
rights and delegate its duties and obligations under this Agreement to any Person or to an entity, provided that:

 

(i)           the
Person accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing
institution having a net worth of not less than $25,000,000, organized and doing business under the laws of the United States or
of any state of the United States or the District of Columbia, and authorized under such laws to perform the duties of the Servicer
or the Special Servicer, as the case may be, of the Mortgage Loan, (B) shall execute and deliver to the Trustee and the Certificate
Administrator an agreement in form and substance reasonably satisfactory to the Trustee and the Certificate Administrator, which
contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Servicer or the Special Servicer, as the case may be, under this Agreement from and after the date of such agreement;
provided, however, to the extent such agreement modifies in any respect any of the covenants, terms or conditions
in this Agreement to be performed by the Servicer or the Special Servicer, as the case may be, such agreement shall be subject
to the approval of the Trustee, such approval not to be unreasonably withheld, (C) shall make such representations and warranties
of the Servicer or the Special Servicer, as the case may be, as provided in Section 2.5, and (D)(x) during any Control Period,
with respect to the Servicer is reasonably acceptable to the Controlling Class Representative or, with respect to the Special Servicer,
has been appointed by the Controlling Class Representative, (y) during any Consultation Period, is reasonably acceptable to the
Controlling Class Representative, the Depositor and the Trustee, and (z) during any Consultation Termination Period, is reasonably
acceptable to the Depositor and the Trustee;

 

(ii)          Rating
Agency Confirmation has been received;

 

(iii)         the
Servicer or the Special Servicer, as the case may be, shall not be released from its obligations under this Agreement that arose
prior to the effective date of such assignment and delegation under this Section 6.4(a);

 

(iv)         the
rate at which any servicing compensation (or any component thereof) is calculated shall not exceed the rate specified herein; and

 

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(v)          the
Servicer or the Special Servicer, as the case may be, shall reimburse the Trustee and the Certificate Administrator, the Trust,
and the Rating Agencies for any reasonable expenses of such assignment, resignation, sale or transfer.

 

Upon satisfaction of
the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer or the Special Servicer,
as the case may be, hereunder.

 

(b)          Subject
to the provisions of Sections 6.2, 6.4(a) and 6.4(b), neither the Servicer nor the Special Servicer shall
resign from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder
is no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities
carried on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be,
shall be evidenced by an Opinion of Counsel delivered to the Depositor, the Trustee, the Certificate Administrator and, during
any Control Period and any Consultation Period, the Controlling Class Representative. No resignation by the Servicer or the Special
Servicer, as applicable, under this Agreement shall become effective until the Trustee or another successor Servicer or Special
Servicer, as applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer, as applicable,
under this Agreement in accordance with Section 7.2; provided that, during any Control Period, the Controlling Class
Representative may appoint a successor special servicer in accordance with the Section 7.1(d).

 

If the Trustee or an
Affiliate acts pursuant to this Section 6.4 as successor to the resigning Servicer, it may reduce the Excess Servicing Fee
Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Servicer would otherwise be below
the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Servicer other than itself
or an Affiliate pursuant to this Section 6.4, it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in
the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Servicer that meets the requirements of this
Section 6.4.

 

(c)          Notwithstanding
the foregoing, the Special Servicer may not be a Borrower Restricted Party with respect to the Mortgage Loan. If the Special Servicer
is or becomes a Borrower Restricted Party with respect to the Mortgage Loan, the Special Servicer shall immediately notify the
Depositor, the Servicer, the Trustee, the Certificate Administrator and, during any Control Period and any Consultation Period,
the Controlling Class Representative of such disqualification and the Special Servicer shall resign from its obligations and duties
hereby imposed on it. No resignation by the Special Servicer under this Section 6.4(c) shall become effective until the
Trustee or another successor Special Servicer shall have assumed the responsibilities and obligations of the Special Servicer under
this Agreement in accordance with Section 7.2; provided that, during any Control Period, the Controlling Class Representative
(as long as it is not a Borrower Restricted Party) may appoint a successor Special Servicer in accordance with the Section 7.1(d).

 

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6.5          Policies and
Procedures.

 

Each of the Servicer
and the Special Servicer shall be required to maintain reasonable policies and procedures, taking into account the nature of its
respective business, to ensure that divisions and individuals of the Servicer or the Special Servicer, as applicable, making Investment
Decisions (such divisions and individuals, “Investment Personnel”) shall not obtain Confidential Information
from the divisions and individuals of the Servicer or the Special Servicer, as applicable, who are involved in the performance
of the duties of the Servicer or the Special Servicer, as applicable, (such divisions and individuals, “Servicing Personnel”),
under this Agreement, and the Servicing Personnel shall not obtain information regarding investments from Investment Personnel.
Each of the Servicer and the Special Servicer shall represent that policies and procedures restricting the flow of information
exist, and shall be maintained by it, between its Investment Personnel, on the one hand, and its Servicing Personnel, on the other,
and that such policies and procedures operate in both directions so as to include (a) policies and procedures against the disclosure
of Confidential Information from such Servicing Personnel to such Investment Personnel and (b) policies and procedures against
the disclosure of information regarding investments from Investment Personnel to Servicing Personnel. The senior management each
of the Servicer and the Special Servicer, as applicable, and/or its affiliate (consisting of the person who heads CMBS servicing
at it and management personnel of it and/or its affiliates who report (directly or indirectly) to such person) who have obtained
Confidential Information in the course of their exercise of general managerial responsibilities may not participate in or use that
information to influence Investment Decisions, nor may they pass that information to others for use in such activities; nor may
such senior management personnel who have obtained information regarding investments in the course of their exercise of general
managerial responsibilities use that information to influence servicing decisions or strategies or otherwise affect the manner
in which the Servicer and the Special Servicer, as applicable, performs its servicing duties. Each of the Servicer and the Special
Servicer, as applicable, shall be required to maintain procedures that are designed to result in compliance with such policies.
Notwithstanding anything herein to the contrary, the delivery or provision by the Servicer or the Special Servicer of information
or reports as required by, and in accordance with, this Agreement shall not constitute a violation or default of this Section
6.5.

 

The Servicer and the
Special Servicer shall afford the Trustee (on behalf of the Certificateholders), and the Depositor, upon reasonable notice, during
normal business hours access to all non-confidential, non-proprietary records, including those in electronic form, documentation,
records or any other information regarding the Mortgage Loan that are in its possession or control hereunder and access to its
officers responsible therefor. The Depositor shall not have any responsibility or liability for any action or failure to act by
the Servicer or the Special Servicer and is not obligated to supervise the performance of the Servicer and the Special Servicer
under this Agreement or otherwise.

 

6.6          Indemnification
by the Servicer, the Special Servicer and the Depositor. 

 

(a)          Each
of the Servicer, the Special Servicer and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust
from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and related
costs, judgments and other costs and expenses incurred by the Trust that arise out of or are based

 

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upon (i) a breach of any material
representation or warranty by the Servicer, the Special Servicer or the Depositor, as applicable, or any breach by the Servicer,
the Special Servicer or the Depositor, as the case may be, of its obligations to the Trust or the Certificateholders under this
Agreement (other than delays or failures in performance resulting from acts beyond its control, including, but not limited to acts
of God, strikes, lockouts, riots and acts of war) or (ii) negligence, bad faith, fraud or willful misconduct on the part of the
Servicer, the Special Servicer or the Depositor, as the case may be, in the performance of such obligations or its negligent disregard
of its obligations and duties under this Agreement.

 

(b)          Each
of the Servicer, the Special Servicer and the Depositor (each, in such indemnifying capacity and for purposes of this Section
6.6(b), an “Indemnifying Party”) agrees severally and not jointly to indemnify the Trust, each Companion
Loan Holder and each of (other than itself) the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and any director, officer, employee or agent or Controlling Person of (other than itself) the Depositor, the Servicer, the Special
Servicer, the Trustee and the Certificate Administrator (each, in such indemnified capacity and for purposes of this Section
6.6(b), an “Indemnified Party”), and hold them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses (including reasonable attorneys’
fees incurred in connection with any legal action related to such Indemnifying Party’s negligence, bad faith or willful misconduct)
that the applicable Indemnified Party, may sustain arising from or as a result of the negligence, bad faith or willful misconduct
in the performance of duties hereunder or by reason of negligent disregard of obligations and duties hereunder by such Indemnifying
Party other than any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments
or other costs and expenses incurred by reason of negligence, bad faith or willful misconduct in the performance of any of such
Indemnified Party’s duties hereunder or by reason of negligent disregard of such obligations and duties hereunder. Such indemnification
obligation shall survive the termination or resignation of the Indemnifying Party hereunder and the termination of this Agreement.
Except as provided in the following sentence (as it may apply to any payments made hereunder to the Trust), the Indemnifying Party
shall not be entitled to reimbursement from the Trust for any payment made by the Indemnifying Party pursuant to this Section
6.6(b); provided, however, that nothing in this Section 6.6(b) shall deprive the Depositor, the Servicer
or the Special Servicer of any limitation on its liability or right to indemnification from the Trust provided to such party as
and to the extent provided by Section 6.3. Any expenses incurred or indemnification payments made by the Indemnifying Party
shall be reimbursed by the party so paid or which received the benefit of such payment, if a court of competent jurisdiction makes
a final, non-appealable judgment that the Indemnifying Party was not culpable or was found not to have acted with negligence, bad
faith or willful misconduct in connection with the conduct in question.

 

7.          SERVICER TERMINATION
EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE; TRUSTEE AS MAKER OF ADVANCES

 

7.1          Servicer Termination
Events; Special Servicer Termination Events.

 

(a)          “Servicer
Termination Event,” or “Special Servicer Termination Event” wherever used herein with respect to the
Servicer or the Special Servicer, as the case may be,

 

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means any one of the following events whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)          any
failure by the Servicer or the Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other
than Advances described under clause (ii) below) when required to be remitted under the terms of this Agreement unless cured
by (A) 11:00 a.m., New York time, on the first Business Day following the date on which such remittance was required to be made
other than with respect to any obligation of the Special Servicer and (B) close of business on the first Business Day following
the date on which such remittance was required to be made with respect to any obligation of the Special Servicer;

 

(ii)         any
failure of the Servicer (a) to make any Monthly Interest Payment Advance required to be made pursuant to this Agreement on or prior
to the applicable Remittance Date that is not cured by 11:00 a.m., New York time, on the related Distribution Date, (b) to make
any Administrative Advance required to be made pursuant to this Agreement on or prior to the applicable Remittance Date that is
not cured by 11:00 a.m., New York time, on the related Distribution Date, or (c) to make any Property Protection Advance required
to be made pursuant to this Agreement when the same is due and such failure continues unremedied for ten Business Days (or such
shorter period (not less than one Business Day) as would prevent a lapse in insurance or a delinquent payment of real estate taxes
or ground rents) following the date on which the Servicer receives notice thereof;

 

(iii)        any
failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other of its
covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue
unremedied for a period of 30 days after the date on which written notice of such failure shall have been given to the Servicer
or the Special Servicer, as applicable, by the Trustee or to the Servicer or the Special Servicer, as applicable, and Trustee by
the Holders of Principal Balance Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Principal
Balance Certificates or, if affected thereby, by any Companion Loan Holder; provided, however, that with respect
to any such failure that is not curable within such 30-day period, the Servicer or the Special Servicer, as applicable, shall have
an additional cure period of 30 days to effect such cure so long as the Servicer or the Special Servicer, as applicable, has commenced
to cure such failure within the initial 30-day period, and is continuing to diligently pursue, such cure;

 

(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable, and such decree
or order shall have remained in force undischarged or unstayed for a period of

 

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60 days; provided, however, with respect
to any such decree or order that cannot be discharged, dismissed or stayed within such 60 day period, the Servicer or the Special
Servicer, as applicable, shall have an additional period of 30 days to effect such discharge, dismissal or stay so long as it has
commenced proceedings to have such decree or order dismissed, discharged or stayed within the initial 60 day period and has diligently
pursued, and is continuing to pursue, such discharge, dismissal or stay;

 

(v)          the
Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator or
liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or
similar proceedings of or relating to the Servicer or the Special Servicer or of or relating to all or substantially all of its
property;

 

(vi)        the
Servicer or the Special Servicer, as applicable, shall admit in writing its inability to pay its debts generally as they become
due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit
of its creditors, or voluntarily suspend payment of its obligations;

 

(vii)       the
Servicer or the Special Servicer, as applicable, is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage
Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not restored to such status on such list within
60 days;

 

(viii)      DBRS
has (1) qualified, downgraded or withdrawn its rating or ratings on one or more Classes of Certificates, or (2) placed one or more
Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement has not been withdrawn by DBRS within 60 days) and, in the case of
either of clauses (1) or (2), cited servicing concerns with the Servicer or the Special Servicer, as the case may be, as the sole
or a material factor in such rating action;

 

(ix)        a
Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
Servicer or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification,
downgrade, withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within
60 days of such event); or

 

(x)         so
long as any Other Securitization Trust is subject to Exchange Act reporting requirements, the Servicer or Special Servicer, as
applicable, or a primary servicer, subservicer or servicing function participant (such entity, the “Sub-Servicing Entity”)
retained by the Servicer or Special Servicer fails to deliver the items required to be delivered by this Agreement to enable such
Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the timeframe set forth for delivery
in Article 13 (including any applicable notice and cure period) (and any Sub-

 

 

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Servicing Entity that defaults in accordance
with this clause (x) will be terminated at the direction of the Depositor).

 

provided, however,
that in the event that the Servicer is terminated solely by reason of a Servicer Termination Event described in clause (vii),
(viii) or (ix) above, the Servicer shall, subject to the terms and provisions of Section 7.2(b), have a limited
right to receive the proceeds from any cash offer for the servicing rights by a successor Servicer (net of the Trustee’s
“out of pocket” expenses incurred in connection with obtaining such offer and accomplishing the servicing transfer).

 

(b)          Upon
the occurrence of any Servicer Termination Event or Special Servicer Termination Event, the Trustee shall upon actual knowledge
by a Responsible Officer promptly notify the Certificate Administrator in writing and the Certificate Administrator shall (i) post
such notice on the Certificate Administrator’s Website pursuant to Section 8.14(b), (ii) provide such notice to the
17g-5 Information Provider who shall post written notice thereof to the 17g-5 Information Provider’s Website pursuant to
Section 8.14(b), (iii) provide notice to the Companion Loan Holders, and (iv) provide notice to the Certificateholders by
mail, to the addresses set forth on the Certificate Register, unless the related Servicer Termination Event or Special Servicer
Termination Event, as applicable, shall have been cured or waived. For avoidance of doubt, (i) the occurrence of a Servicer Termination
Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination Event with respect to
the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and (ii) the occurrence of
a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have occurred a Servicer Termination
Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination Event. In no event will the
Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Servicer Termination Event or Special
Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has
received written notice of, or has actual knowledge of, such Servicer Termination Event or Special Servicer Termination Event .

 

(c)           If
a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case, so long as
such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied, either (i) the Trustee may,
or (ii) upon the written direction of Holders of Principal Balance Certificates having at least 25% of the Voting Rights of the
Principal Balance Certificates or, if affected thereby, any Companion Loan Holder, the Trustee shall terminate all of the rights
and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement, other than rights and obligations
accrued prior to such termination (including the right to receive all amounts accrued and owing to the Servicer or Special Servicer
under this Agreement with respect to periods prior to the date of such termination and the right to indemnification under this
Agreement), and in and to the Mortgage Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer,
as applicable; provided that, notwithstanding anything to the contrary, if a Servicer Termination Event or Special Servicer
Termination Event, as applicable, under clauses (i), (ii), (iii), (ix) and/or (x) of Section
7.1(a) only has an adverse effect on a Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities,
but has no adverse effect on the Trust Loan, the Certificateholders or a rating on any of the Certificates, then (A) the

 

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Servicer
or the Special Servicer, as applicable, shall not be terminated by the Trustee pursuant to clause (i) above of this sentence
or upon the written direction of the Holders of Certificates pursuant to clause (ii) above of this sentence, and (B) (x)
with respect to a Servicer Termination Event or Special Servicer Termination Event under clause (x) of Section 7.1(a),
the related Other Depositor or (y) with respect to a Servicer Termination Event or Special Servicer Termination Event under clauses
(i), (ii), (iii) and/or (ix) of Section 7.1(a), the related affected Companion Loan Holder, shall
be able to require termination of the Servicer or Special Servicer, as applicable, pursuant to clause (ii) above of this
sentence. Upon any termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer
or the Special Servicer, as applicable, the Trustee shall promptly notify the Certificate Administrator of such termination or
appointment, and the Certificate Administrator shall, as soon as possible, post such written notice thereof on the Certificate
Administrator’s Website and provide the same to the 17g-5 Information Provider who shall post written notice thereof to the
17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, give written notice of such termination
to the Depositor, the Companion Loan Holders and the Certificateholders. Notwithstanding anything herein to the contrary, the Depositor
shall have the right, but not the obligation, to notify the Trustee of any Servicer Termination Event or Special Servicer Termination
Event of which the Depositor becomes aware. Upon any termination of the Servicer or the Special Servicer, as applicable, and appointment
of a successor to the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall, as soon as possible,
post such notice thereof on the Certificate Administrator’s Website and provide the same to the 17g-5 Information Provider
who shall post notice thereof to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter,
give written notice to the Companion Loan Holders, the Depositor and the Certificateholders by mail to the addresses set forth
in the Certificate Registrar. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the
obligation, to notify the Trustee of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor
becomes aware. During any Control Period, the Controlling Class Representative shall have the right to select the successor Special
Servicer following any Special Servicer Termination Event.

 

(d)          During
any Control Period, the Controlling Class Representative shall have the right to direct the Trustee to terminate the Special Servicer
at any time when the Mortgage Loan is a Specially Serviced Mortgage Loan (subject to such terminated Special Servicer’s rights
to indemnification, payment of outstanding fees, and other rights set forth in this Agreement which survive termination), upon
at least three Business Days’ prior notice, with or without cause, and the Controlling Class Representative shall have the
right to, and shall, appoint a successor Special Servicer who shall execute and deliver to the other parties hereto an agreement,
in form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform
punctually the duties of the Special Servicer specified in this Agreement; provided that the Controlling Class Representative
shall have obtained a Rating Agency Confirmation from each Rating Agency as to the proposed successor Special Servicer prior to
the termination of the existing Special Servicer and delivered it to the Trustee. The Special Servicer shall not be terminated
pursuant to this subsection (d) until a successor Special Servicer shall have been appointed. The Controlling Class Representative
shall pay any costs and expenses incurred by the Trust in connection with the removal and appointment of a Special Servicer pursuant
to this subsection (d) (unless such removal is based on any of the events or circumstances set forth in Section 7.1(a)).
During any Consultation

 

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Period and any Consultation Termination Period, upon (i) the written direction of Holders of Certificates
evidencing not less than 25% of the aggregate Voting Rights of the Certificates requesting a vote to terminate and replace the
Special Servicer with a proposed successor Special Servicer that is a Qualified Replacement Special Servicer, (ii) payment by such
Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in
connection with administering such vote, (iii) delivery by such holders to the certificate administrator (if any) and the trustee
for each Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee) of a Companion Loan Rating Agency
Confirmation with respect to the appointment of such new special servicer (which Companion Loan Rating Agency Confirmation shall
be obtained at the expense of such holders) and (iv) delivery by such Certificateholders to the Certificate Administrator and the
Trustee of a Rating Agency Confirmation from each Rating Agency with respect to the appointment of such replacement Special Servicer
(which confirmation shall be obtained at the expense of such Holders), the Certificate Administrator shall promptly provide written
notice thereof to all Certificateholders by posting such notice on the Certificate Administrator’s Website pursuant to Section
8.14(b) and by mailing such notice to their addresses appearing in the Certificate Register. Upon the written direction of
(A) the Holders of Certificates (other than Class R Certificates) evidencing at least 66-2/3% of a Certificateholder Quorum or
(B) the Holders of Certificates evidencing more than 50% of the Voting Rights of each Class of Certificates other than the Class
X and Class R Certificates (but, for purposes of this clause (B), considering only those Classes of Certificates that have, in
each such case, an outstanding Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts then allocable to
the subject Class of Certificates, equal to or greater than 25% of an amount equal to (1) the initial Certificate Balance of such
Class of Certificates minus (2) payments of principal previously made with respect to such Class of Certificates), the Certificate
Administrator shall notify the Trustee and the Trustee shall terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint the successor Special Servicer designated by such Certificateholders (subject to such terminated
Special Servicer’s rights to indemnification, payment of outstanding fees and other rights set forth in this Agreement which
survive termination); provided, that if such written direction is not provided within 180 days of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The provisions
set forth in the foregoing sentences of this subsection (d) shall be binding upon and inure to the benefit of solely the
Certificateholders and the Trustee as between each other. The Special Servicer shall not have any cause of action based upon or
arising from any breach or alleged breach of such provisions, provided that the Special Servicer shall maintain its rights to indemnification,
payment of outstanding fees, reimbursement of Advances (and Advance Interest) and other rights set forth in this Agreement which
survive termination and shall maintain any cause of action based upon any breach of such rights, if applicable. As between the
Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their
sole discretion to vote for the termination or not vote for the termination of the Special Servicer. The Holders of the Certificates
that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal
and replacement of the Special Servicer pursuant to this paragraph. The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder may access such notices on the Certificate Administrator’s Website
and that each Certificateholder may register to receive email notifications when such notices are posted thereon.

 

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(e)          In
the event that the Servicer or the Special Servicer is terminated pursuant to this Section 7.1, the Trustee shall notify
the outgoing Servicer or Special Servicer, as the case may be, of the effective date of its termination, and the Trustee (the “Terminating
Party”) shall, by notice in writing to the Servicer or the Special Servicer, as the case may be (the “Terminated
Party”) (with a copy to the Borrower), terminate all of its rights and obligations under this Agreement and in and to
the Mortgage Loan and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder
and any rights or obligations that expressly survive the termination of the Terminated Party pursuant to the terms of this Agreement
(including the right to receive all amounts that continue to be payable to it under this Agreement with respect to periods prior
to the date of such termination and the right to the benefits of Section 6.3 notwithstanding any such termination). On or
after the receipt by the Terminated Party of such written notice, subject to the foregoing, all of its authority and power under
this Agreement, whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder
in the event and to the extent that it is a Certificateholder) or the Mortgage Loan or otherwise, shall pass to and be vested in
the Terminating Party pursuant to and under this Section (absent the appointment of an alternative successor, and such successor’s
assumption of obligations hereunder, including, without limitation, in the case of the Special Servicer, a successor designated
by the Controlling Class Representative during any Control Period) and, without limitation, the Terminating Party is hereby authorized
and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loan
and related documents, or otherwise. The Servicer and the Special Servicer, as applicable, each agrees that, in the event it is
terminated pursuant to this Section 7.1, or resigns under Section 6.4(b), to promptly (and in any event no later
than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating Party (which term shall include
for the purposes of the remainder of this Section 7.1(e), the Trustee (or a successor Servicer or Special Servicer) in connection
with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) with all documents and records in its possession
or under its control relating to the Mortgage Loan or the Property necessary or appropriate to enable the Terminating Party to
assume its functions hereunder, and to reasonably cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable, for administration by it
of all cash amounts which shall at the time be or should have been credited by the Terminated Party (which term shall include,
for the purposes of the remainder of this Section 7.1(e), the resigning party in connection with a resignation of the Servicer
or the Special Servicer under Section 6.4(b)) to the Collection Account, any Foreclosed Property Account or shall thereafter
be received with respect to the Mortgage Loan, and shall promptly provide the Terminating Party or such successor Servicer or Special
Servicer, as applicable (which may include the Trustee), as applicable, all documents and records reasonably requested by it, such
documents and records to be provided in such form as the Terminating Party or such successor Servicer or the Special Servicer,
as applicable, shall reasonably request (including electronic form, to the extent such form is available to the Terminated Party),
to enable it to assume the function of the Servicer or the Special Servicer, as applicable, hereunder. All reasonable costs

 

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and
expenses of the Terminating Party or the successor Servicer or Special Servicer, as applicable, incurred in connection with transferring
the Mortgage Loan File to the Terminating Party or to the successor Servicer or Special Servicer, as applicable, and amending this
Agreement to reflect such succession pursuant to this Section 7.1 shall be paid by the Terminated Party upon presentation
of reasonable documentation of such costs and expenses. If the Terminated Party has not reimbursed the Terminating Party or such
successor Servicer or Special Servicer, as applicable, for such expenses within 90 days after the presentation of reasonable documentation,
such expense shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall
not thereby be relieved of its liability for such expenses. Notwithstanding the foregoing, in the event that the Special Servicer
is terminated without cause pursuant to this Section 7.1, all costs and expenses incurred or payable by the terminated Special
Servicer under this Section 7.1 shall be paid by the Holders requesting such termination.

 

7.2          Trustee
to Act; Appointment of Successor.

 

(a)          On and after the time
the Servicer or the Special Servicer, as the case may be, receives a notice of termination pursuant to Section 7.1, or
resigns pursuant to Section 6.4(b), the Terminating Party (which term shall include, for the purposes of the remainder
of this Section 7.2, the Trustee (or a successor Servicer or Special Servicer including a successor appointed under Section
6.4(a)) in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) shall,
unless prohibited by-law, be the successor to the Terminated Party (which term shall include, for the purposes of the
remainder of this Section 7.2, the resigning party in connection with a resignation of the Servicer or the Special
Servicer under Section 6.4(b)) in all respects under this Agreement and the transactions set forth or provided for
herein and, except as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and
liabilities relating thereto and arising thereafter placed on the Terminated Party by the terms and provisions hereof; provided, however,
that (i) neither the Trustee nor the Terminating Party (or any successor Servicer or Special Servicer, as the case may be)
shall have responsibilities, duties, liabilities or obligations with respect to any act or omission of the Terminated Party
and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated
Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies or failure to cooperate
as required by this Agreement shall not be considered a default by the Terminating Party or such successor hereunder. The
Trustee, as successor Servicer, and any other successor Servicer or Special Servicer, as the case may be, shall be
indemnified to the full extent provided to the Servicer under this Agreement prior to the Servicer’s termination. The
appointment of a successor Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated
Party that may have arisen prior to its termination as such and shall not affect any indemnification to which the Terminated
Party is entitled arising out of its having been the Servicer or Special Servicer, as applicable, pursuant to the terms of
this Agreement. The Terminating Party shall not be liable for any of the representations and warranties of the Terminated
Party herein or in any related document or agreement, for any acts or omissions of the Terminated Party or for any losses
incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party or any successor
Servicer or Special Servicer be required to purchase the Mortgage Loan hereunder. None of the Trustee, the Terminating Party,
the successor Servicer or the Special Servicer shall have any responsibility nor shall any of them be in default hereunder or
incur any liability for any failure, error, malfunction or any delay in carrying out any of its duties under this
Agreement

 

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if any such failure or delay results from the Trustee, the Terminating Party, successor Servicer or successor
Special Servicer acting in accordance with information prepared or supplied by any other Person or the failure of any such
Person to prepare or provide such information. None of the Trustee, the Terminating Party, the successor Servicer or the
successor Special Servicer shall have any responsibility, shall be in default or shall incur any liability (i) for any
failure to act by any third party, including the predecessor Servicer, the predecessor Special Servicer, the current Servicer
or Special Servicer (if the successor is not succeeding to such capacities), the Depositor or the Trustee or for any
inaccuracy or omission in a notice or communication received by the successor from any third party or (ii) which is due to or
results from the invalidity, unenforceability of the Mortgage Loan, Mortgage Loan Agreement or any other agreement under
applicable law; provided that nothing herein shall in any way diminish the duty of the Terminated Party to perform its
obligations under Section 7.1(e). As compensation therefor, the Terminating Party as successor Servicer or Special
Servicer, as the case may be, shall be entitled to all compensation with respect to the Mortgage Loan that accrues after the
date of the Terminating Party’s succession to which the Terminated Party would have been entitled if it had continued
to act hereunder and, in the case of a successor Special Servicer, the Special Servicing Fee, to the extent provided in this
Agreement. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so
act, or if the Holders of Principal Balance Certificates having greater than 25% of the aggregate Voting Rights of all then
outstanding Principal Balance Certificates so request in writing to the Trustee, or the Trustee is not approved by the Rating
Agencies as a Servicer or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation, or if the
Rating Agencies do not provide written confirmation that the succession of the Trustee as Servicer or Special Servicer, as
the case may be, shall not cause a downgrade, qualification or withdrawal of the then current ratings of the
Certificates, promptly appoint, or petition a court of competent jurisdiction to appoint, any established loan servicing
institution reasonably satisfactory to the Trustee the appointment for which a Rating Agency Confirmation is obtained, as the
successor to the Servicer or the Special Servicer, as applicable, hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer or the Special Servicer, as applicable, hereunder. No appointment of
a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all the Terminated
Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to a Terminated Party
hereunder, unless the Trustee shall be prohibited by-law from so acting, the Trustee shall act in the applicable capacity as
herein above provided. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer
hereunder shall be subject to the Controlling Class Representative’s right to replace the Special Servicer during any
Control Period. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Mortgage Loan as it and such successor shall agree; provided, however,
no such compensation shall be in excess of that permitted the Terminated Party hereunder, except that if no successor to the
Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be
paid to such successor and such amounts in excess of that permitted the Terminated Party shall be paid pursuant to Section
3.4(c). The Depositor, the Trustee, the Servicer (as applicable), the Special Servicer (as applicable) and such successor
shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

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If the Trustee or an
Affiliate acts pursuant to this Section 7.2 as successor to the resigning Servicer or terminated Servicer, as the case may
be, it may reduce the Excess Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as
successor Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor
to the resigning Servicer or terminated Servicer, as the case may be, other than itself or an Affiliate pursuant to this Section
7.2, it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee)
for the Trustee to appoint a qualified successor Servicer that meets the requirements of this Section 7.2.

 

(b)          Notwithstanding
Section 7.1(b) of this Agreement, if a Servicer receives a notice of termination solely due to a Servicer Termination Event
under Section 7.1(a)(vii), Section 7.1(a)(viii) or Section 7.1(a)(ix) and the terminated Servicer provides
the Trustee with the appropriate “request for proposal” materials within five Business Days after such termination,
then such Servicer shall continue to serve as Servicer, if requested to do so by the Trustee, and the Trustee shall promptly thereafter
(using such “request for proposal” materials provided by the terminated Servicer) solicit good faith bids for the rights
to be the successor Servicer under this Agreement from at least three Persons qualified to act as successor Servicer hereunder
in accordance with Section 6.4 and this Section 7.2 for which the Trustee has received a Rating Agency Confirmation
(any such Person so qualified, a “Qualified Bidder”) or, if three Qualified Bidders cannot be located, then
from as many Persons as the Trustee can determine are Qualified Bidders; provided, however, that (i) at the Trustee’s
request, the terminated Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and (ii) the
Trustee shall not be responsible if less than three or no Qualified Bidders submit bids for the right to be the successor Servicer
under this Agreement. The Trustee shall have no obligation and shall have no liability or responsibility for the information in
the bid materials. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter
into this Agreement as successor Servicer with respect to the Mortgage Loan, and to agree to be bound by the terms hereof, within
45 days after the receipt by the terminated Servicer of a notice of termination. The Trustee shall solicit bids (i) on the basis
of such successor Servicer entering into a Sub-Servicing Agreement with the terminated Servicer to service the Mortgage Loan at
a sub-servicing fee rate per annum equal to the Retained Servicing Fee Rate (each, a “Servicing-Retained Bid”)
and (ii) on the basis of having no obligation to enter into a Sub-Servicing Agreement with the terminated Servicer (each, a “Servicing-Released
Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the highest
cash Servicing Released Bid) (the “Successful Bidder”) to act as successor Servicer hereunder. The Successful
Bidder shall enter into this Agreement as successor Servicer pursuant to the terms hereof (and, if the successful bid was a Servicing-Retained
Bid, to enter into a Sub-Servicing Agreement with the terminated Servicer as contemplated above), no later than 45 days after the
termination of the terminated Servicer. Upon the assignment and acceptance of the servicing rights hereunder to and by the Successful
Bidder, and upon the payment of the proceeds by the Successful Bidder to the Certificate Administrator, the Certificate Administrator
shall remit or cause to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder
(net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing).

 

(c)          In
order to induce a party other than itself or one of its Affiliates to submit a Servicing-Retained Bid, the Trustee may reduce the
fee paid to a sub-servicer pursuant to

 

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Section 7.2(b) above to the extent reasonably necessary to appoint a successor other
than itself or an Affiliate.

 

7.3          Notification
to Certificateholders, the Depositor and the Rating Agencies.

 

(a)          Upon
any termination of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or appointment of a
successor to the Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon as practicable,
give written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register and to the
Depositor and the Rating Agencies.

 

(b)          Within
30 days after the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which a Responsible Officer
of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders of Certificates
and to the Depositor and to the 17g-5 Information Provider (who shall post such notice on the 17g-5 Information Provider’s
Website) (in electronic form reasonably acceptable to the 17g-5 Information Provider) notice of such Servicer Termination Event
or Special Servicer Termination Event, as the case may be, unless the Certificate Administrator shall have received notice that
such Servicer Termination Event or Special Servicer Termination Event shall have been cured or waived.

 

7.4          Other
Remedies of Trustee. During the continuance of any Servicer Termination Event or Special Servicer Termination Event, as
the case may be, or so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been
remedied, the Trustee, in addition to the rights specified in Section 7.1, shall have the right, in its own name as
trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its
rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders and the
Companion Loan Holders (including the institution and prosecution of all judicial, administrative and other proceedings and
the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Trustee shall be
entitled to be reimbursed therefor pursuant to Section 3.4(c) from the Collection Account. Except as otherwise
expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and
each and every remedy shall be cumulative and in addition to any other remedy and no delay or omission to exercise any right
or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event or
Special Servicer Termination Event.

 

7.5          Waiver
of Past Servicer Termination Events and Special Servicer Termination Events. The Holders of Principal Balance
Certificates evidencing not less than 66 and 2/3% of the aggregate Voting Rights of all then outstanding Principal Balance
Certificates (and, if affected by the related default, the Companion Loan Holders) may, on behalf of all Certificateholders
(and the Companion Loan Holders) and upon adequate indemnification of the Trustee by the requesting Holders of Certificates,
waive any default by the Servicer or the Special Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits (including Monthly Interest Payment Advances) to or payments
from the Collection Account, the Distribution Account or any Foreclosed Property

 

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Account or in remitting payments as
received, in each case in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to
exist, and the related Servicer Termination Event or Special Servicer Termination Event arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or
impair any right related thereto.

 

7.6          Trustee
as Maker of Advances. In the event that the Servicer fails
to fulfill its obligations hereunder to make any Advances, the Trustee shall, subject to the provisions of Section 3.23
of this Agreement, perform such obligations (w) within five Business Days (or such shorter period (but not less than one Business
Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Mortgage Loan Documents or
this Agreement with respect to the Property or to avoid any foreclosure or similar action with respect to the Property by reason
of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee
obtaining knowledge of such failure by the Servicer with respect to Property Protection Advances and Administrative Advances and
(x) by 12:00 noon New York time on the related Distribution Date with respect to Monthly Interest Payment Advances. With respect
to any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s rights with respect to Advances
hereunder, including, without limitation, the rights of reimbursement and interest on each Advance at the Advance Interest Rate,
and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights
of reimbursement caused by such Servicer’s default in its obligations hereunder and further subject to the Trustee’s
standard of good faith judgment); provided, however, if Advances made by the Trustee and the Servicer shall at any
time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances
and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee until such Advances shall
have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Servicer for such Advances
and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer with respect
to a Nonrecoverable Advance hereunder.

 

8.          THE TRUSTEE
AND THE CERTIFICATE ADMINISTRATOR

 

8.1          Duties
of the Trustee and the Certificate Administrator. (a) The Trustee, prior to the occurrence of a Servicer Termination
Event or Special Servicer Termination Event, as the case may be, and after the curing or waiver of any Servicer Termination
Event or Special Servicer Termination Event, as the case may be, that may have occurred, undertakes with respect to the Trust
to perform such duties and only such duties as are specifically set forth in this Agreement. None of the Depositor, the
Servicer or the Special Servicer shall be obligated to monitor or supervise the performance by the Trustee or the Certificate
Administrator of its duties hereunder. In case a Servicer Termination Event or Special Servicer Termination Event, as the
case may be, has occurred (which has not been cured or waived), the Trustee, subject to the provisions of Sections 7.2
and 7.4, shall exercise such of the rights and powers vested in it by this Agreement, and shall use the same degree of
care and skill in such exercise, as a prudent institution would exercise or use under the circumstances in the conduct of
such institution’s own affairs. Any permissive right of the Trustee set forth in this Agreement shall not be construed
as a duty, and the Trustee shall not be answerable for other than the negligence, bad faith, fraud or willful misconduct on
the part of the Trustee in the exercise of such right. The Certificate

 

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Administrator undertakes to perform at all times such
duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Certificate
Administrator shall be construed as a duty and the Certificate Administrator shall not be answerable for other than the
negligence, bad faith, fraud or willful misconduct on the part of the Certificate Administrator in the exercise of such
right. The Trustee (or the Servicer or the Special Servicer on its behalf) shall have the power to exercise all the rights of
a holder of the Mortgage Loan on behalf of the Certificateholders and the Companion Loan Holders, subject to the terms of the
Mortgage Loan Documents; provided, however, that the Mortgage Lender’s obligations under the Mortgage Loan Documents
shall be exercised by the Servicer or Special Servicer, as the case may be, pursuant to this Agreement.

 

(b)          Subject
to Sections 8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee and the Certificate
Administrator that are specifically required to be furnished pursuant to any provision of this Agreement, shall examine, or cause
to be examined, such instruments to determine whether they conform on their face to the requirements of this Agreement to the extent
specifically set forth herein; provided, however, neither the Trustee nor the Certificate Administrator shall be
responsible for the legality, ownership, title, validity or enforceability of any such aforementioned document furnished by any
other party hereto, and accepted by the Trustee or the Certificate Administrator, as applicable, in good faith, pursuant to this
Agreement. If any such instrument is found on its face not to conform to the requirements of this Agreement in a material manner,
the Trustee or the Certificate Administrator, as applicable, may take such action as it deems appropriate to have the instrument
corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable,
reasonable satisfaction, the Trustee or the Certificate Administrator, as applicable, may or may not act upon same.

 

(c)          Subject
to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator
from liability for its own negligent action, its own negligent failure to act, its failure to perform its obligations in compliance
with this Agreement, or its own willful misconduct or bad faith; provided, however:

 

(i)           no
implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator, and each
of the Trustee and the Certificate Administrator, as applicable, may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and/or the Certificate
Administrator and conforming to the requirements of this Agreement which it reasonably believes in good faith to be genuine and
to have been duly executed by the proper authorities respecting any matters arising hereunder;

 

(ii)          neither
the Trustee nor the Certificate Administrator shall be liable for an error of judgment made in good faith by a Responsible Officer
of the Trustee or the Certificate Administrator, as applicable, unless it shall be proved that the Trustee, the Certificate Administrator
or such Responsible Officer was negligent in ascertaining the pertinent facts;

 

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(iii)         neither
the Trustee nor the Certificate Administrator shall be liable with respect to any action taken, suffered or omitted to be taken
by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in the aggregate,
not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, under this Agreement;

 

(iv)        neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any failure by the Servicer or the Special Servicer
to comply with any of their respective obligations under this Agreement or of the occurrence of any of the events referred to in
Section 7.1 or any other act or circumstance upon the occurrence of which the Trustee or the Certificate Administrator,
as applicable, may be required to take action unless a Responsible Officer of the Trustee or the Certificate Administrator, as
applicable, obtains actual knowledge of such failure, act or circumstance or the Trustee or the Certificate Administrator, as applicable,
receives written notice of such failure from the Servicer, the Special Servicer, the Depositor or Holders of the Certificates evidencing,
in the aggregate, not less than 25% of the Voting Rights of the Regular Certificates;

 

(v)          neither
the Trustee nor the Certificate Administrator, as applicable, shall in any way be liable by reason of any insufficiency in the
Trust Fund unless it is determined by a court of competent jurisdiction that the Trustee’s or the Certificate Administrator,
as applicable, negligence, bad faith or willful misconduct was the primary cause of such insufficiency;

 

(vi)        neither
the Trustee nor the Certificate Administrator, as applicable, shall be obligated to investigate whether any information provided
to or received by the Trustee or the Certificate Administrator, as applicable, with respect to the Mortgage Loan or the Certificates
is required to maintained on a confidential basis; and

 

(vii)       for
all purposes under this Agreement, neither the Trustee nor the Certificate Administrator shall be required to take any action with
respect to, or be deemed to have notice or knowledge of any Mortgage Loan Event of Default, Servicer Termination Event or Special
Servicer Termination Event, unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual
knowledge thereof or shall have received written notice thereof. In the absence of receipt of such notice and such actual knowledge
otherwise obtained, the Trustee or the Certificate Administrator, as applicable may conclusively assume that there is no Mortgage
Loan Event of Default, Servicer Termination Event or Special Servicer Termination Event.

 

(d)          None
of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator to (i) expend
or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers hereunder if there are reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) perform, or be responsible for the manner
of performance of, any

 

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of the obligations of the Servicer or the Special Servicer under this Agreement, except, with respect to
the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement. Notwithstanding anything
contained herein, neither the Trustee nor the Certificate Administrator shall be responsible and shall have liability in connection
with the duties assumed by the Authenticating Agent, and the Certificate Registrar hereunder, unless the Trustee or the Certificate
Administrator is acting in any such capacity hereunder; provided, further, that in any such capacity the Trustee
and the Certificate Administrator shall have all of the rights, protections and indemnities provided to it as Trustee and Certificate
Administrator hereunder, as applicable.

 

8.2          Certain
Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section
8.1:

 

(i)          each
of the Trustee and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining from
acting upon any resolution, Officer’s Certificate, auditor’s certificate or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

 

(ii)         each
of the Trustee and the Certificate Administrator may consult with counsel and accountants, and any written advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such Opinion of Counsel;

 

(iii)        neither
the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in it
by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered
to the Trustee or the Certificate Administrator, as applicable, security or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities, including reasonable legal fees, which may be incurred therein or thereby; provided, however,
that nothing contained herein shall relieve the Trustee of the obligation, upon the occurrence of a Servicer Termination Event
or Special Servicer Termination Event, as the case may be (which has not been cured or waived), to exercise such of the rights
and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)        neither
the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

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(v)         prior
to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing or waiver
of such Servicer Termination Event or Special Servicer Termination Event, as applicable, that may have occurred, neither the Trustee
nor the Certificate Administrator shall be bound to ascertain or inquire as to the performance or observance of any of the terms,
conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in the aggregate,
not less than 25% of the Voting Rights of the outstanding Certificates; provided, however, if the payment within
a reasonable time to the Trustee or the Certificate Administrator of the costs, expenses or liabilities likely to be incurred by
either party in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, not reasonably
assured to the Trustee or the Certificate Administrator by the security afforded to it by the terms of this Agreement, the Trustee
or the Certificate Administrator, as applicable, may require indemnity reasonably satisfactory to it against such costs, expenses
or liabilities as a condition to taking any such action. The reasonable expense of every such investigation shall be paid by the
Trust pursuant to Section 3.4(c) in the event that such investigation relates to a Servicer Termination Event or Special
Servicer Termination Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders requesting
the investigation;

 

(vi)        each
of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys selected by it with due care but shall not be relieved of its obligations
by virtue of the use of any such agent or attorney;

 

(vii)       no
provision of this Agreement or of the Certificates shall require the Trustee or the Certificate Administrator to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it;

 

(viii)      the
Certificate Administrator shall not be liable for any loss on any investment of funds made by it pursuant to the terms of this
Agreement other than as set forth in Section 3.8 (and other than investments made with the Certificate Administrator as
an obligor on such investments in its individual commercial capacity);

 

(ix)         neither
the Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection with the execution
and performance of its duties hereunder;

 

(x)          neither
the Trustee nor the Certificate Administrator, as applicable, hereunder shall be personally liable hereunder by reason of any act
or failure to act of any predecessor or successor Trustee or Certificate Administrator, as applicable, hereunder.

 

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(b)          Following
the Closing Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets to the Trust Fund
not specifically contemplated by this Agreement.

 

(c)          All
rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator
may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other
proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate Administrator,
as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.

 

(d)          In
order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Section 326
of the USA PATRIOT Act (“Applicable Laws”), each of the Trustee and the Certificate Administrator is required
to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship
with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the parties agrees to provide to the Trustee
or the Certificate Administrator, as applicable, upon its request from time to time, such identifying information and documentation
as may be available for such party in order to enable the Trustee to comply with Applicable Laws.

 

8.3          Neither
the Trustee nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan. The recitals contained
herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the
Certificates) shall not be taken as the statements of the Trustee or the Certificate Administrator and the Trustee and the
Certificate Administrator assume no responsibility for their correctness. The Trustee and the Certificate Administrator make
no representations as to the validity or sufficiency of this Agreement (other than its execution of this Agreement), the
Certificates or of the Mortgage Loan or related documents except as expressly set forth herein. Neither the Trustee nor the
Certificate Administrator shall be liable for any action or failure to take any action by the Loan Seller under the Trust
Loan Purchase Agreement, including, without limitation, in connection with any failure of the Loan Seller to properly prepare
each of the documents and/or instruments referred to in clauses (B), (C) and (G) of the definition of Mortgage Loan File in Section
2.1(b), and the Trustee shall not be required to take any action in connection with such action or failure of the Loan
Seller (except to the extent otherwise expressly required pursuant to this Agreement). The Trustee and the Certificate
Administrator shall not be liable for any action or failure of any action by the Depositor, the Servicer or the Special
Servicer hereunder. The Trustee and the Certificate Administrator shall not at any time have any responsibility or liability
for or with respect to the legality, ownership, title, recordability, collectability, suitability, genuineness, validity or
enforceability of any of the Mortgage or Collateral Security Documents or the Mortgage Loan, or the perfection, sufficiency
and priority of any of the Mortgage or Collateral Security Documents or the maintenance of any such perfection and priority,
or for or with respect to the efficacy of the Trust or its ability to generate the payments to be distributed to
Certificateholders under this Agreement, including, without limitation, the existence, condition and ownership of the
Property; the existence and enforceability of any hazard insurance thereon; the validity of the assignment of the
Mortgage Loan to the Trust; the performance or

 

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enforcement of the Mortgage Loan (other than with respect to the Servicer or the Special Servicer, if the Trustee shall assume
the duties of the Servicer and/or the Special Servicer, respectively, pursuant to Section 7.2 and then only to the extent
of the obligations of the Servicer or the Special Servicer, as applicable, hereunder); the compliance by the Depositor, the Borrower,
the Servicer and the Special Servicer with any warranty or representation made under this Agreement or in any related document
or the accuracy of any such warranty or representation made under this Agreement or in any related document prior to the Trustee’s
or the Certificate Administrator’s, as applicable, receipt of notice or other discovery of any noncompliance therewith or
any breach thereof; any investment of monies by or at the direction of the Servicer or the Special Servicer or any loss resulting
therefrom (other than investments made with the Trustee or the Certificate Administrator in its commercial capacity); the failure
of the Servicer, the Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action
by the Trustee or the Certificate Administrator taken at the direction of the Servicer or the Special Servicer (other than with
respect to the Trustee, if the Trustee shall assume the duties of the Servicer or the Special Servicer); provided, however,
the foregoing shall not relieve the Trustee or the Certificate Administrator of its obligation to perform its duties under this
Agreement. Except with respect to a claim based on the Trustee’s or the Certificate Administrator’s, as applicable,
negligent action, negligent failure to act or willful misconduct (or such other standard of care as may be provided herein with
respect to any particular matter), no recourse shall be had for any claim based on any provisions of this Agreement, the Certificates,
the Mortgage, the Property, the Collateral Security Documents or the Mortgage Loan or assignment thereof against the Trustee or
the Certificate Administrator in their individual capacity, the Trustee and the Certificate Administrator shall not have any personal
obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such claim, and any such
claim shall be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided in this Agreement. Neither
the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or continuation statements
in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become the successor Servicer
or Special Servicer). Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by
the Depositor of any of the Certificates or of the proceeds of such Certificates or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loan to the Trust or any funds in respect of the Mortgage Loan deposited
in or withdrawn from the Collection Account or any account maintained by or on behalf of the Servicer (except to the extent that
the Collection Account is held by the Trustee or the Certificate Administrator in their commercial capacities), or for investment
of such amounts (other than investments made with the Trustee or the Certificate Administrator in their commercial capacities).

 

Neither the Trustee nor
the Certificate Administrator, by reason of the action or inaction of a Responsible Officer or Responsible Officers of the Trustee
or the Certificate Administrator, as applicable, nor any of their respective directors, officers, employees, Affiliates or agents
shall have any liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, for actions taken or not taken at the direction of the
Certificateholders or the Companion Loan Holders or for errors in judgment; provided, however, this provision shall
not protect the Trustee, the Certificate Administrator or any such Person

 

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against any liability which would otherwise be imposed
by reason of negligence, bad faith or willful misconduct of the Trustee, the Certificate Administrator or any such Person, as applicable.
Except with respect to any fidelity bond required pursuant to Section 8.6, the Trustee and the Certificate Administrator
will not be required to post any kind of bond or surety in connection with the execution and performance of its duties under this
Agreement. In no event will the Trustee or the Certificate Administrator, as applicable, be liable for any failure or delay in
the performance of its obligations under this Agreement due to force majeure or acts of God, nor will the Trustee or the Certificate
Administrator, as applicable, be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage. The Trustee, the Certificate Administrator and any of their respective directors, officers,
employees, Affiliates or Controlling Persons shall be indemnified pursuant to Section 3.4(c) out of amounts on deposit in
the Collection Account, and held harmless against any and all claims, losses, liabilities, demands, foreclosures, damages, penalties,
fines, forfeitures, legal fees, liabilities or expenses and related costs, judgments or other costs, liabilities or expenses incurred
in connection with or related to the Trustee’s or the Certificate Administrator’s performance of their respective powers
and duties under this Agreement (including, without limitation, performance under Section 8.1 hereof); provided,
however, this provision shall not protect the Trustee, the Certificate Administrator or any such Person against, or provide
any of them indemnification for, any liability which would otherwise be imposed by reason of negligence, bad faith or willful misconduct
of the Trustee, the Certificate Administrator or any such Person. The indemnification provided hereunder shall survive the resignation
or removal of the Trustee or the Certificate Administrator, as applicable, and the termination of this Agreement. Anything herein
to the contrary notwithstanding, the Trustee shall be responsible for its acts or failure to act as Servicer and/or the Special
Servicer during the time the Trustee is serving as such pursuant and subject to the terms of this Agreement.

 

Subject to the terms
of this Agreement, except as otherwise provided herein,, neither the Certificate Administrator nor the Trustee will have any duty
(except, with respect to the Trustee, in the capacity as a successor Servicer or successor Special Servicer) (A) to see to any
recording, filing or depositing of any agreement or any financing statement or continuation statement evidencing a security interest,
or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing thereof,
(B) to see to any insurance, and (C) to confirm or verify the contents of any reports or certificates of the Servicer or the Special
Servicer delivered to the Trustee or the Certificate Administrator, as the case may be, reasonably believed by the Trustee or the
Certificate Administrator, as the case may be, to be genuine and to have been signed or presented by the proper party or parties.

 

8.4          Trustee
and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their individual or
any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would
have if they were not the Trustee or the Certificate Administrator.

 

8.5          Trustee’s
and Certificate Administrator’s Fees and Expenses. The Trustee and the Certificate Administrator shall be entitled
to the Certificate Administrator Fee (including that portion of the Certificate Administrator Fee that represents the Trustee
Fee, which is payable

 

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to the Trustee), payable pursuant to Section 3.4(c). The Certificate Administrator
Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute
the Certificate Administrator’s and the Trustee’s sole form of compensation (unless otherwise set forth herein) for
all services rendered by each entity in the execution of the trust hereby created and in the exercise and performance of any of
the powers and duties of the Certificate Administrator and the Trustee hereunder. The Trustee and the Certificate Administrator
shall be entitled to be reimbursed for all reasonable expenses, disbursements and advances incurred or made by the Trustee or the
Certificate Administrator, as applicable, in accordance with any of the provisions of this Agreement (including the reasonable
fees and expenses of its counsel and of all Persons not regularly in its employ), provided such cost would qualify as an
“unanticipated expense incurred by the REMIC” within the meaning of the REMIC Provisions, except any such expense,
disbursement or advance as may arise from its negligence, bad faith or willful misconduct or which is expressly the responsibility
of a Certificateholder or Certificateholders hereunder, all of which reimbursements to be paid from amounts on deposit in the Collection
Account pursuant to Section 3.4(c); provided, however, neither the Trustee nor the Certificate Administrator
shall refuse to perform any of their obligations hereunder solely as a result of the failure to be paid any fees and expenses (a)
so long as payment of such fees and expenses are reasonably assured to it, or (b) to the extent that the Trustee’s or the
Certificate Administrator’s, as applicable, obligations hereunder are expressly contingent upon the receipt of an indemnity
from the Certificateholders, that it has received such indemnity. The Trustee and the Certificate Administrator shall provide the
Servicer with an invoice, on or prior to each Payment Date, setting forth the actual expenses incurred in connection with the performance
of its duties hereunder for which it seeks payment or reimbursement. Notwithstanding any other provision of this Agreement, neither
the Trustee nor the Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred under this
Agreement in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement
is expressly provided for herein or otherwise permitted hereunder.

 

8.6          Eligibility
Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance. (a) Each of the Trustee
and the Certificate Administrator hereunder shall at all times be a Qualified Certificate Administrator or Qualified Trustee,
as applicable, and shall not be an Affiliate of the Borrower, any Approved Mezzanine Loan Borrower or the Depositor or an
Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee has assumed the duties of the
Servicer and/or Special Servicer pursuant to Section 7.2). In addition, the Trustee shall satisfy the requirements for
a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment Company Act of 1940, as amended. If a
corporation, association or trust company publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for purposes of this Section the combined
capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In the event that the place of business from which the Trustee or the Certificate
Administrator, as applicable, administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust,
the Trustee or the Certificate Administrator, as applicable, shall elect either to (i) resign immediately in the manner and
with the effect specified in Section 8.7, (ii) pay such tax from its own funds and continue as Trustee or Certificate
Administrator, as applicable, or (iii) administer the Trust Fund from a state and local jurisdiction that does not

 

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impose such a tax. In case at any time the Trustee or the Certificate Administrator shall cease to be eligible in
accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as applicable, shall resign
immediately in the manner and with the effect specified in Section 8.7.

 

(b)          Each
of the Certificate Administrator and the Trustee shall obtain and maintain at its own expense, and keep in full force and effect
throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Trustee’s
or the Certificate Administrator’s, as applicable, directors, officers and employees acting on behalf of the Trustee or the
Certificate Administrator, as applicable, in connection with its activities under this Agreement; provided, that if the
unsecured long-term debt of the Trustee or the Certificate Administrator, as applicable, is not rated at least “A-” by S&P and “A” by DBRS, then the claims paying ability of the insurer under such applicable error
and omissions insurance policy must be rated at least “A-” by S&P and “A” by DBRS. Such insurance policy
shall protect the Trustee or the Certificate Administrator, as applicable, against losses, forgery, theft, embezzlement, fraud,
errors and omissions of such covered persons. The amount of coverage shall be at least equal to the coverage that is required by
applicable governmental authorities having regulatory power over the Trustee or the Certificate Administrator, as applicable. In
the event that any such bond or policy ceases to be in effect, the Trustee or the Certificate Administrator, as applicable, shall
obtain a comparable replacement bond or policy. In lieu of the foregoing, but subject to this Section 8.6(b), the Trustee
and the Certificate Administrator, as applicable, shall be entitled to self-insure with respect to such risks so long as its (or
its immediate or remote parent’s) is rated at least “A-” by S&P (or, if not rated by S&P, an equivalent
rating by another NRSRO or rated no lower than “A-:VIII” by A.M. Best Company, Inc.).

 

8.7          Resignation
and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may at
any time resign and be discharged from the trusts hereby created (i) by giving written notice of resignation to the
Depositor, each Initial Purchaser, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate
Registrar (if other than the Trustee), the Trustee, the Companion Loan Holders and the 17g-5 Information Provider, who shall
post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and by mailing notice
of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the
Certificate Register, not less than 60 days before the date specified in such notice when, subject to Section 8.8,
such resignation is to take effect, and (ii) only upon acceptance by a successor Trustee or Certificate Administrator, as
applicable, appointed by the Depositor in accordance with Section 8.8 meeting the qualifications set forth in Section
8.6. Upon receipt of such notice of resignation, the Depositor shall promptly appoint a successor Trustee or Certificate
Administrator, as applicable, the appointment of which would not, in and of itself, result in a downgrade, qualification or
withdrawal by the Rating Agencies of the then-current ratings assigned to the Certificates, as evidenced by a written
confirmation from each Rating Agency, in triplicate, which written confirmation shall be delivered to the resigning Trustee
or Certificate Administrator, and to the successor Trustee or Certificate Administrator, as applicable. If no successor
Trustee or Certificate Administrator shall have been so appointed and shall have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Trustee or Certificate

 

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Administrator, as applicable, may petition any
court of competent jurisdiction for the appointment of a successor Trustee or Certificate Administrator, as applicable.

 

If at any time any of
the following occur: (x) the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of Section 8.6 and shall fail to resign after written request for the Trustee’s or the Certificate Administrator’s
resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the Trustee or the Certificate Administrator
materially defaults in the performance of its obligations under this Agreement; or (z) if at any time the Trustee or the Certificate
Administrator shall become incapable of action, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
Certificate Administrator or of either of their property shall be appointed, or any public officer shall take charge or control
of the Trustee or Certificate Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then in any such case, the Depositor may remove the Trustee or the Certificate Administrator, as applicable, and appoint a successor
Trustee or Certificate Administrator, as applicable, by written instrument, in duplicate, executed by an authorized officer of
the Depositor, one copy of which instrument shall be delivered to the Trustee or the Certificate Administrator, as applicable,
so removed and one copy to the successor Trustee or Certificate Administrator, as applicable. Holders of Certificates evidencing,
in the aggregate, not less than a majority of the Voting Rights of the outstanding Certificates, may at any time remove the Trustee
or the Certificate Administrator and appoint a successor Trustee or Certificate Administrator, as applicable, by written instrument
or instruments, in triplicate, signed by such Holders or their attorney-in-fact duly authorized, one complete set of which instrument
or instruments shall be delivered to the Depositor (with a copy to the Servicer and the Special Servicer), one complete set to
the Trustee or the Certificate Administrator, as applicable, so removed and one complete set to the successor(s) so appointed.
Notice of any removal of the Trustee or the Certificate Administrator and acceptance of appointment by the successor Trustee or
Certificate Administrator shall be given to the Rating Agencies (through the successor 17g-5 Information Provider’s website,
as applicable) and the Initial Purchasers by the successor Trustee or Certificate Administrator, as applicable. No removal of the
Trustee or the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances (including
interest thereon) to which it is entitled have been paid to the Trustee or Certificate Administrator, as applicable, in full; provided
that, if the Trustee or the Certificate Administrator is terminated by the Depositor pursuant to the first sentence of this paragraph,
or if the Trustee or the Certificate Administrator is terminated with cause by the Holders of Certificates evidencing, in the aggregate,
more than 50% of the Voting Rights of all Certificates as provided above in this paragraph, then the terminated party shall be
required to pay all reasonable costs and expenses (including those incurred by the other parties hereto (including, without limitation,
the reasonable fees of counsel)) to transfer the rights and obligations of the terminated party to a successor trustee or certificate
administrator, as applicable; and provided, further, that if the Trustee or the Certificate Administrator is terminated
without cause by the Holders of Certificates evidencing more than 50% of the Voting Rights of all Certificates as provided above
in this paragraph, then such Holders will be required to pay all the reasonable costs and expenses of the terminated part necessary
to effect the transfer of the rights and obligations of the terminated party to a successor trustee or certificate administrator,
as applicable.

 

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Any resignation or removal
of the Trustee or Certificate Administrator shall not become effective until acceptance of the appointment by the successor Trustee
or Certificate Administrator, as applicable, as provided in Section 8.8.

 

8.8          Successor
Trustee or Successor Certificate Administrator. Any successor Trustee or Certificate Administrator appointed as provided
in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special Servicer and to its
predecessor trustee or certificate administrator an instrument (i) accepting such appointment hereunder and (ii) making the
representations and warranties of the Trustee or the Certificate Administrator, as applicable, as provided in Sections
2.3 and 2.4, respectively, and thereupon the resignation or removal of the predecessor trustee or certificate
administrator shall become effective and such successor Trustee or Certificate Administrator, as applicable, without any
further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with the like effect as if originally named as trustee or certificate administrator herein. The
predecessor Certificate Administrator shall deliver or cause to be delivered to the successor Certificate Administrator, as
applicable, the Mortgage Loan File and related documents and statements held by it hereunder, and the Depositor, the
Servicer, the Special Servicer and the predecessor trustee or certificate administrator shall execute and deliver such
instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the
successor Trustee or Certificate Administrator all such rights, powers, duties and obligations, subject, however, to
the payment of all amounts due to the predecessor Trustee or Certificate Administrator, as applicable, under this
Agreement.

 

No successor Trustee
or Certificate Administrator shall accept appointment as provided in this Section unless at the time of such acceptance
such successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6 and its appointment
shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of the Certificates (prior
to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon acceptance of appointment
by a successor Trustee or Certificate Administrator as provided in this Section, the successor Trustee or Certificate Administrator
shall mail notice of the succession of such successor Trustee or Certificate Administrator hereunder to all Holders of Certificates
at their addresses as shown in the Certificate Register, the Depositor, the Initial Purchasers, the Servicer, the Special Servicer,
the Companion Loan Holders and the Borrower.

 

No Trustee or Certificate
Administrator hereunder shall be personally liable hereunder by reason of any act or failure to act of any predecessor or successor
Trustee or of any predecessor or successor Trustee certificate administrator, as applicable, hereunder.

 

8.9          Merger
or Consolidation of the Trustee or the Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which either may be consolidated or any Person resulting from any merger,
conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator shall be the
successor of the Trustee or the Certificate Administrator, as

 

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applicable, and shall be deemed to have assumed all of the
liabilities and obligations of the Trustee or the Certificate Administrator, as applicable, hereunder, provided that
(i) such Person shall be eligible under the provisions of Section 8.6, without the execution or filing of any paper or
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding and (ii) Rating Agency
Confirmation shall have been delivered to such Person.

 

8.10        Appointment
of Co-Trustee or Separate Trustee. (a) At any time or times, for
the purpose of meeting any legal requirements of any jurisdiction in which any part of the Property may at the time be
located or in which any action of the Trustee may be required to be performed or taken, the Trustee, the Depositor or the
Holders of Certificates evidencing, in the aggregate, a majority of the Voting Rights of the outstanding Certificates, by an
instrument in writing signed by it or them, may appoint one or more individuals or corporations approved by the Trustee to
act as separate trustee or separate trustees or co-trustees, acting jointly with the Trustee, of all or any part of the
Property, to the full extent that local law makes it necessary for such separate trustee or separate trustees or co-trustee
acting jointly with the Trustee to act. The fees and expenses of any separate trustee or co-trustee shall be paid by the
Trust pursuant to Section 3.4(c).

 

(b)          The
Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction
or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights
or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to the
Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument of appointment,
and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by the Trustee, or
the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all the terms of
this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed
shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the case may be. Any separate
trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Trustee, its attorney-in-fact
and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf and in its, her
or his name. In the event that any such separate trustee or co-trustee shall die, become incapable of acting, resign or be removed,
the title to the Property and all assets, property, rights, powers, duties and obligations of such separate trustee or co-trustee
shall, so far as permitted by-law, vest in and be exercised by the Trustee, without the appointment of a successor to such separate
trustee or co-trustee unless and until a successor is appointed.

 

(c)          All
provisions of this Agreement which are for the benefit of the Trustee and Certificate Administrator shall extend to and apply to
each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10, and to the Trustee
and Certificate Administrator in each capacity that it may assume hereunder, including, without limitation, its capacity as Certificate
Administrator, Certificate Registrar, Authenticating Agent, Custodian and 17g-5 Information Provider, as applicable.

 

(d)          Every
co-trustee and separate trustee hereunder shall, to the extent permitted by-law, be appointed and act and the Trustee shall act,
subject to the following

 

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provisions and conditions: (i) all powers, duties, obligations and rights conferred upon the Trustee in
respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all other rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised or performed by
the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that under any law of
any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee
or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee shall be exercised hereunder
by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee; and (iv) no trustee hereunder
shall be personally liable by reason of any act or omission of any other trustees hereunder.

 

If, at any time, the
Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute and deliver
all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the foregoing,
the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations, duties, or
responsibilities in any way or to any degree.

 

(e)          Any
request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant to such
co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.

 

(f)           Notwithstanding
any other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall not exceed those of the
Trustee hereunder, and such co-trustee or separate trustee shall meet the eligibility requirements set forth in Section 8.6.

 

8.11        Appointment
of Authenticating Agent. (a) The Certificate Administrator may appoint an agent or agents which shall be authorized to
act on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating
Agent”), and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid
and obligatory for all purposes as if authenticated by the Certificate Administrator hereunder. Wherever a reference is made
in this Agreement to the authentication and delivery of Certificates by the Certificate Administrator or the Certificate
Administrator’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Certificate Administrator by an Authenticating Agent and a certificate of authentication executed on behalf of
the Certificate Administrator by an Authenticating Agent. Each Authenticating Agent shall, at all times, be a corporation or
association organized and doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such law to act as Authenticating Agent, having a combined capital and surplus of not less than
$15,000,000, authorized under such laws to do trust business and subject to supervision or examination by federal or state
authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If, at any time, an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent

 

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shall resign immediately in the manner and with the
effect specified in this Section. The initial Authenticating Agent shall be the Certificate Administrator.

 

(b)          Any
Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the
corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, without the execution or filing
of any paper or any further act on the part of the Trustee or the Authenticating Agent, provided such Person shall be otherwise
eligible under this Section.

 

(c)          An
Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the Servicer or
the Special Servicer, as applicable, and the Depositor and the Certificate Administrator. The Certificate Administrator may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Servicer
or the Special Servicer, as applicable, and the Depositor and the Certificate Administrator. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Certificate Administrator may appoint a successor Authenticating Agent and shall mail written
notice of such appointment by first class mail, postage prepaid to all Certificateholders as their names and addresses appear in
the Certificate Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with
all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

8.12        Trustee
and Certificate Administrator Indemnification; Third-Party Claims.

 

(a)          Each
of the Trustee and the Certificate Administrator and any director, officer, employee or agent of the Trustee or the Certificate
Administrator, as applicable, shall be indemnified and held harmless by the Trust, out of the proceeds of the Mortgage Loan against
any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses incurred in connection with any legal action relating to this Agreement, other than any loss, liability or expense
(i) specifically required to be borne by the party seeking indemnification, without right of reimbursement pursuant to the terms
of this Agreement; (ii) incurred in connection with any legal action or claim against the party seeking indemnification, resulting
from any breach on the part of that party of a representation or warranty made in this Agreement; or (iii) incurred in connection
with any legal action or claim against the party seeking indemnification, resulting from any negligence, bad faith or willful misconduct
on the part of that party in the performance of its obligations or duties under this Agreement or negligent disregard of such obligations
or duties. The Trust shall pay, from amounts on deposit in the Collection Account pursuant to Section 3.4, all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. The indemnification

 

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provided herein shall survive the termination of this Agreement
and the termination or resignation of the Trustee and/or the Certificate Administrator, as applicable.

 

(b)          Each
of the Trustee and the Certificate Administrator (each, in such indemnifying capacity and for purposes of this Section 8.12(b),
an “Indemnifying Party”) agrees severally and not jointly to indemnify the Trust and each of (other than itself)
the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and any director, officer, employee
or agent or Controlling Person of any of the foregoing Persons (each, in such indemnified capacity and for purposes of this Section
8.12(b), an “Indemnified Party”), and hold them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses (including reasonable attorneys’
fees incurred in connection with any legal action related to such Indemnifying Party’s negligence, bad faith or willful misconduct)
that the applicable Indemnified Party, may sustain arising from or as a result of the negligence, bad faith or willful misconduct
in the performance of duties hereunder or by reason of negligent disregard of obligations and duties hereunder by such Indemnifying
Party other than any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments
or other costs and expenses incurred by reason of negligence, bad faith or willful misconduct in the performance of any of such
Indemnified Party’s duties hereunder or by reason of negligent disregard of such obligations and duties hereunder. Such indemnification
obligation shall survive the termination or resignation of the Indemnifying Party hereunder and the termination of this Agreement.
Except as provided in the following sentence (as it may apply to any payments made hereunder to the Trust), the Indemnifying Party
shall not be entitled to reimbursement from the Trust for any payment made by the Indemnifying Party pursuant to this Section
8.12(b); provided, however, that nothing in this Section 8.12(b) shall deprive (i) the Trustee or the
Certificate Administrator of any limitation on its liability or right to indemnification from the Trust provided to such party
as and to the extent provided by Section 8.12(a), or (ii) the Depositor, the Servicer or the Special Servicer of any limitation
on its liability or right to indemnification from the Trust provided to such party as and to the extent provided by Section
6.3. Any expenses incurred or indemnification payments made by the Indemnifying Party shall be reimbursed by the party so paid
or which received the benefit of such payment, if a court of competent jurisdiction makes a final, non-appealable judgment that
the Indemnifying Party was not culpable or was found not to have acted with negligence, bad faith or willful misconduct in connection
with the conduct in question.

 

The 17g-5 Information
Provider shall indemnify and hold harmless the Depositor from and against any claims, losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Depositor or its Affiliates that
arise out of or are based upon (i) a breach by the 17g-5 Information Provider of its obligations under this Agreement or (ii) negligence,
bad faith or willful misconduct on the part of the 17g-5 Information Provider in the performance of such obligations or its negligent
disregard of its obligations and duties under this Agreement

 

8.13        Certificate
Administrator and Servicer Not Responsible for Inconsistent Payment Information. In connection with any Distribution Date
and a voluntary prepayment or the payment at maturity by the Borrower of the Mortgage Loan or any portion thereof, the
Certificate Administrator shall report the amount of such prepayment or payment to the Depository based on information
received from the Servicer or the Special Servicer in reliance

 

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on notices received from the Borrower. In the event of any
inconsistencies in payments or prepayments made by the Borrower with the previously delivered notices by the Borrower, all
costs and expenses incurred as a result of a failure by the Borrower to make any such payments or prepayment, shall be paid
by the Borrower in accordance with the Mortgage Loan Agreement provided that the amount of payment reported to the
Depository by the Certificate Administrator was consistent with the information received from the Servicer or the Special
Servicer. If the Borrower fail to do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to
the Servicer or the Special Servicer, as applicable, by the Trust pursuant to Section 3.4(c) from funds on deposit in
the Collection Account. None of the Certificate Administrator, the Servicer or the Special Servicer shall be liable for any
inability or delay of the Depository to make a distribution as a result of such inconsistencies. Notwithstanding the
foregoing, the Certificate Administrator shall notify the Depository on the Remittance Date or as soon as reasonably possible
of any such inconsistencies.

 

8.14         Access
to Certain Information. (a) The Certificate Administrator (or, in the case of clause (i), the Trustee) shall
afford or cause to be afforded to any Non-Restricted Privileged Person (other than the Rating Agencies) and to the Office of
Thrift Supervision, the FDIC and any other banking or insurance regulatory authority that may exercise authority over any
Certificateholder, access to any documentation regarding the Mortgage Loan or the other assets of the Trust that are in its
possession or within its control, including without limitation:

 

(i)           the
Mortgage Loan files, including any and all modifications, waivers and amendments to the terms of the Mortgage Loan entered into
or consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator (or a Custodian on its behalf);

 

(ii)          the
annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special Servicer,
as applicable, and delivered to the Certificates Administrator for the Property, and

 

(iii)         all
notices and reports delivered to the Certificate Administrator with respect to the Property as to which environmental testing revealed
any failure of the Property to comply with any applicable law, including any Environmental Law, or which revealed an environmental
condition present at the Property requiring further investigation, testing, monitoring, containment, clean up, or remediation.

 

Such access shall be
afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate
Administrator, the Trustee or the Custodian, as applicable.

 

Prior to the occurrence
of a Special Servicing Loan Event and upon delivery of an Investor Certification substantially in the form of Exhibit K-1 to the
Certificate Administrator, Brookfield GP shall have access to all the reports and information as set forth in this Section 8.14(a).
Following the occurrence of a Special Servicing Loan Event, Brookfield GP shall not be deemed a Privileged Person (other than for
purposes of receiving the Distribution Date Statement) and the Certificate Administrator or Trustee, as applicable, shall not afford
or

 

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cause to be afforded to Brookfield GP access to any documentation as set forth in this Section 8.14(a).

 

The Certificate Administrator
or the Trustee, as applicable, shall provide copies of the items described in this Section 8.14(a) above upon reasonable
written request to the Certificateholders. The Certificate Administrator or the Trustee, as applicable, may require payment for
the reasonable costs and expenses of providing the copies and may also require a confirmation executed by the requesting Person,
in a form reasonably acceptable to the Certificate Administrator or the Trustee, as applicable, to the effect that the Person making
the request is a Beneficial Owner or prospective purchaser of Certificates, is requesting the information solely for use in evaluating
its investment in the Certificates and shall otherwise keep the information confidential. Certificateholders, by the acceptance
of their Certificates, shall be deemed to have agreed to keep this information confidential.

 

(b)          The
Certificate Administrator shall make available to Non-Restricted Privileged Persons (or, solely in the case of the Distribution
Date Statements, all Privileged Persons), via the Certificate Administrator’s Website, the following items (to the extent
such items were prepared by or delivered to the Certificate Administrator in electronic format to cgcmtcmbs@citicom:

 

(i)          The
following “deal documents”:

 

(A)          the
Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided to the Certificate
Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)          this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Trust Loan
Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® loan setup file, delivered to the Certificate Administrator by the Servicer.

 

(ii)         The
following “periodic reports”:

 

(A)          all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(b);

 

(B)          all
CREFC® Reports (other than the CREFC® loan setup file) prepared by, or delivered to, the Certificate
Administrator pursuant to Section 3.18(a); and

 

(C)          operating
statements and other periodic Property reports provided pursuant to Section 3.18(c) (provided they are received by
the Certificate Administrator;.

 

(iii)        The
following “additional documents”:

 

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(A)          summaries
of any Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.10;

 

(B)          all
inspection reports delivered to the Certificate Administrator pursuant to Section 3.22; and

 

(C)          all
Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a);

 

(iv)         The
following “special notices”:

 

(A)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(e);

 

(B)          any
notice of termination of the Servicer or the Special Servicer delivered to the Certificate Administrator pursuant to Section
7.1(c);

 

(C)          any
notice of a Servicer Termination Event or Special Servicer Termination Event received by the Certificate Administrator pursuant
to Section 7.1(b);

 

(D)          any
request by the Certificateholders representing at least 25% of the Voting Rights to terminate the Special Servicer pursuant to
Section 7.1(d);

 

(E)          any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.7;

 

(F)          any
and all Officer’s Certificates and other evidence delivered to or by the Trustee to support its or the Servicer’s,
as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant to Section
3.23(f);

 

(G)          any
Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(H)          any
amendment to this Agreement pursuant to Section 11.1;

 

(I)           all
Officers’ Certificates and accountants’ reports delivered to the Certificate Administrator since the Closing Date;

 

(J)           notice
of any request by the holders of Certificates evidencing at least 25% of the Voting Rights of the Certificates to terminate and
replace the Special Servicer; and

 

(K)          identification
of the commencement of a Consultation Period or a Consultation Termination Period, and of the termination of a Control Period or
Consultation Period;

 

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(v)          the
“Investor Q&A Forum” pursuant to Section 4.5(a);

 

(vi)         solely
to Certificateholders and Beneficial Owners of Certificates, the “Investor Registry” pursuant to Section 4.5(b);

 

(vii)        any
Annual Statements as to Compliance and related Officer’s Certificates delivered under Section 3.19; and

 

(viii)       any
Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section 3.20.

 

The foregoing information
shall be made available by the Certificate Administrator on the Certificate Administrator’s Website promptly following receipt;
provided that the Certificate Administrator shall prohibit any Person that is not a Non-Restricted Privileged Person from accessing
any information other than the Distribution Date Statements.

 

Prior to the occurrence
of a Special Servicing Loan Event and upon delivery of an Investor Certification substantially in the form of Exhibit K-1 to the
Certificate Administrator, Brookfield GP shall have access to all the reports and information made available to such Privileged
Persons as set forth in this Section 8.14(b). After the occurrence of a Special Servicing Loan Event and upon delivery of
an Investor Certification substantially in the form of Exhibit K-2 to the Certificate Administrator, Brookfield GP shall have access
to only the Distribution Date Statements prepared by the Certificate Administrator.

 

The 17g-5 Information
Provider shall make available solely to the Rating Agencies and to NRSROs the following items to the extent such items are delivered
to it via email at ratingagencynotice@citi.com, specifically with a subject reference of “225 Liberty Street Trust 2016-225L”
and an identification of the type of information being provided in the body of the email, or via any alternate email address following
notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may
be necessary or beneficial:

 

(i)           any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.10(h);

 

(ii)          any
Environmental Reports delivered by the Special Servicer under Section 3.12(d);

 

(iii)         any
Annual Statements as to Compliance and related Officer’s Certificates delivered under Section 3.19;

 

(iv)         any
Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section 3.20;

 

(v)          any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.7(a);

 

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(vi)        any
information requested by the Depositor or the Rating Agencies pursuant to Section 3.21(d) (it being understood the 17g-5
Information Provider shall not disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such information
as provided in Section 3.21(d));

 

(vii)       any
notices to the Rating Agencies relating to the Servicer’s or Special Servicer’s determination to take action without
receiving a Rating Agency Confirmation as set forth in Section 3.27(a);

 

(viii)      any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.27(a);

 

(ix)         all
notices of termination, resignation or assignment of rights and duties of the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee (and appointments of successors to the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee) received by the 17g-5 Information Provider;

 

(x)          any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement;

 

(xi)         any
summary of oral communications with the Rating Agencies that are delivered to the 17g-5 Information Provider pursuant to Section
8.14(d); provided that the summary of such oral communications shall not attribute which Rating Agency the communication
was with;

 

(xii) 
      any amendment to this Agreement pursuant to Section 11.1;

 

(xiii)       notice
of final payments on the Certificates;

 

(xiv)       the
Rating Agency Q&A Forum and Document Request Tool pursuant to Section 4.5(d); and

 

(xv)        any
notice of amendment of the Trust Loan Purchase Agreement delivered to the 17g-5 Information Provider pursuant to Section 17 of
such Trust Loan Purchase Agreement.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall post the foregoing information on the 17g-5 Information Provider’s Website on the same Business Day of receipt
of such information if received by 2:00 p.m., New York City time, or, if received after 2:00 p.m., New York City time, on the next
Business Day by 12:00 p.m., New York City time, and shall, promptly following the posting of such information to the 17g-5 Information
Provider’s Website, notify, or cause the notification of, (i) each registered Rating Agency and other NRSRO and (ii) upon
request, the party that delivered such item to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s
Website, in each case by electronic mail of the posting of such information on the 17g-5 Information Provider’s Website (provided
that if the Servicer or Special Servicer has registered for access to the 17g-5

 

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Information Provider’s Website, such party
will automatically receive notification when such item has been posted and no request shall be required).

 

Neither the Certificate
Administrator nor the 17g-5 Information Provider shall have any obligation or duty to verify, confirm or otherwise determine whether
the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than
what it purports to be. In the event that any information is delivered or posted in error, the Certificate Administrator or the
17g-5 Information Provider, as applicable, may remove it from the Certificate Administrator’s Website or the 17g-5 Information
Provider’s Website, as applicable. None of the Trustee, the Certificate Administrator or the 17g-5 Information Provider have
obtained nor shall any of them be deemed to have obtained actual knowledge of any information posted to the 17g-5 Information Provider’s
Website to the extent such information was not produced by the Trustee or the Certificate Administrator, as applicable. The Certificate
Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate
Administrator’s Website to the extent such information was not produced by the Certificate Administrator. Access to the 17g-5
Information Provider’s Website will be provided by the 17g-5 Information Provider to (i) the Rating Agencies upon registration
at the 17g-5 Information Provider’s Website as a user thereof and (ii) other NRSROs upon registration at the 17g-5 Information
Provider’s Website as a user thereof and upon receipt by the 17g-5 Information Provider of an NRSRO Certification. If a NRSRO
(including any Rating Agency) requests access to the 17g-5 Information Provider’s Website, access will be granted by the
17g-5 Information Provider on the same Business Day provided such request is made (and, in the case of a NRSRO that is not a Rating
Agency, a NRSRO Certification is submitted to the 17g-5 Information Provider) prior to 2:00 p.m., New York time on such Business
Day, or if received after 2:00 p.m., New York City time, on the following Business Day. The 17g-5 Information Provider shall permit
each Rating Agency to submit multiple email addresses for receipt of notices, including a general email address; provided,
that each email address so provided shall be associated with a registered user of the 17g-5 Information Provider’s Website.

 

The Certificate Administrator
and the 17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has signed-up for access to the
Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable, in respect of the transaction
governed by this Agreement each time an additional document is posted thereto. In connection with providing access to the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website, the Certificate Administrator and the 17g-5 Information
Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider
shall not be liable for the dissemination of information in accordance with the terms of this Agreement, make no representations
or warranties as to the accuracy or completeness of such information being made available, and assume no responsibility for such
information. The 17g-5 Information Provider shall not be liable for making any information available to the Rating Agencies or
NRSROs unless same was delivered to it at its email address set forth above (or by any other form of electronic delivery reasonably
acceptable to the 17g-5 Information Provider pursuant to the terms of this Agreement), with the proper subject heading.

 

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Assistance in using or
delivering information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website can be
obtained by calling 800-422-2066.

 

(c)          Each
of the Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also make
available through its website or otherwise, all information necessary to enable the Certificate Administrator to comply with Section
8.14(b) and any additional information relating to the Mortgage Loan, the Property or the Borrower, for review by the Depositor,
the Initial Purchasers, the Companion Loan Holders, the Trustee, the Certificate Administrator or any other Persons who deliver
an Investor Certification substantially in the form of Exhibit K-1 in accordance with this Section 8.14(c), and the
Rating Agencies (only to the extent such additional information is simultaneously delivered to the 17g-5 Information Provider in
accordance with the provisions of Section 8.14(b), who shall post such additional information on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 8.14(b)) (collectively, the “Disclosure Parties”),
in each case, except to the extent doing so is prohibited by this Agreement (including, without limitation, pursuant to the confidentiality
provisions of this Agreement related to Privileged Information), applicable law or by the Mortgage Loan Documents. Each of the
Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer
it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the Depositor,
the Certificate Administrator and the Trustee, provide an Investor Certification or other confidentiality agreement acceptable
to the Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may
contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access to such information
is provided via the Servicer’s or the Special Servicer’s website, the Servicer and the Special Servicer may require
registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the
confidential nature of such information. In connection with providing access to or copies of the information described in this
Section 8.14(c) to current or prospective Certificateholders, the form of confidentiality agreement used by the Servicer
or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder or a licensed or registered investment
advisor acting on behalf of such Certificateholder, an Investor Certification substantially in the form of Exhibit K-1 executed
by the requesting Person indicating that such Person is a Holder of Certificates and shall keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein, an Investor Certification substantially in
the form of Exhibit K-1 indicating that such Person is a prospective purchaser of a Certificate or an interest therein and
is requesting the information for use in evaluating a possible investment in Certificates and shall otherwise keep such information
confidential. In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder,
the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Servicer
nor the Special Servicer shall be liable for the dissemination of information in accordance with this Agreement. Neither the Servicer
nor the Special Servicer

 

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shall be responsible or have any liability for the completeness or accuracy of the information delivered,
produced or otherwise made available pursuant to this Section 8.14(c) unless such information was produced by the Servicer
or the Special Servicer, as applicable.

 

In connection with the
delivery by the Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the
Servicer or the Special Servicer, as applicable, of when such information, report, notice or other document has been posted to
the 17g-5 Information Provider’s Website. The Servicer or the Special Servicer, as applicable, may, but is not obligated
to, send such information, report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier
of (i) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has
been posted to the 17g-5 Information Provider’s Website and (ii) after 12:00 p.m. on the first Business Day following the
date it has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

None of the foregoing
restrictions in this Section 8.14(c) or otherwise in this Agreement shall prohibit or restrict oral or written communications,
or providing information, between the Servicer or the Special Servicer, the Trustee and the Certificate Administrator, on the one
hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review
of the ratings it assigns to the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, (ii)
such Rating Agency’s or NRSRO’s approval of the Trustee, the Certificate Administrator, the Servicer or the Special
Servicer, as applicable, as a trustee, certificate administrator, commercial mortgage master, special or primary servicer or (iii)
such Rating Agency’s or NRSRO’s evaluation of the corporate trust or securities administration operations of the Trustee
or the Certificate Administrator or of the servicing operations in general of the Servicer or the Special Servicer, the Trustee
and the Certificate Administrator, as applicable; provided, however, that the Servicer or the Special Servicer, as
applicable, shall not provide any information relating to the Certificates or the Mortgage Loan to any Rating Agency or NRSRO in
connection with such review and evaluation by such Rating Agency or NRSRO unless (x) the Borrower, Mortgaged Property and other
deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider (electronically
in a format reasonably acceptable to the 17g-5 Information Provider) and has been uploaded on to the 17g-5 Information Provider’s
Website; or (z) such Rating Agency has confirmed in writing to the Servicer or the Special Servicer, as applicable, that it does
not intend to use such information in undertaking credit rating surveillance for any Class of Certificates (and the party providing
such information to a Rating Agency shall, upon written request, certify to the Depositor that it received the confirmation described
in this clause (z)).

 

(d)          The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but are not required) to orally
communicate with the Rating Agencies, provided that such party summarizes the information provided to the Rating Agencies
in such communication in writing and electronically and provides the 17g-5 Information Provider with such summary in accordance
with the procedures set forth in Section 8.14(b) on the same day such communication takes place; provided that the
summary of such oral communications shall not be attributed to the Rating Agency the communication was with. The

 

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17g-5 Information
Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth
in Section 8.14(b).

 

(e)          The
Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider that
is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted by the 17g-5
Information Provider in accordance with the timeframe provided in Section 8.14(b).

 

(f)           Based
on information in its possession, upon written request, the Certificate Administrator shall provide written notice to the Servicer
and Special Servicer regarding (i) the commencement of a Consultation Period or a Consultation Termination Period and (ii) the
end of any Control Period or Consultation Period. Any party hereto may at any time request from the Certificate Administrator written
confirmation of whether there existed a Consultation Period or a Consultation Termination Period during the preceding calendar
year and the Certificate Administrator shall deliver such confirmation to such party within ten days of such request.

 

8.15        Appointment
of Custodian. The Certificate Administrator may, at its own expense, appoint one or more Custodians to hold all or a portion
of the Mortgage Loan File as agent for the Certificate Administrator, by entering into a Custodial Agreement (in the event the
Certificate Administrator is not the Custodian) that is consistent in all material respects with this Agreement. The Certificate
Administrator agrees to comply with the terms of the Custodial Agreement and to enforce the terms and provisions thereof against
the Custodian for the benefit of the Certificateholders. Each Custodian shall be a depository institution subject to supervision
by federal or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt
rating of at least “BBB” from S&P, “BBB” from DBRS and “BBB+” by Fitch, and shall be qualified
to do business in the jurisdiction in which it hold the Mortgage Loan File. Any compensation paid to the Custodian shall be an
unreimbursable expense of the Certificate Administrator. The Certificate Administrator shall serve as the initial Custodian and
shall be deemed appointed as Custodian at all times that no other party is so appointed in accordance with this Section 8.15.
The Custodian, if the Custodian is not the Certificate Administrator, shall maintain a fidelity bond in the form and amount that
are customary for securitizations similar to the securitization evidenced by this Agreement, with the Certificate Administrator
named as loss payee. The Custodian shall be deemed to have complied with this provision if one of its respective Affiliates has
such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Custodian.
In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss
occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder in the form
and amount that are customary for securitizations similar to the securitization evidenced by this Agreement, with the Certificate
Administrator named as loss payee. All fidelity bonds and policies of errors and omissions insurance obtained under this Section
8.15 shall be issued by an insurance company or security or bonding company qualified to write the related insurance policy
in the relevant jurisdiction and whose claims paying ability is rated at least “A-” by S&P, or by any other insurer
with respect to which the Rating Agencies have provided to the Certificate Administrator a Rating Agency Confirmation. Each Custodian
shall be subject to the same obligations and standard of care as would be imposed on the Certificate Administrator hereunder in
connection with the retention of the

 

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Mortgage Loan File directly by the Certificate Administrator. The appointment of a Certificate
Administrator shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator
shall remain responsible for all acts and omissions of the Custodian.

 

9.          CERTAIN
MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE

 

9.1          Selection
and Removal of the Controlling Class Representative.

 

(a)          The
Majority Controlling Class Certificateholders may elect the Controlling Class Representative.

 

(b)          The
Controlling Class Representative shall be the representative of the Controlling Class selected by the Majority Controlling Class
Certificateholders (which may not include any Holder or Beneficial Owner that is a Borrower Restricted Party), as determined by
the Certificate Registrar from time to time. Each Holder of the Certificates of the Controlling Class shall be entitled to vote
in each election of the Controlling Class Representative. Notwithstanding anything to the contrary herein, the Controlling Class
Representative cannot be a Borrower Restricted Party. In connection with the appointment of a Controlling Class Representative,
the party so appointed and the Majority Controlling Class Certificateholders that made the selection shall all provide written
certifications (substantially in the form of Exhibit K-3 to this Agreement) to the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator confirming that neither the prospective Controlling Class Representative nor any of the Majority
Controlling Class Certificateholders that appointed such prospective Controlling Class Representative is a Borrower Restricted
Party; and no designation of a Controlling Class Representative shall be deemed effective until such certifications are so delivered.
Notwithstanding anything to the contrary herein, each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator
may conclusively rely on any Investor Certification provided to it in connection with the foregoing and may require that Investor
Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

(c)          The
Majority Controlling Class Certificateholders shall give written notice to the Servicer, the Special Servicer, the Trustee and
the Certificate Administrator of the appointment of any Controlling Class Representative (in order to receive notices hereunder).
Each party hereto hereby represents that, as of the Closing Date, no written notice of the appointment of a Controlling Class Representative
has been received by such party and the other parties to the Agreement acknowledge, and may conclusively rely upon, such representation
as of the Closing Date. From and after the Closing Date, the parties hereto will be required to comply with the provisions of this
Agreement with respect to the Controlling Class Representative including, without limitation, Sections 9.1(b) and
9.1(i) of this Agreement.

 

(d)          The
Controlling Class Representative may be removed at any time by the written vote of the Majority Controlling Class Certificateholders,
and a copy of the results of such vote shall be delivered to the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer, and such parties may conclusively rely on such notice. Absent such notice, the

 

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Certificate Administrator, the Trustee,
the Servicer and the Special Servicer may rely on the prior designation.

 

(e)          Each
Holder and Beneficial Owner of a Controlling Class Certificate is hereby deemed to have agreed by virtue of its purchase of such
Controlling Class Certificate or an interest therein to provide its name and address to the Certificate Administrator and the Trustee,
to notify the Certificate Administrator, the Trustee, the Servicer and the Special Servicer of the transfer of any Certificate
of the Controlling Class, the selection of a Controlling Class Representative or the resignation or removal thereof and (by way
of a certification substantially in the form of Exhibit K-3 to this Agreement) whether it or, to its knowledge, a Controlling
Class Representative is or has become a Borrower Restricted Party. Any Certificateholder or Beneficial Owner at any time appointed
Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a Certificate or interest therein
to notify the Certificate Administrator, the Trustee, the Servicer and the Special Servicer when such Certificateholder or Beneficial
Owner is appointed Controlling Class Representative, when it is removed or resigns and (by way of a certification substantially
in the form of Exhibit K-3 to this Agreement) whether it is or has become a Borrower Restricted Party and further to resign
if it becomes a Borrower Restricted Party. Upon receipt of such notice, the Certificate Administrator shall notify the Special
Servicer and the Servicer of the identity of the Controlling Class Representative and any resignation or removal thereof. In addition,
upon the request of the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall provide the name of
the then-current Controlling Class and a list of the Certificateholders of the Controlling Class to such requesting party. By virtue
of their acquisition of Certificates or interests therein, each Holder and Beneficial Owner of the Controlling Class of Certificates
agrees to remove any Controlling Class Representative known to be a Borrower Restricted Party or to cause such Controlling Class
Representative to resign.

 

(f)          Once
a Controlling Class Representative has been selected, each of the Depositor, the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such
selection unless the Majority Controlling Class Certificateholders shall have notified each other party to this Agreement and each
other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling Class Representative or the
selection of a new Controlling Class Representative.

 

(g)          Until
it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with
respect to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

(h)          The
Controlling Class Representative shall be responsible for its own expenses.

 

(i)           Notwithstanding
any other provision to this Agreement, in the event that no Controlling Class Representative has been appointed or identified to
the Servicer or the Special Servicer, as applicable, and the Servicer or Special Servicer, as applicable, has attempted to obtain
such information from the Certificate Administrator and no such entity has been identified to the Servicer or the Special Servicer,
as applicable, then the Servicer or the Special

 

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Servicer, as applicable, shall have no duty to consult with, provide notice to,
or seek the approval or consent of the Controlling Class Representative until such time as a Controlling Class Representative meeting
the definition thereof is so appointed or identified. Upon request, the Certificate Administrator shall provide such information
as is then in its possession to identify the Controlling Class Representative to the Servicer and the Special Servicer.

 

9.2          Limitation
on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders. The Controlling Class
Representative shall have no liability to the Trust or Certificateholders for having acted in accordance with or as permitted
by this Agreement, or for refraining from the taking of any action.

 

Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Controlling Class Representative and/or any Holder
of a Controlling Class Certificate may each have relationships and interests that conflict with those of Holders of one or more
other Classes of Certificates; (ii) the Controlling Class Representative and/or any Controlling Class Certificateholder may act
solely in the interests of the Holders of the Controlling Class; (iii) the Controlling Class Representative and the Holders of
the Controlling Class do not have any duties to the Trust or to the Holders of any other Class of Certificates; (iv) the Controlling
Class Representative and/or any Holder of the Controlling Class may take actions that favor interests of the Controlling Class
over the interests of the Holders of one or more other Classes of Certificates; (v) neither the Controlling Class Representative
nor the Holders of the Controlling Class shall have any liability whatsoever to the Trust, the other parties to this Agreement,
the Certificateholders or any other Person (including the Borrower) for having acted in accordance with or as permitted under the
terms of this Agreement; and (vi) the Holders of the Certificates may not take any action whatsoever against the Controlling Class
Representative or any Holder the Controlling Class or any of the respective affiliates, directors, officers, shareholders, members,
partners, agents or principals thereof as a result of the Controlling Class Representative or the Holders the Controlling Class
having acted in accordance with the terms of and as permitted under this Agreement.

 

9.3          Consent
to Various Actions; Rights and Powers of the Controlling Class Representative. 

 

(a)          Notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to, Section 3.24, Section 9.3(b)
and the last paragraph of this Section 9.3(a), (i) the Servicer shall not be permitted to take any of the actions constituting
a Major Decision unless it has obtained the consent of the Special Servicer (which consent shall be deemed given if the Special
Servicer does not object within 15 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 90 days)
of receipt of the Servicer’s written analysis and recommendation together with any information in the possession of the Servicer
that is reasonably required to make a decision regarding the subject action) (or, with respect to such 15 Business Day period (or
such 90 day-period in the case of a determination of an Acceptable Insurance Default), such longer period as required by any Mezzanine
Intercreditor Agreement for review by any holder of the Approved Mezzanine Loan), and (ii) during any Control Period, solely with
respect to the Mortgage Loan if it is a Specially Serviced Mortgage Loan, the Special Servicer shall not be permitted to consent
to the Servicer’s taking any of the actions constituting a Major Decision, nor shall the Special Servicer itself be permitted
to take

 

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any of the actions constituting a Major Decision, as to which the Controlling Class Representative has objected in writing
within ten Business Days (or, in the case of a determination of an Acceptable Insurance Default, 30 days) after receipt of the
written recommendation and analysis from the Special Servicer, together with any information in the possession of the Special Servicer
that is reasonably necessary to make a decision regarding the subject action (provided, that if such written objection has
not been received by the Special Servicer within such ten Business Day period (or, in the case of a determination of an Acceptable
Insurance Default, 30 day-period) after receipt of such information, then the Controlling Class Representative shall be deemed
to have approved such action); provided that if the Special Servicer or Servicer (if the Servicer is otherwise authorized
by this Agreement to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any
other matter requiring consent of the Controlling Class Representative during any Control Period, is necessary to protect the interests
of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and the Companion
Loan Holders constituted a single lender), the Special Servicer or the Servicer, as applicable, may take any such action without
waiting for such response so long as the Servicer or the Special Servicer, as applicable, has made a reasonable effort to contact
the Controlling Class Representative to inform it of such need; provided, further, that the Special
Servicer is not required to obtain the consent of the Controlling Class Representative for any of the foregoing actions during
any Consultation Period or any Consultation Termination Period; provided, further, that the Special Servicer shall be required
to consult, solely on a non-binding basis with (and to consider alternative actions recommended by) (i) during any Consultation
Period, the Controlling Class Representative with respect to any of the Major Decisions and any other matter as to which consent
of the Controlling Class Representative would have been required during any Control Period, and (ii) at all times, the Companion
Loan Holders (provided, that any such consultation is not binding on the Special Servicer); and provided,
further, that the Controlling Class Representative shall not have any rights under clause (x) or clause (xx)
of the definition of Major Decision with respect to any material amendment, waiver or modification of the Mezzanine Intercreditor
Agreement that is proposed by the holder of the Approved Mezzanine Loan if the Controlling Class Representative or an Affiliate
thereof is a holder of all of or a controlling interest in the Approved Mezzanine Loan.

 

During a Control Period
or a Consultation Period, the Special Servicer shall provide notice to the Servicer and to the Controlling Class Representative
of any material notice that the Special Servicer has received under or related to any management agreement, comfort letter, subordination,
non-disturbance and attornment agreement, recognition agreement or similar agreement, and the Special Servicer shall consult with
the Controlling Class Representative with respect to the contents of such notices; provided that the Servicer shall provide notice
to the Special Servicer of any material notice that the Servicer has received under or related to any management agreement, comfort
letter, subordination, non-disturbance and attornmnent agreement, recognition agreement or similar agreement during any such period.

 

During a Control Period
or a Consultation Period, the Special Servicer shall provide notice to the Controlling Class Representative of any proposed sale
of the Property by the Borrower, and shall provide the Controlling Class Representative upon request copies of any offering documentation
related thereto received pursuant to the Mortgage Loan Documents.

 

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In addition, during any
Control Period, subject to Section 9.3(b) and the immediately following paragraph, the Controlling Class Representative
may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan if it
is a Specially Serviced Mortgage Loan as the Controlling Class Representative may deem advisable or as to which provision is otherwise
made herein. Notwithstanding anything herein to the contrary, no such direction, and no direction or objection by the Controlling
Class Representative contemplated by any provision of this Agreement, may require or cause the Servicer or the Special Servicer
to violate any provision of the Mortgage Loan Documents, any Mezzanine Intercreditor Agreement, applicable law or this Agreement,
including without limitation the Special Servicer’s or the Servicer’s, as applicable, obligation to act in accordance
with the Accepted Servicing Practices, or expose any Certificateholder, the Trust, the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or their affiliates, officers, directors or agents to any claim, suit or liability, result in the
imposition of a tax upon the Trust or materially expand the scope of the Servicer’s or Special Servicer’s responsibilities
hereunder. Further notwithstanding anything herein to the contrary, neither the Servicer nor the Special Servicer shall take or
refrain from taking any action pursuant to instructions or objections from the Controlling Class Representative that would cause
it to violate applicable law, cause it to violate Accepted Servicing Practices, require or cause it to violate provisions of this
Agreement, require or cause it to violate the terms of the Mortgage Loan Documents, expose any Certificateholder, the Companion
Loan Holders, the Trust, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or their affiliates, officers,
directors or agents to any claim, suit or liability, result in the imposition of federal income tax on the Trust (other than “net
income from foreclosure property” as defined in the REMIC provisions), or cause either the Lower Tier REMIC or the Upper
Tier REMIC to fail to qualify as a REMIC under the Code. Furthermore, in addition to the Controlling Class Representative’s
rights of consent and consultation (as applicable) as set forth in this Section 9.3(a) above, it is understood and agreed
that to the extent any other provision of this Agreement requires the provision of notice to, the obtaining of consent of, and/or
consultation with, the Controlling Class Representative, or otherwise provides for any right of the Controlling Class Representative
thereunder, then none of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer shall be entitled to
take any action (or omit to take any action) in contravention of the applicable rights of the Controlling Class Representative
contained in such provision; provided, that this sentence is not intended to in any way (i) expand the rights of the Controlling
Class Representative, (ii) limit the application of the immediately preceding sentence, (iii) remove any limitations on the exercise
of such rights set forth in the immediately preceding sentence or elsewhere herein, or (iv) require the Trustee, the Certificate
Administrator, the Servicer and/or the Special Servicer to send a notice to, obtain the consent of, or consult with a new Controlling
Class Representative whose name and contact information have not yet been provided to the Trustee, the Certificate Administrator,
the Servicer and/or the Special Servicer; and provided, further, that if such other provisions are in any way subject to
this Section 9.3, then the exercise of such rights shall be subject to Section 9.3(b) and the immediately following
paragraph.

 

If the Special Servicer
or Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any direction, objection
or advice from the Controlling Class Representative would require or otherwise cause the Special Servicer or Servicer, as applicable,
to violate the terms of the Mortgage Loan Documents, the Mezzanine Intercreditor Agreement, applicable law, provisions of the Code,
or this Agreement, including

 

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without limitation, the Accepted Servicing
Practices, or expose any Certificateholder, the Trust, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or their affiliates, officers, directors or agent to any claim, suit or liability, or result in the imposition of a tax upon the
Trust, or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, or materially expand the scope
of the Servicer’s or Special Servicer’s responsibilities hereunder, then the Special Servicer or Servicer, as applicable,
shall disregard such refusal to consent, direction, objection or advice and notify the Controlling Class Representative, the Trustee,
the Certificate Administrator and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation
of the basis therefor. The taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance
with the direction of or approval of the Controlling Class Representative that does not violate the Mortgage Loan Documents, the
Mezzanine Intercreditor Agreement, any applicable law, provisions of the Code (resulting in the imposition of federal income tax
on the Trust, causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC) or the Accepted Servicing
Practices or any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special
Servicer.

 

(b)          During
any Consultation Termination Period, the Controlling Class Representative shall have no consent or consultation rights under this
Agreement and shall have no right to receive any notices, reports or information (other than notices, reports or information required
to be delivered to all Certificateholders) or any other rights as Controlling Class Representative; provided, that the Controlling
Class Representative (if and to the extent that it is a Certificateholder) shall maintain the right to exercise its Voting Rights
for the same purposes as any other Certificateholder under this Agreement.

 

9.4          Controlling
Class Representative Contact with Servicer and Special Servicer. Upon reasonable request, each of the Servicer and the Special
Servicer shall, without charge, make a Servicing Officer available to answer questions from the Controlling Class Representative
(during any Control Period and any Consultation Period) regarding the performance and servicing of the Mortgage Loan (or, in the
case of the Special Servicer, the Special Servicer’s operational activities on a platform level basis related to the servicing
of the Mortgage Loan after a Special Servicing Loan Event and the servicing of any Foreclosed Property) for which the Servicer
or the Special Servicer, as the case may be, is responsible.

 

Notwithstanding any provision
of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information otherwise required
to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer or the Special
Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Accepted Servicing Practices,
that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise
materially harm the Trust or the Trust Fund.

 

10.          TERMINATION

 

10.1        Termination.
(a) The respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee and the
Certificate Administrator created hereby (other than (x) the obligation to make certain remittances to the Companion Loan

 

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Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the
Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with
all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification rights and
obligations of the parties hereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to this Article 10 following the later of (i) the final payment on the
Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without
limitation, in connection with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or this
Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United Kingdom, living on
the date hereof.

 

(b)          On
the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a person other than
the Certificateholders, shall be applied as described in Section 4.1.

 

(c)          Notice
of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date)
upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment of
the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders
mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of the Certificates shall be
made upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated,
(B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator
therein specified.

 

10.2   Additional
Termination Requirements. In connection with any termination pursuant to Section 10.1 other than final payment on the
Mortgage Loan, the Trust shall be terminated in accordance with the following additional requirements, unless the Certificate
Administrator has obtained at the expense of the Trust, an Opinion of Counsel that any other manner of terminating either the
Lower-Tier REMIC or the Upper-Tier REMIC shall not subject the Trust, the Lower-Tier REMIC or the Upper-Tier REMIC to federal
income tax:

 

(i)           within
89 days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the 90 day liquidation
period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate Administrator
to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date in the final
tax return of each such REMIC;

 

(ii)          at
or after the time of adoption of such plan of complete liquidation and at or prior to the final Distribution Date, the Servicer
shall sell any remaining assets (other than cash) of the Trust and credit the proceeds thereof to the Trust; and

 

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(iii)         at
or after such time as the proceeds from the disposition of the remaining assets of the Trust shall have been credited to the Trust,
the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to be distributed to
the Certificate Administrator as holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class R Certificates
(in respect of the Class LT-R Interest) in accordance with Section 4.1(b), and (B) as part of the Upper-Tier REMIC to be
distributed to the Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) in
accordance with Section 4.1(a), Section 4.1(b) and Section 4.3(a)(ii).

 

10.3       Trusts
Irrevocable. Except as expressly provided herein, all trusts created hereby are irrevocable.

 

11.          MISCELLANEOUS
PROVISIONS

 

11.1       Amendment.
(a) This Agreement may be amended from time to time by the parties hereto, without the consent of any of the
Certificateholders or any Companion Loan Holder:

 

(i)          to
correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement
;

 

(ii)         to
cause the provisions of this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of its provisions which
may be inconsistent with any other provisions herein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property Account,
provided that (A) the Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B)(1) the change would not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto, as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust
(which amounts may be paid out of the Collection Account) if the requesting party is the Trustee or the Certificate Administrator)
or (2) Rating Agency Confirmation is obtained;

 

(iv)        to
modify, eliminate or add to any of its provisions to the extent necessary to maintain the qualification of either the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC, at all times that any Certificate is outstanding, or to avoid or minimize the risk of
imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the Lower-Tier REMIC or the
Upper-Tier REMIC; provided, that the Trustee and the Certificate Administrator received an Opinion of Counsel (at the expense
of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of imposition of any such tax and (2) the action shall not adversely affect in any material respect
the interests of any holder of the Certificates;

 

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(v)          to
modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates; provided, that the Depositor has determined that the amendment shall not give rise to any tax
with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided, that the Depositor may
conclusively rely upon an Opinion of Counsel to such effect (a copy of which will be delivered to the Trustee and the Certificate
Administrator);

 

(vi)         to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided,
that the required action shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto, as evidenced by an Opinion of Counsel, and the Trustee and the Certificate Administrator shall have received a Rating
Agency Confirmation, provided, that any amendment pursuant to this clause (vi) that would adversely affect the rights
of the Controlling Class or the Controlling Class Representative shall be subject to the consent of the Holders of the Controlling
Class or the Controlling Class Representative, as applicable;

 

(vii)        to
amend or supplement any provision of this Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by Rating Agency Confirmation, provided, that any amendment pursuant
to this clause (vii) that would adversely affect the rights of the Controlling Class or the Controlling Class Representative
shall be subject to the consent of the Holders of the Controlling Class or the Controlling Class Representative, as applicable;

 

(viii)       to
modify the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (A) the Depositor, the Servicer,
and the Trustee, determine that the commercial mortgage-backed securities industry standard for such provisions has changed, in
order to conform to such industry standard, (B) such modification does not adversely affect the status of the Upper-Tier REMIC
or the Lower-Tier REMIC as a REMIC, as evidenced by an Opinion of Counsel, (C) Rating Agency Confirmation is obtained and (D)
during any Control Period and any Consultation Period, the Controlling Class Representative consents to such modification; and

 

(ix)          to
modify the provisions set forth in this Agreement relating to Exchange Act Rule 17g-5 or Rule 15Ga-1; provided, that such
amendment would not materially increase the obligations of any of the Servicer, the Special Servicer, the Certificate Administrator,
the 17g-5 Information Provider or the Trustee (unless consented to by such party).

 

Notwithstanding the
foregoing, no such amendment to this Agreement contemplated by this Section 11.1(a) shall be permitted if the amendment would adversely
affect any Companion Loan Holder in its capacity as such without its consent.

 

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(b)          This
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate
Administrator with the written consent of the Holders of Certificates evidencing, in the aggregate, not less than 51% of the Percentage
Interests of each Class of Certificates adversely affected thereby (as evidenced by an Opinion of Counsel) for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Holders of the Certificates; provided, however, no such amendment shall (i) reduce in any manner
the amount of, or delay the timing of, payments received on the Mortgage Loan which are required to be distributed on any Certificate
or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii)
alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth herein,
(iv) change the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any
action or inaction under this Agreement; (v) amend this Section 11.1; or (vi) adversely affect any Companion Loan Holder
in its capacity as such without its consent

 

It shall not be necessary
for the consent of Certificateholders under this Section 11.1 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Certificate
Administrator or the Trustee may prescribe.

 

Notwithstanding any
contrary provisions of this Agreement, (i) neither the Trustee nor the Certificate Administrator shall consent to any amendment
to this Agreement unless it shall have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized
or permitted hereunder and all conditions precedent to such amendment have been satisfied, and (ii) no amendment shall be made
to this Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the
expense of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on the
Trust, cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

(c)           Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on
the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, the Certificate Administrator
shall furnish written notification of the substance of such amendment to each of the Depositor, the Initial Purchasers, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Borrower and the Rating Agencies.

 

(d)           In
the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 11.1 shall
be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or the Special Servicer, as applicable,
and, to the extent required by this Section 11.1, the required Certificateholders and/or the Companion Loan Holders, as
applicable.

 

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(e)           The
costs and expenses associated with any such amendment, including without limitation, Opinions of Counsel and Rating Agency Confirmations,
shall be borne by the party requesting such amendment (or, if such amendment is required by any of the Rating Agencies to maintain
the rating issued by it or requested by the Trustee or the Certificate Administrator (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor and,
if neither the Depositor nor any successor thereto is in existence, the Trust (which amounts may be paid out of the Collection
Account)).

 

(f)           Any
party requesting an amendment to this Agreement shall provide (x) notice of such amendment no later than 3 Business Days prior
to the anticipated date of execution, and (y) a copy of the executed amendment no later than the date of execution, to each Other
Depositor and Other Exchange Act Reporting Party under each Other Pooling and Servicing Agreement (which may be by email) in order
for each Companion Loan Holder to timely comply with its obligations under the Exchange Act.

 

11.2        Recordation
of Agreement; Counterparts. (a) This Agreement or an abstract
hereof, if acceptable by the applicable recording office, is subject to recordation in all appropriate public offices for
real property records in the county in which the Property subject to the Mortgage is situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the Trustee or the Certificate Administrator at the
expense of the Trust upon its receipt of an Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders of the Trust.

 

(b)          For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.

 

11.3        Governing
Law; Submission to Jurisdiction; 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. THE PARTIES HERETO INTEND
THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE

 

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PURPOSE OF ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY-LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION
OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY-LAW; AND (IV) CONSENTS
TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE PARTIES HERETO HEREBY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

11.4        Notices.
All demands, notices and communications hereunder shall be in writing, shall be deemed to have been given upon receipt
(except that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed to have been
given upon being sent by first class mail, postage prepaid) as follows:

 

If to the Depositor, to:

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

and:

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

and:

Citigroup Commercial Mortgage Securities Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile: (646) 862-8988

 

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with electronic copies to:

Richard Simpson at richard.simpson@citi.com

 and to:

Ryan M. O’Connor at ryan.m.oconnor@citi.com

  

If to the Servicer, to:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing, MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: 225 Liberty Street Trust 2016-225L Asset Manager

Fax number: (704) 715-0036

 

With copies to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street, TW 30, D1053 300

Charlotte, North Carolina 28202-6000

Attention: Commercial Mortgage Servicing Legal Support

Fax number: (704) 383-0353

 

and:

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Fax number: (704) 353-3190

 

and, for any items regarding
the Rating Agency Q&A Forum, to:

 

            RAInvRequests@wellsfargo.com

 

and, for any items regarding
the Investor Q&A Forum, to:

 

            REAM_InvestorRelations@wellsfargo.com

 

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If to the Special Servicer, to:

Trimont Real Estate Advisors, LLC

3424 Peachtree Road, NE

Suite 2200

Atlanta, Georgia 30326

Attention: Director, Special Servicing

Facsimile number: (404) 420-5600

E-mail: jdamico@trimontrea.com and CMBS_Servicing@Trimontrea.com

  

With copies to:

Trimont Real Estate Advisors, LLC

3424 Peachtree Road, NE

Suite 2200

Atlanta, Georgia 30326

Attention: Legal Department

Facsimile number: (404) 420-5600

E-mail: slauer@trimontrea.com

  

and:

 

Thompson & Knight LLP

900 Third Avenue, 20th Floor

New York, New York 10022

Attention: William M. O’Connor,
Esq.

Facsimile number: (214) 999-9141

E-mail: william.oconnor@tklaw.com

  

If to the Trustee, to:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – 225 Liberty Street Trust 2016-225L

 

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If to the Certificate Administrator,
to:

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Global Transaction Services-225 Liberty Street Trust 2016-225L

Fax number: (212) 816- 5527

 

or, for certificate transfers:

 

Citibank, N.A.

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Global Transaction Services—225 Liberty Street Trust 2016-225L

  

If to the Initial Purchasers, to:

(i) in the case of Citigroup Global Markets Inc.:

 

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

and:

Citigroup Global Markets Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

and:

Citigroup Global Markets Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile: (646) 862-8988

 

with electronic copies to:

Richard Simpson at richard.simpson@citi.com

 

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and to:

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

(ii) in the case of Deutsche
Bank Securities Inc.:

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

Facsimile No.: (212) 797-4487

 

(iii) in the case of Wells Fargo
Securities, LLC:

Wells Fargo Securities, LLC

301 South College Street, TW-12

Charlotte, North Carolina 28202

Attention: Royer Culp

Facsimile No.: (704) 715-0066

 

with a copy to:

 

Wells Fargo Law Department, D1053-300

301 South College Street

Charlotte, North Carolina 28202

Attention: Jeff D. Blake, Esq.

Facsimile No.: (704) 715-2378

 

If to the initial Controlling Class
Representative, to:

		 	 	 

		 	 	 

		 	 	 

		 	 	 

		Attention:	 	 

		Fax number:	 	 

 

If to any Certificateholder, to:

the address set forth in the Certificate Register

 

If to the Borrower: at the respective
addresses therefor set forth in the Mortgage Loan Agreement

 

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or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Notwithstanding anything
to the contrary herein, any and all communications (both text and attachments, excluding any notice to the Servicer or the Special
Servicer under Section 7.1(a)) by or from the Certificate Administrator, in any of its capacities, that the Certificate
Administrator in its sole discretion deems to contain confidential, proprietary, and/or sensitive information and sent by electronic
mail will be encrypted. The recipient of the email communication will be required to complete a one-time registration process.
Information and assistance on registering and using the email encryption technology can be found at the Certificate Administrator’s
Secure website http://www.citi.com/citi/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or (904) 954-6181.

 

11.5        Notices
to the Rating Agencies. The Servicer or the Special Servicer, as applicable, and Certificate Administrator shall furnish such
other information regarding the Trust as may be reasonably requested by the Rating Agencies to the extent such party has or can
obtain such information without unreasonable effort or expense; provided, however, that such other information is
first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 8.14(b); provided,
further, that the 17g-5 Information Provider shall not disclose which Rating Agency has requested such information. Notwithstanding
the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder
shall be in writing.

 

Any notices and Rating
Agency Confirmation requests shall be sent to the Rating Agencies shall be sent to the following addresses:

  

Standard & Poor’s Ratings
Services

55 Water Street, 40th Floor

New York, New York 10041

Attention: CMBS Surveillance Group

 Email: cmbs_info_17g5@standardpoors.com

 

DBRS, Inc.

333 West Wacker Drive, Suite
1800

Chicago, Illinois 60606 

Attention: CMBS Surveillance 

Fax number: (312) 332 3492 

E-mail: cmbs.surveillance@dbrs.com

 

11.6        Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights
of the Holders thereof.

 

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11.7        Limitation
on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to
take any action or to commence any proceeding in any court for a petition or winding up of the Trust, or otherwise affect the
rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein
set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time
as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by reason
of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless the Holders of Certificates
aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee, for
60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder
except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this
Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law
or in equity.

 

11.8        Certificates
Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations of the Trust, that
the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and the
Certificates, upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall be
deemed fully paid.

 

11.9        Reproduction
of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and
modifications which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial
statements, certificates and other information previously or hereafter furnished, may be

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reproduced by any photographic,
photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such
reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or
not the original is in existence and whether or not such reproduction was made by a party in the regular course of business,
and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in
evidence.

 

11.10      No
Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the
parties hereto and the Services of the Servicer and the Special Servicer shall be rendered as an independent contractor and
not as agent for the Trustee or the Depositor.

 

11.11      Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing;
and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Certificate Administrator and, where required, to the Depositor, the Servicer, the Special Servicer and/or
the Trustee. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Agreement and conclusive in favor of the Depositor, the Servicer, the Special Servicer, the Trustee and the
Certificate Administrator if made in the manner provided in this Section.

 

(b)          The
fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator deems sufficient.

 

(c)          Any
request, demand, authorization, direction, notice, consent, waiver, or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator
in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)          The
Certificate Administrator may require additional proof of any matter referred to in this Section as it shall deem reasonably
necessary.

 

11.12      Successors
and Assigns.  The rights and obligations of any party
hereto shall not be assigned (except as expressly permitted hereunder, including pursuant to Section 6.2, 6.4, 8.7
or 8.9 hereof) by such party without the prior written consent of the other parties hereto. This Agreement shall
inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer, the Trustee and the
Certificate Administrator and their respective permitted successors and assigns. No Person other than a party to this
Agreement, a designated third-party beneficiary and any Certificateholder shall have any rights with respect to the
enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement
specifically agree that (i) each Loan Seller, each Companion Loan Holder and each

 

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Initial Purchaser shall be a third-party
beneficiary of this Agreement with respect to any of its respective rights specifically set forth hereunder, (ii) each Other
Depositor and Other Exchange Act Reporting Party shall be third-party beneficiary of this Agreement with respect to its
rights under Article 13, and (iii) no Borrower, Property Manager or, except as contemplated by the immediately
preceding clause (i), other party to the Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

11.13      Acceptance
by Authenticating Agent, Certificate Registrar. The Certificate Administrator hereby accepts its appointment as
Authenticating Agent and Certificate Registrar and agrees to perform the obligations required to be performed by it in each
such capacity pursuant to the terms of this Agreement.

 

11.14      Streit
Act. Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k or Article 4-A of the
New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those conferred or
imposed by this Agreement; provided, however, to the extent that such Section 126 and/or 130-k shall not have
any effect, and if said Section 126 and/or Section 130-k should at any time be repealed or cease to apply to this Agreement
or be construed by judicial decision to be inapplicable, said Section 126 and/or Section 130-k shall cease to have any
further effect upon the provisions of this Agreement. In a case of a conflict between the provisions of this Agreement and
any mandatory provisions of Article 4-A of the New York Real Property Law, such mandatory provisions of said Article 4-A
shall prevail, provided that if said Article 4-A shall not apply to this Agreement, should at any time be repealed, or
cease to apply to this Agreement or be construed by judicial decision to be inapplicable, such mandatory provisions of such
Article 4-A shall cease to have any further effect upon the provisions of this Agreement.

 

11.15      Assumption
by Trust of Duties and Obligations of the Mortgage Lender Under the Mortgage Loan Documents. The Trustee on behalf of the
Trust as assignee of the Trust Loan and the Servicer and the Special Servicer hereby acknowledge that the Trust assumes all
of the rights and obligations of the Mortgage Lender as lenders under the Mortgage Loan Documents and agrees to be bound
thereby, and in accordance with the terms thereof. Such acknowledgement on behalf of the Trust is made by the Trustee in the
exercise of the powers and authority conferred and vested in it and is intended for the purpose of binding only the Trust.
Nothing contained in this Section shall be construed as creating any liability on the part of the Trustee, individually or
personally, it being agreed that all liabilities and obligations being acknowledged as assumed are solely those of the Trust,
and under no circumstances shall the Trustee be liable personally for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this Agreement, any Mortgage Loan Document or any
related document.

 

11.16      Treatment
as a Security Agreement. The Depositor, concurrently with the execution and delivery hereof, has conveyed to the Trust,
all of its right, title and interest in and to the Trust Loan. The parties intend that such conveyance of the
Depositor’s right, title and interest in and to the Trust Loan pursuant to this Agreement shall constitute a purchase
and sale and not a loan. If such conveyance is deemed to be a pledge and not a sale, then the parties also intend and agree
that the Depositor shall be deemed to have granted, and in such event does hereby grant, to the Trustee, in trust for the
registered holders of Holders of 225 Liberty Street

 

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Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series
2016-225L, a first priority security interest in all of its right, title and interest, whether now owned or existing or
hereafter acquired or arising, in, to and under the Trust Loan, all payments of principal or interest with respect to the
Trust Loan on or after the Closing Date and all proceeds thereof that may come due with respect to the Trust Loan and that
this Agreement shall constitute a security agreement under applicable law.

 

12.          REMIC
ADMINISTRATION

 

12.1        REMIC
Administration. (a) The Depositor intends that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and
that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC,
and the provisions hereof shall be interpreted consistently with this intention.

 

(b)          The
Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier
REMIC to treat the segregated pool of assets constituting such REMIC as a REMIC under the Code. Each such election shall be made
on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of the calendar
year in which the Certificates are issued.

 

(c)          The
Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Regular Certificates
and the Uncertificated Lower-Tier Interests is the Rated Final Distribution Date for the purposes of Section 860G(a)(1) of the
Code.

 

(d)          The
Certificate Administrator shall prepare or cause to be prepared and file or cause to be filed with the IRS, on behalf of each
of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on IRS Form
SS-4 or obtain such number by other permissible means. Within 30 days of the Closing Date, the Certificate Administrator shall
furnish or cause to be furnished to the IRS, on IRS Form 8811 or as otherwise may be required by the Code, the name, title and
address of the Persons that Holders of the Certificates may contact for tax information relating thereto (and the Certificate
Administrator shall act as the representative of each of the Lower-Tier REMIC and the Upper-Tier REMIC for this purpose), together
with such additional information as may be required by such Form, and shall update such information at the time or times and in
the manner required by the Code (and the Depositor agrees within ten Business Days of the Closing Date to provide any information
reasonably requested by the Servicer or the Certificate Administrator and necessary to make such filing).

 

(e)          The
Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection with the
preparation, filing and mailing of tax information reports and returns that are incurred by it in the ordinary course of its business,
but extraordinary or unusual expenses, costs or liabilities incurred in connection with its tax related duties under this Agreement,
including without limitation any expenses, costs or liabilities associated with audits or any administrative or judicial proceedings
with respect to the

 

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Lower-Tier
REMIC or the Upper-Tier REMIC that involve the IRS or state tax authorities, shall be reimbursable from the Trust.

 

(f)          The
Certificate Administrator shall prepare or cause to be prepared, timely furnish or cause to be furnished to the Trustee to sign
(and the Trustee shall timely sign), and the Certificate Administrator shall file or cause to be filed all federal, state and
local income or franchise or other tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the
direct representative for such REMIC. Except as provided in Section 12.1(e), the expenses of preparing and filing such returns
shall be borne by the Certificate Administrator. The Depositor shall provide on a timely basis to the Certificate Administrator
or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession,
and is reasonably requested by the Certificate Administrator to enable it to perform its obligations under this subsection,
and the Certificate Administrator shall be entitled to rely on such information in the performance of its obligations hereunder.

 

(g)          The
Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting and other
tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance
issued by the IRS or any state or local taxing authority. Among its other duties, the Certificate Administrator shall provide
(i) to the IRS or other Persons (including, but not limited to, the transferor of a Class R Certificate to a Disqualified Organization
or to an agent that has acquired a Class R Certificate on behalf of a Disqualified Organization) such information as is necessary
for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization and (ii) to
the Certificateholders such information or reports as are required by the Code or REMIC Provisions. The Depositor shall provide
on a timely basis (and in no event later than 30 days after the Certificate Administrator’s request) to the Certificate
Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in
its possession and is reasonably requested in writing by the Certificate Administrator to enable it to perform its obligations
under this subsection.

 

(h)          The
Holder of the Class R Certificates holding the largest Percentage Interest therein shall be the Tax Matters Person of the Upper-Tier
REMIC and the Lower-Tier REMIC, pursuant to Treasury Regulations Section 1.860F-4(d). The duties of the Tax Matters Persons for
the Upper-Tier REMIC and the Lower-Tier REMIC are hereby delegated to the Certificate Administrator as agent for the related Tax
Matters Person, and the Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves
and all successor holders of such Class R Certificates, to such delegation to the Certificate Administrator as its agent and attorney
in fact. The Certificate Administrator shall make any elections allowed under the Code (i) to avoid the application of Section
6221 of the Code (or successor provision) to any Trust REMIC and (ii) to avoid payment by any Trust REMIC under Section 6225 of
the Code of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any holder of
any residual interest of any Trust REMIC, past or present. Each Holder of a Percentage Interest in the Class R Certificates, by
acceptance thereof, is deemed to agree to any such elections and to the Certificate Administrator’s acting as

 

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agent for
any tax matters person or other representative of each Trust REMIC that can be designated under the Code.

 

(i)          The
Trustee, the Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform
their obligations under this Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier
REMIC and the Upper-Tier REMIC as a REMIC.

 

(j)          The
Trustee, the Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer shall not
take any action or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective control
and the scope of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably be expected
to (i) endanger the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless permitted under Section
12.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited
to the tax on prohibited transactions as defined in Code Section 860F(a)(2) and the tax on prohibited contributions as defined
in Code Section 860G(d)) (any such result in clause (i) or (ii), an “Adverse REMIC Event”) unless
(A) the Trustee, the Certificate Administrator and the Servicer have received a Nondisqualification Opinion (at the expense of
the party seeking to take such action or of the Trust if taken for the benefit of the Certificateholders) with respect to such
action or (B) the Trustee, the Certificate Administrator and the Servicer have received an opinion (at the expense of the party
seeking to take such action or of the Trust if taken for the benefit of the Certificateholders) to the effect that such action
shall not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC and that no tax shall actually
be imposed.

 

(k)          Any
and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any tax
on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that the Servicer,
upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator the amount of
any such tax that the Certificate Administrator notifies the Servicer is due; provided, further, if such taxes shall
have been imposed on account of the negligence, bad faith, fraud or willful misconduct of any party hereto, or in connection with
the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall be paid by such
party.

 

(l)           The
Certificate Administrator shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC
and the Upper-Tier REMIC on a calendar year and on an accrual basis. Notwithstanding anything to the contrary contained herein
or in the Mortgage Loan Documents (but subject to Section 1.3), all amounts collected on the Trust Loan shall, for federal
income tax purposes, be allocated first to interest due and payable on the Trust Loan (including interest on overdue interest)
other than Default Interest. The books and records shall be sufficient concerning the nature and amount of the investments of
the Lower-Tier REMIC and the Upper-Tier REMIC to show that such REMIC has complied with the REMIC Provisions.

 

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(m)          None
of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement by which
either the Lower-Tier REMIC or the Upper-Tier REMIC shall receive a fee or other compensation for services.

 

(n)          In
order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause
to be provided, to the Certificate Administrator within ten days after the Closing Date, all information or data that the Certificate
Administrator reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates,
including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows of the Certificates
and the Class R Certificates, as applicable, and the projected cash flows on the Trust Loan. Thereafter, the Depositor, the Trustee,
the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such
additional information or data that the Certificate Administrator may, from time to time, reasonably request in order to enable
the Certificate Administrator to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use
any and all such information or data provided by the Trustee, the Depositor, the Servicer and the Special Servicer in the preparation
of all federal, state or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC
and the Upper-Tier REMIC to Certificateholders as required herein. The Depositor hereby indemnifies the Certificate Administrator
for any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or
other costs and expenses of the Certificate Administrator arising from any errors or miscalculations of the Certificate Administrator
pursuant to this Section 12.1 that result from any failure of the Depositor to provide or to cause to be provided, accurate
information or data to the Certificate Administrator (but not resulting from the methodology employed by the Certificate Administrator)
on a timely basis and such indemnifications shall survive the termination of this Agreement and the termination of the Certificate
Administrator.

 

The Certificate Administrator
agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall
use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section) or is required by-law or applicable regulations to be disclosed.

 

12.2        Foreclosed
Property. (a) The parties hereto acknowledge and understand that if the Trust were to acquire the Property as Foreclosed Property
and were to own and operate the Property in a manner consistent with the manner in which the Property is currently owned and operated
by the Borrower, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed
Property may be considered “net income from foreclosure property” for purposes of Section 860G(c) of the Code and
subject to tax at normal corporate income tax rates.

 

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In determining whether
to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder, shall take these
circumstances into account and shall only acquire or hold such Foreclosed Property if it determines, in its reasonable judgment
(after, consultation with counsel, at the expense of the Trust), that either (i) there is a commercially feasible alternative
method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from
Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust, after taking
into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, shall exceed the likely
recovery to the Trust if the Trust were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property.
If the Trust acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if the Property Manager
would not be considered an Independent Contractor, shall either renegotiate the Property Management Agreement or replace the Property
Manager with a Successor Manager (as appropriate and to the extent permitted under the Property Management Agreement) so that
the Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable
efforts, the Special Servicer determines that it is in the best interests of Certificateholders on a net after tax basis to operate
the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of
Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or
cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, and shall pay or
retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax or, to the extent
such amounts are insufficient, from the Collection Account pursuant to Section 3.4(c)(x).

 

Without limiting the
generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)           permit
the Trust to enter into, renew or extend any new lease with respect to the Foreclosed Property, if the new lease by its terms shall
give rise to any income that does not constitute Rents from Real Property;

 

(ii)          permit
any amount to be received or accrued under any new lease other than amounts that shall constitute Rents from Real Property;

 

(iii)         authorize
or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement thereon, and
then only if more than 10% of the construction of such building or other improvements was completed before default on the Mortgage
Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)         Directly
Operate, other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through the Property
Manager or an Independent Contractor, the Foreclosed Property on any date more than 90 days after its acquisition date.

 

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(b)          The
Special Servicer, acting on behalf of the Trust hereunder, shall make reasonable efforts to sell the Foreclosed Property for its
fair market value in accordance with Section 3.16. In any event, however, the Special Servicer, acting on behalf
of the Trustee hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in no event later than the close
of the third calendar year following the year in which the Acquisition Date occurs unless the Special Servicer, on behalf of the
Trustee, has received (or has not been denied) an extension of time (an “Extension”) by the IRS to sell such
Foreclosed Property or an opinion of counsel to the effect that the holding by the Trust of the Foreclosed Property for an additional
specified period shall neither result in the imposition of taxes on “prohibited transactions” of the Trust as defined
in Section 860F of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that
the Certificates are outstanding, in which event such period shall be extended by such additional specified period, with the expenses
of obtaining any such extension of time being an expense of the Trust. If the Special Servicer, on behalf of the Trust, has received
(or has not been denied) such Extension, then the Special Servicer, acting on behalf of the Trust hereunder, shall continue to
attempt to sell the Foreclosed Property for its fair market value for such longer period as such Extension permits (the “Extended
Period”). If the Special Servicer, acting on behalf of the Trustee, has not received such an Extension and the Special
Servicer, acting on behalf of the Trustee hereunder, is unable to sell the Foreclosed Property, within the foregoing period or
if the Special Servicer, acting on behalf of the Trustee hereunder, has received such an Extension, and the Special Servicer, acting
on behalf of the Trustee hereunder, is unable to sell the Foreclosed Property within the Extended Period, the Special Servicer
shall, before the end of the above referenced period or the Extended Period, as the case may be, auction the Foreclosed Property
to the highest offeror (which may be the Special Servicer) in accordance with Accepted Servicing Practices.

 

(c)          Within
30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate Administrator and the
Trustee a statement of accounting for the Foreclosed Property, including, without limitation, (i) the date the Property was acquired
in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed Property, (iii) the gross sale
price and related selling and other expenses, (iv) accrued interest calculated from the date of acquisition to the disposition
date, and (v) such other information as the Certificate Administrator and/or Trustee may reasonably request.

 

12.3          Prohibited
Transactions and Activities. The Special Servicer, on behalf of the Trust, shall not permit the sale or disposition of the
Trust Loan unless the Trust Loan is the subject of a Material Breach or Material Document Defect or is in default or default with
respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the bankruptcy or insolvency of the Lower-Tier
REMIC or (ii) the termination of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section 860F(a)(4)
of the Code), nor acquire any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property),
nor sell or dispose of any investments in the Collection Account or Distribution Account for gain, nor receive any amount representing
a fee or other compensation for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC
(other than a cash contribution during the three month period beginning on the Startup Day), unless it has received an Opinion
of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition,
substitution or acceptance shall not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as
a REMIC, or of the

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Certificates as representing regular interests
therein, (b) affect the distribution of interest or principal on the Certificates, (c) result in the encumbrance of the assets
transferred or assigned to either the Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement),
or (d) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to be subject to a tax on “prohibited transactions”
or “prohibited contributions” pursuant to the REMIC Provisions.

 

12.4         Indemnification
with Respect to Certain Taxes and Loss of REMIC Status. (a) If either the Lower-Tier REMIC or the Upper-Tier REMIC fails to
qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax as a result of a prohibited transaction
or contribution subject to taxation under the REMIC Provisions due to the negligence, bad faith or willful misconduct by the Certificate
Administrator of its duties and obligations specifically set forth herein, or by reason of the Certificate Administrator’s
negligent disregard of its obligations and duties thereunder, the Certificate Administrator shall indemnify the Trust against
any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other
costs and expenses (“Losses”) resulting therefrom; provided, however, the Certificate Administrator
shall not be liable for any such Losses attributable to the action or inaction of the Depositor, the Servicer, the Special Servicer,
the Trustee or the Holders of the Class R Certificates nor for any such Losses resulting from misinformation provided by the Holders
of the Class R Certificates, the Servicer, the Special Servicer, the Trustee, or the Depositor, on which the Certificate Administrator
has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of successor Holders of the Class R
Certificates at law or in equity.

 

(b)          If
either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state
or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions
due to the negligence, bad faith or willful misconduct of the Servicer or the Special Servicer in the performance of its duties
and obligations set forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its
obligations and duties thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust against
any and all Losses resulting therefrom; provided, however, the Servicer or the Special Servicer, as the case may
be, shall not be liable for any such losses attributable to the action or inaction of the Certificate Administrator, the Depositor,
the Holders of the Class R Certificates nor for any such losses resulting from misinformation provided by the Certificate Administrator,
the Depositor or the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the case may be, has
relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R
Certificates at law or in equity. 

 

13.          EXCHANGE
ACT REPORTING AND REGULATION AB COMPLIANCE

 

13.1   Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article 13 of this Agreement
is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and the related rules
and regulations of the Commission. Except as expressly required by Sections 13.7, 13.8 and

 

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13.9, the Depositor shall not, and no Other Depositor may, exercise its rights to request delivery
of information or other performance under these provisions other than in good faith, or for purposes other than compliance with
the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements of
Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply with
reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under these provisions
on the basis of such evolving interpretations of Regulation AB. In connection with the 225 Liberty Street Trust 2016-225L, Commercial
Mortgage Pass-Through Certificates, Series 2016-225L, and any Companion Loan Securities, each of the parties to this Agreement
shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting
Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including any of its assignees or designees),
any and all statements, reports, certifications, records and any other information in its possession or reasonably available to
it and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator, any Other Depositor
or any Other Exchange Act Reporting Party, as applicable, to permit any Other Depositor to comply with the provisions of Regulation
AB, together with such disclosures relating to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian
and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loan, reasonably believed by the Depositor
or any Other Depositor, as applicable, in good faith to be necessary in order to effect such compliance.

 

13.2        Succession;
Sub-Servicers; Subcontractors. (a) For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 13.7
of this Agreement), in connection with the succession to the Servicer, the Special Servicer or any Sub-Servicer as servicer
or sub-servicer (to the extent such Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2)
of Regulation AB) under this Agreement by any Person (i) into which the Servicer, Special Servicer or such Sub-Servicer may be
merged or consolidated, or (ii) which may be appointed as a successor to the Servicer, the Special Servicer or any such Sub-Servicer,
the Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of its Sub-Servicers),
shall provide (other than in the case of a succession pursuant to an appointment under Section 7.1 or 7.2, in which
case the successor servicer or successor special servicer, as applicable, shall provide) to any Other Depositor as to which the
applicable Companion Loan is affected, at least five (5) Business Days prior to the effective date of such succession or appointment
as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement
(and as long as such notice is not given by a successor servicer or successor special servicer appointed under Section 7.1
or 7.2), and otherwise no later than one (1) Business Day after such effective date of succession, (x) written notice
to the Depositor and each such Other Depositor of such succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to each such Other Depositor, all information relating to such successor servicer reasonably requested
by any such Other Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(b)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Servicer, the Special
Servicer, any Sub-Servicer, the

 

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Custodian, the Trustee and the Certificate Administrator (each of the Servicer, the Special Servicer,
the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 13.2(b)
and Sections 13.2(c), 13.2(d) and 13.16, a “Servicing Party”) is permitted to utilize one
or more Subcontractors to perform certain of its obligations hereunder. Such Servicing Party shall promptly upon request provide
to the Depositor, as well as any Other Depositor as to which the applicable Companion Loan is affected, a written description (in
form and substance satisfactory to each such Other Depositor) of the role and function of each Subcontractor that is a Servicing
Function Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the identity of such Subcontractor,
and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor.
Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function
Participant to comply with the provisions of Section 13.8 and Section 13.9 of this Agreement to the same extent as
if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the case
of each Sub-Servicer set forth on Exhibit N, shall use commercially reasonable efforts to obtain from such Sub-Servicer)
and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required to
be delivered by such Subcontractor under Section 13.8 and Section 13.9 of this Agreement, in each case, as and when
required to be delivered.

 

(c)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing,
if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such
Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, the engagement
of such Subcontractor shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator,
as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Subcontractor and sub-servicing
agreement and, if such Subcontractor is engaged by the Servicer or the Special Servicer, such Subcontractor shall be deemed to
be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related Sub-Servicing
Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the Servicer or the Special Servicer) or
sub-servicing agreement (with respect to any other Servicing Party) shall be delivered to the Depositor, the Certificate Administrator
and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement. Such notice shall
contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange Act Reporting
Party as to which the applicable Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form
8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required
to be filed under the Exchange Act).

 

(d)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the
succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate

 

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Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator,
the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten Business
Days prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable law
or any applicable confidentiality agreement, no later than the time required under Section 13.6 of this Agreement) and shall
furnish pursuant to Section 13.6 of this Agreement to each Other Depositor in writing and in form and substance reasonably
satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange Act Reporting
Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing
Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

13.3        Other
Securitization Trust’s Filing Obligations. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee
shall (and shall cause (or, in the case of each Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause)
each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with each Other Depositor
in connection with the satisfaction of each Other Securitization Trust’s reporting requirements under the Exchange Act.

 

13.4        Form
10-D Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
within one Business Day after the related Distribution Date (using commercially reasonable efforts), but in no event later than
noon (New York City time) on the third Business Day after the related Distribution Date, (i) the parties as set forth on Exhibit
R to this Agreement, shall be required to provide to each Other Exchange Act Reporting Party and each Other Depositor to which
the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer
or Responsible Officer thereof has knowledge thereof (other than information required by Item 1117 of Regulation AB as to such
party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer
in the in-house legal department of such party), in EDGAR-compatible format (to the extent available to such party in such format),
or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and
such parties, the form and substance of the Additional Form 10-D Disclosure, if applicable, and (ii) the parties listed on Exhibit
R to this Agreement shall include with such Additional Form 10-D Disclosure application to such party and shall cause each
Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause
such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include,
an Additional Disclosure Notification in the form attached as Exhibit T to this Agreement. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit R to this Agreement
of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.

 

13.5        Form
10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
no later than March 1, commencing in March 2016, (i) the parties listed on Exhibit S to this Agreement shall be required
to provide

 

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(and (i) with respect to any Servicing Function Participant of such party that is a Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other
Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant
to provide) to the Depositor, each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional
Form 10-K Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or a Responsible Officer,
as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in
the in house legal department of such party), in EDGAR compatible format (to the extent available to such party in such format)
or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and
such providing parties, the form and substance of any Additional Form 10-K Disclosure described on Exhibit S to this Agreement
applicable to such party, and (ii) the parties listed on Exhibit S to this Agreement shall include with such Additional
Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth
on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to
the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification in the form
attached as Exhibit T to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce
the performance by the parties listed on Exhibit S to this Agreement of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-K Disclosure information.

 

13.6        Form
8-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation
AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may
be, or any lawyer in the in-house legal department of such party), within one Business Day after the occurrence of an event requiring
disclosure on Form 8-K (each such event, a “Reportable Event”) (using commercially reasonable efforts), but
in no event later than 1:00 p.m. (New York City time) on the second Business Day after the occurrence of a Reportable Event, (i)
the parties set forth on Exhibit U to this Agreement shall be required to provide (and (i) with respect to any Servicing
Function Participant of such party that is a Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function Participant of such party (other
than any party to this Agreement), shall cause such Servicing Function Participant to provide) to each Other Depositor and each
Other Exchange Act Reporting Party to which the particular Form 8-K Disclosure Information is relevant for Exchange Act reporting
purposes, in EDGAR-compatible format (to the extent available to such party in such format) or in such other format as otherwise
agreed upon by each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties, any Form 8-K
Disclosure Information described on Exhibit U to this Agreement as applicable to such party, if applicable, and (ii) the
parties listed on Exhibit U to this Agreement shall include with such Form 8-K Disclosure Information applicable to such
party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit U, shall use commercially
reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to

 

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the extent required under Regulation AB to provide,
and if received, include, an Additional Disclosure Notification in the form attached hereto as Exhibit T. The Certificate
Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U
of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information.

 

13.7        Annual
Compliance Statements. On or before March 15 of each year, commencing in 2017, each of the Servicer, the Special Servicer
(regardless of whether the Special Servicer has commenced special servicing of the Mortgage Loan) and, for so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian
and the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year), at its own expense,
shall furnish (and each such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on
Exhibit S with which it has entered into a servicing relationship with respect to the Mortgage Loan, shall use commercially
reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish)
(each such Servicing Function Participant and each of the Servicer, Special Servicer, the Custodian, the Certificate Administrator
and the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year), a “Certifying
Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who shall post it to the Certificate
Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable, pursuant to Section 8.14(b)),
the Trustee, the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the
signer thereof, that (A) a review of such Person’s activities during the preceding calendar year or portion thereof and
of such Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been made
under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person
has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in all material
respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material
respect, specifying each such failure known to such officer and the nature and status thereof. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of each such Officer’s Certificate,
the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor
and Other Exchange Act Reporting Party) may review each such Officer’s Certificate and, if applicable, consult with the
Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, respectively, or any related
Servicing Function Participant with which such Certifying Servicer has entered into a servicing relationship with respect to the
Trust Loan or the Companion Loans in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable
sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each such
Certifying Servicer that serviced the Trust Loan or a Companion Loan during the applicable period, whether or not the Certifying
Servicer is acting in such capacity at the time such Officer’s Certificate is required to be delivered. Copies of all Officer’s
Certificates delivered pursuant to this Section 13.7 shall be made available to any Privileged Person by the Certificate

 

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Administrator by posting such Compliance
Report to the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

13.8         Annual
Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 15 of each year, commencing in 2017, the
Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Mortgage Loan)
and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, Custodian, the
Certificate Administrator and the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year),
each at its own expense, shall furnish (and each such party, (i) with respect to each Servicing Function Participant that is a
Sub-Servicer set forth on Exhibit S with which it has entered into a servicing relationship with respect to the Mortgage
Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect
to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing
Function Participant to furnish) (each Servicer, the Special Servicer, the Certificate Administrator, the Custodian, any Servicing
Function Participant and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee,
as the case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider
(who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable,
pursuant to Section 8.14(b)), the Trustee, the Depositor and the Companion Loan Holders (or, in the case of a Companion
Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), a
report on an assessment of compliance with the Applicable Servicing Criteria that contains (A) a statement by such Reporting Servicer
of its responsibility for assessing compliance with the Applicable Servicing Criteria, (B) a statement that such Reporting Servicer
used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment
of compliance with the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including, if there
has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and
the nature and status thereof (including whether such instance of noncompliance involved the servicing of the assets backing the
Certificates issued pursuant to this Agreement and any steps taken to remedy such instance of noncompliance) and (D) a statement
that a registered public accounting firm that is a member of the American Institute of Certified Public Accountants has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of
and for such period. Copies of all compliance reports delivered pursuant to this Section 13.8 shall be provided to any
Certificateholder, upon the written request therefor, by the Certificate Administrator.

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria.

 

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(b)          On
the Closing Date, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee each acknowledge
and agree that Exhibit L to this Agreement sets forth the Relevant Servicing Criteria for such party.

 

(c)          No
later than 30 days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian
and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee, shall notify the Certificate Administrator,
the Depositor, each Other Exchange Act Reporting Party and each Other Depositor as to the name of each Servicing Function Participant
utilized by it, in each case, and each such notice will specify what specific Servicing Criteria will be addressed in the report
on assessment of compliance prepared by such Servicing Function Participant. When the Servicer, the Special Servicer and, for so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Custodian, the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year) and any Servicing
Function Participant submit their assessments pursuant to Section 13.8(a) of this Agreement, such parties, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 13.9) of each Servicing Function
Participant engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar
year.

 

(d)          In
the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Custodian or the Trustee (if it has made, or is required to make, an Advance
during the applicable period) is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each
such party shall cause (or, if the Servicing Function Participant is a Loan Seller Sub-Servicer, shall use commercially reasonable
efforts to cause) any Servicing Function Participant engaged by it to provide (and the Servicer, the Special Servicer, Certificate
Administrator, the Custodian and the Trustee shall, with respect to any Servicing Function Participant that resigns or is terminated
under any applicable servicing agreement, cause such Servicing Function Participant to provide) an annual assessment of compliance
pursuant to this Section 13.8, coupled with an attestation as required in Section 13.9 in respect of the period of
time that the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Custodian, or the Trustee (if it has made, or is required to make, an Advance
during such period of time) was subject to this Agreement or the period of time that the applicable Servicing Function Participant
was subject to such other servicing agreement.

  

13.9        Annual
Independent Public Accountants’ Servicing Report. On or before March 15 of each year, commencing in 2017, the Servicer,
the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Custodian and the Trustee (if it has made, or is required to make, an Advance during the
applicable calendar year), each at its own expense, shall cause (and each such party, (i) with respect to each Servicing Function
Participant that is a Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant
to cause, and (ii) with respect to any other Servicing Function Participant of such

 

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party (other than any party to this Agreement),
shall cause such Servicing Function Participant to cause) a registered public accounting firm (which may also render other services
to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, or the applicable Servicing
Function Participant, as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish
a report to the Certificate Administrator (who shall post it to the Certificate Administrator’s Website pursuant to Section
8.14(b)), the Depositor, the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) and the 17g-5 Information Provider (who shall post
it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)), to the effect that (i) it has obtained
a representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such
Reporting Servicer of its compliance with the Applicable Servicing Criteria and (ii) on the basis of an examination conducted
by such firm in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight
Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment of compliance with the Servicing Criteria
was fairly stated in all material respects, or it cannot express an overall opinion regarding such party’s assessment of
compliance with the Applicable Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Each accountant’s attestation report
required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange
Act. Such report must be available for general use and not contain restricted use language. Copies of all statements delivered
pursuant to this Section 13.9 shall be made available to any Privileged Person by the Certificate Administrator posting
such statement on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from the
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made, or is required to make,
an Advance during the applicable calendar year) or any Servicing Function Participant, the Depositor and each Other Depositor may
review the report and, if applicable, consult with the Servicer, the Special Servicer or, for so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian or the Trustee
(if it has made, or is required to make, an Advance during the applicable calendar year) as to the nature of any defaults by the
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made, or is required to make,
an Advance during the applicable calendar year) or any Servicing Function Participant with which it has entered into a servicing
relationship with respect to the Trust Loan or any Companion Loan, as the case may be, in the fulfillment of any of the Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Custodian’s, the Trustee’s (if it has made,
or is required to make, an Advance during the applicable calendar year) or the applicable Servicing Function Participants’
obligations hereunder or under the applicable sub-servicing agreement.

 

13.10      Significant
Obligor. With respect to any Companion Loan that the applicable Other Depositor has notified the Servicer in writing
that the Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect
to an Other Securitization Trust that includes such Companion Loan, the Servicer shall, after receipt of

 

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updated net operating income information for the Property, (x) promptly deliver the financial
statements of such “significant obligor” to the Other Depositor and Other Exchange Act Reporting Party of such Other
Securitization Trust and (y) update the following columns related to the “significant obligor” of the CREFC Loan Periodic
Update File for (i) the next applicable Distribution Date if the Servicer receives such updated net operating income information
at least ten Business Days prior to the Determination Date related to such Distribution Date or (ii) the second succeeding Distribution
Date if the Servicer does not receive such updated net operating income information prior to the date set forth in clause (i):
BB, BP, BT and BU (corresponding fields 54 – “Preceding Fiscal Year NOI,” 68 – “Most Recent NOI,”
72 – “Most Recent Financial As of Start Date” and 73 – “Most Recent Financial As of End Date”),
as such column references and field numbers may change from time to time.

 

If the Servicer does
not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case
may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the Mortgage Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust that includes the related Companion Loan (and shall cause each applicable sub-servicing agreement to require any related
Sub-Servicer to notify such Other Depositor) that it has not received them. The Servicer shall use efforts consistent with the
Accepted Servicing Practices (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under
the Exchange Act) to obtain the periodic financial statements of the Borrower under the Mortgage Loan Documents.

 

The Servicer shall (and
shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written evidence of each instance
in which it (or a Sub-Servicer) attempts to contact the Borrower to obtain the required financial information and is unsuccessful
and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed
with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain
this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. This
Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified in
the related Other Pooling and Servicing Agreement.

 

13.11      Sarbanes-Oxley
Backup Certification. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Servicer, the Special Servicer, the Custodian and the Trustee shall provide (and with
respect to any other Servicing Function Participant of such party, shall cause such Servicing Function Participant to provide)
to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust (the “Certifying
Person”) no later than March 15 of the year following the year to which the Form 10-K of such Other Securitization Trust
relates or, if March 15 is not a Business Day, on the immediately following Business Day, a certification in the form attached
to this Agreement as Exhibit V-1, Exhibit V-2, Exhibit V-3, Exhibit V-4 and Exhibit V-5, as
applicable, on which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s
officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably
rely. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable
sub-servicing agreement or primary servicing agreement, as the

 

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case may be, such Reporting Servicer
shall provide a certification to the Certifying Person pursuant to this Section 13.11 with respect to the period of time
it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be.

 

13.12      Indemnification. Each
of the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee (each an
“Indemnifying Party”) shall indemnify and hold harmless, the Depositor, each Other Depositor, any
employee, director or officer of the Depositor or any Other Depositor, and each other person, if any, who controls the
Depositor or any Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and other costs and expenses (including without limitation the costs of investigation, legal defense and any
amounts paid in settlement of any claim or litigation) incurred by such indemnified party arising out of: (i) the failure of
any Indemnifying Party to perform its obligations under this Article 13; (ii) the failure of any Servicing Function
Participant or Additional Servicer retained by it (other than a Loan Seller Sub-Servicer) to perform its obligations under
this Article 13; (iii) any untrue statement of a material fact contained in any information (x) regarding the
Indemnifying Party or any Servicing Function Participant, Additional Servicer or Subcontractor engaged by it (other than any
Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting firm,
attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such
Indemnifying Party in connection with the performance of such Indemnifying Party’s obligations described in this Article
13, or the omission to state in any such information a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, that such Indemnifying Party shall
be entitled to participate at its own expense in any action arising out of the foregoing and the Depositor shall consult with
such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and
any potential settlement terms related thereto (provided that any such consultation shall be nonbinding); (iv) negligence,
bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the Certificate Administrator, the
Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any Deficient Exchange Act
Deliverable with respect to such Indemnifying Party.

 

In addition, each of
the Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall cooperate (and (i) with
respect to each Servicing Function Participant and Additional Servicer of such party that is a Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant or Additional Servicer to cooperate, and (ii)
with respect to any other Servicing Function Participant or Additional Servicer of such party, shall cause such Servicing Function
Participant or Additional Servicer to cooperate) with the Depositor or any Other Depositor as necessary for the Depositor or any
Other Depositor to conduct any reasonable due diligence necessary to evaluate and assess any material instances of non-compliance
disclosed in any of the deliverables required by the applicable reporting requirements under the Securities Act, the Exchange Act,
the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).

 

    	235

    	 

    

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding (x) information delivered by the Servicer, the Special
Servicer, the Certificate Administrator, the Custodian, the Trustee, a Servicing Function Participant or an Additional Servicer,
as applicable (“Affected Reporting Party”), (y) information regarding such Affected Reporting Party, and/or
(z) information prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information, which information is contained in a report filed by the Depositor or any Other Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s or any Other Depositor’s
filing of such report, the Depositor or any Other Depositor shall promptly provide to such Affected Reporting Party any such comments
which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission for inclusion in the Depositor’s or any Other Depositor’s response to the Commission, unless
such Affected Reporting Party elects, with the consent of the Depositor or any Other Depositor, as applicable (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution
with the Commission; provided, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer
retained by the Servicer, the Servicer shall receive copies of all material communications pursuant to this paragraph. If such
election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution
with the Commission in a timely manner; provided, that (i) such Affected Reporting Party shall use reasonable efforts to keep the
Depositor or any Other Depositor informed of its progress with the Commission and copy the Depositor or any Other Depositor on
all correspondence with the Commission and provide the Depositor or any Other Depositor with the opportunity to participate (at
the Depositor’s or Other Depositor’s expense) in any telephone conferences and meetings with the Commission and (ii)
the Depositor or any Other Depositor shall cooperate with such Affected Reporting Party in order to authorize such Affected Reporting
Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments from the Commission
relating to such Affected Reporting Party and to notify the Commission of such authorization. The Depositor (or any Other Depositor)
and the applicable Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made to
the Commission for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and
expenses incurred by the Depositor or any Other Depositor (including reasonable legal fees and expenses of outside counsel to the
Depositor or any Other Depositor, as the case may be) in connection with the foregoing (other than those costs and expenses required
to be at the Depositor’s or any Other Depositor’s expense as set forth above) and any amendments to any reports filed
with the Commission related to the foregoing shall be promptly paid by the applicable Affected Reporting Party upon receipt of
an itemized invoice from the Depositor or any Other Depositor, as the case may be. Each of the Servicer, the Special Servicer,
the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable efforts to cause any Servicing Function
Participant or Additional Servicer retained by it to comply with the foregoing by inclusion of similar provisions (or by inclusion
of a reference to, and an obligation to comply with, this paragraph) in the related sub-servicing or similar agreement.

 

The Servicer, the Special
Servicer, the Custodian, the Trustee and the Certificate Administrator shall cause each Servicing Function Participant of such
party that is not a Loan

 

    	236

    	 

    

 

Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a Loan
Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant) to indemnify and hold
harmless each Certification Party, the Depositor, each Other Depositor, any employee, director or officer of the Depositor or any
Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all claims, losses, damages, penalties,
fines, forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses (including without
limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation) incurred by
such indemnified party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual
servicing criteria compliance reports or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement,
(ii) negligence, bad faith or willful misconduct on its part in the performance of such obligations, (iii) any failure by a Servicing
Party (as defined in Section 13.2(b) to identify a Servicing Function Participant pursuant to Section 13.8(c), or
(iv) any Deficient Exchange Act Deliverable with respect to such Servicing Function Participant.

 

If the indemnification
provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable or insufficient
to hold harmless the Depositor, any Other Depositor, any employee, director or officer of the Depositor or any Other Depositor,
or any other person who controls the Depositor or any Other Depositor within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, then the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Additional Servicer or other Servicing Function Participant (the “Performing Party”) shall contribute to the
amount paid or payable to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party
in such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Performing
Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this Article 13 (or
breach of its obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance
statements or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence,
bad faith or willful misconduct in connection therewith. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator
shall cause each Servicing Function Participant of such party that is not a Loan Seller Sub-Servicer (and with respect to any Servicing
Function Participant of such party that is a Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant) to agree to the foregoing indemnification and contribution obligations. This Section 13.12 shall
survive the termination of this Agreement or the earlier resignation or removal of the Servicer, the Special Servicer, the Trustee
or the Certificate Administrator.

 

13.13      Amendments.
This Article 13 may be amended by the parties hereto pursuant to Section 10.1 of this Agreement for purposes of
complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

    	237

    	 

    

 

13.14      Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor or any
Other Depositor may terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article 13 provided that such termination shall not be effective
until a successor Certificate Administrator shall have accepted the appointment.

 

13.15      [reserved].

 

13.16      Termination
of Sub-Servicing Agreements. For so long as any Other Securitization Trust is subject to the reporting requirements of the
Exchange Act, each of the Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee, as applicable,
shall (i) cause each Sub-Servicing Agreement (with respect to the Servicer or the Special Servicer) or sub-servicing agreement
(with respect to any other Servicer) to which it is a party to entitle the Depositor to terminate such agreement (without compensation,
termination fee or the consent of any other Person) at any time following any failure of the applicable Sub-Servicer or sub-servicer,
as applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required
to deliver under Regulation AB or as otherwise contemplated by this Article 13 and (ii) promptly notify the Depositor
following any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange Act reporting items
that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as otherwise contemplated
by this Article 13. The Depositor is hereby authorized to exercise the rights described in clause (i) of the preceding sentence
in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing Agreement (with respect to the Servicer or the
Special Servicer) or sub-servicing agreement (with respect to any other Servicer) as aforesaid shall not limit any right Servicer,
the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing
Agreement or sub-servicing agreement, as applicable.

 

13.17      Notification
Requirements and Deliveries in Connection With Securitization of a Companion Loan.

 

(a)          Any
other provision of this Article 13 to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article 13, in connection with the requirements contained in this Article 13 that provide for
the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting
Party of any Other Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such
items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party until the Other Depositor or Other Exchange
Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30 days written notice
(or, in each case, such shorter period as required for such Other Depositor or Other Exchange Act Reporting Party to comply with
related filing obligations, provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable, has provided
written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation of receipt
of such written notice, in each case, in accordance with Section 11.04 of this Agreement and (ii) such period shall not be less
than 3 Business Days) (which shall only be required to be delivered once), (i) setting forth the contact information for such
Person(s) and, except as regards the deliveries and cooperation contemplated by Section

 

    	238

    	 

    

 

13.7, Section 13.8 and Section 13.9
of this Agreement, stating that such Other Securitization Trust is subject to the reporting requirements of the Exchange Act, and
(ii) specifying in reasonable detail the information and other items not otherwise specified in this Agreement that are requested
to be delivered; provided that if Exchange Act reporting is being requested, such Other Depositor or Other Exchange Act
Reporting Party is only required to provide a single written notice to such effect; provided further, that this notice requirement
does not apply to any Companion Loan that is included in any Other Securitization as of the Closing Date. Any reasonable cost and
expense of the Servicer, Special Servicer, Operating Advisor, Custodian, Trustee and Certificate Administrator in cooperating with
such Other Depositor or Other Exchange Act Reporting Party of such Other Securitization Trust (above and beyond their expressed
duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization Trust. The parties hereto shall have
the right to confirm in good faith with the Other Depositor of such Other Securitization Trust as to whether applicable law requires
the delivery of the items identified in this Article 13 to such Other Depositor and Other Exchange Act Reporting Party of
such Other Securitization Trust prior to providing any of the reports or other information required to be delivered under this
Article 13 in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery
set forth in this Article 13 with respect to such Other Securitization Trust or (ii) in the absence of such confirmation,
the parties shall not be required to deliver such items; provided that no such confirmation will be required in connection
with any delivery of the items contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement.
Such confirmation shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization
Trust provides a written statement to the effect that the Other Securitization Trust is subject to the reporting requirements of
the Exchange Act and the appropriate party hereto receives such written statement. The parties hereunder shall also have the right
to require that such Other Depositor provide them with the contact details of such Other Depositor, Other Exchange Act Reporting
Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)          Each
of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request
given in accordance with the terms of Section 13.17(a) above, and subject to a right of the Servicer, Special Servicer,
the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit a holder
of a Companion Loan to use such party’s description contained in the Offering Circular (updated as appropriate by the Servicer,
the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the Other Depositor or the
holder of such Companion Loan) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)          The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 13.17(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or caused
to be paid by the Other Depositor or the holder of the related Companion Loan) to the Other Depositor and any underwriters with
respect to any securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to the updated description referred to in Section 13.17(b) with respect to such party, substantially
identical to those, if any, delivered by the Servicer, the Special

 

    	239

    	 

    

 

Servicer, the Trustee or the Certificate Administrator, as the
case may be, or their respective counsel, in connection with the information concerning such party in the Offering Circular and/or
any other disclosure materials relating to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, or their respective legal counsel, as the case may be). None of the Servicer, the Special
Servicer, the Trustee or the Certificate Administrator shall be obligated to deliver any such item with respect to the securitization
of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)          Each
of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request given
in accordance with the terms of Section 13.17(a) above, shall provide (to the extent the reasonable cost thereof is paid
or caused to be paid by the applicable party set forth below in this Section 13.17(d)) to the Other Depositor and the trustee
under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information (including,
but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner with applicable
filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the Servicer, the Special Servicer,
the Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information
concerning such party in the Offering Circular and/or any other disclosure materials relating to this Trust.

 

(e)          In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series
2016-225L securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Servicer, the Special Servicer, the Custodian, the Certificate Administrator or the
Trustee, as the case may be, pursuant to this Section 13.17(e) shall be paid or caused to be paid by the related Other Depositor
or the applicable Companion Loan Holder that transferred the related Companion Loan to the related Other Depositor for inclusion
in such Other Securitization Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal, resignation or any
other replacement of the Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf
of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant to this Section
13.17(e) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to
such termination, removal, resignation or other replacement pursuant to this Agreement. 

 

[SIGNATURE PAGE FOLLOWS]

 

    	240

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year
first above written.

	 	 	 
	 	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC., as Depositor
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name: Richard W. Simpson
	 	 	Title:   Authorized Signatory

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    
 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Servicer
	 	 	 
	 	By:	/s/ Cynthia L. Schwartz
	 	 	Name: Cynthia L. Schwartz
	 	 	Title:   Director

 

225 Liberty Street
Trust 2016-225L  Trust and Servicing Agreement

 

    	 

    	 

    
  

	 	 	 
	 	TRIMONT REAL ESTATE ADVISORS, LLC,
as Special Servicer
	 	 	 
	 	By:	/s/ Brian Ward
	 	 	Name: Brian Ward
	 	 	Title: Authorized Signatory

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    
 

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee
	 	 	 
	 	By:	/s/ Beverly D. Capers
	 	 	Name: Beverly D. Capers
	 	 	Title: Assistant Vice President

 

225 Liberty Street
Trust 2016-225L - Trust and Servicing Agreement

 

    	 

    	 

    
 

	 	 	 
	 	CITIBANK, N.A., as Certificate Administrator
	 	 	 
	 	By:	/s/ John Hannon
	 	 	Name: John Hannon
	 	 	Title: Vice President

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF New York	)	 
	 	)	ss:
	COUNTY OF New York	)	 

 

On the 24 day
of February 2016, before me, a notary public in and for said State, personally appeared Richard Simpson, known to me to be a
VP of CCMSI, which executed the within instrument, and also known to me to be the person
who executed it on behalf of such entity, and acknowledged to me that such person executed the within instrument.

 

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

 

	 Nannette L Edwards	/s/ Nannette L Edwards
	Notary Public, State of New York

    No. 01ED6158862

    Qualified in Queens County

    Commission Expires Jan. 08, 2019	NOTARY PUBLIC in and for the

State of New York
	 	
	[SEAL]	 
	 	 
	My Commission expires:
	 
	 	 
	01.08.2019
	 

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NORTH CAROLINA	)	 
	 	): ss.	
	COUNTY OF MECKLENBURG	)	 

 

On this 23 day of February, 2016, personally appeared
before me Cynthia L. Schwartz, to me known (or proved to me on the basis of satisfactory evidence) to be a Director of Wells
Fargo Bank, National Association, a national banking association, that executed the within and foregoing instrument, and
acknowledged that said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes therein
mentioned, and on oath stated that she was authorized to execute said instrument, and that by her signature on the instrument
the entity upon behalf of which she acted, executed the instrument.

 

	 	/s/ Erica L. Smith
	 	Notary
	 	Name:
	 	 
	My Commission expires:
	 
	
	 
	ERICA L. SMITH

    NOTARY PUBLIC
 Gaston County
 North Carolina

    My Commission Expires 7/15/2017	 

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF GEORGIA)		 
	 	)	ss.:
	COUNTY OF FULTON)		 

 

On the 23rd
day of February 2016, before me, a notary public in and for said State, personally appeared Brian Ward, known to me to be an
authorized signatory of Trimont Real Estate Advisors, LLC, one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of said entity, and acknowledged to me that such entity executed the
within instrument.

 

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

 

	 	/s/ Colleen Romano
		NOTARY PUBLIC in and for the
		State of Georgia
		 
	COLLEEN ROMANO	 
	NOTARY PUBLIC	 
	FAYETTE COUNTY	 
	GEORGIA	 
	Expires Sept. 3, 2019	 
	[SEAL]	 
	 	 
	My Commission expires: September 3, 2019
	 

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF DELAWARE	)	 
	 	)	ss:
	COUNTY OF NEW CASTLE	)	 

 

On the 24th day
of February 2016, before me, a notary public in and for said State, personally appeared Beverly D. Capers, known to me to be
an Assistant Vice President of Wilmington Trust, National Association, which
executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and
acknowledged to me that such person executed the within instrument.

 

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

 

	CHRISTINA M BADER	/s/ Christina M. Bader
	NOTARY PUBLIC	NOTARY PUBLIC in and for the
	STATE OF DELAWARE	State of Delaware
	My Commission Expires: 4-15-2016	 
	[SEAL]	 
	 	 
	My Commission expires:
	 
	 	 	 

 

225 Liberty Street
Trust 2016-225L - Trust and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF New York	)	 
	 	)	ss:
	COUNTY OF New York	)	 

 

On the 22 day of
February 2016, before me, a notary public in and for said State, personally appeared John Hannon, known to me to be a
Vice President of Citibank N.A., which executed the
within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me
that such person executed the within instrument.

 

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

 

	 	/s/ Noreen Santos
	 	NOTARY PUBLIC in and for the
	 	State of ____________
	[SEAL]	 	 
	 	 
	My Commission expires:
	 
	 	 	NOREEN SANTOS
	 	Notary Public, State of New York
	 	Registration #01SA6228750
	 	Qualified in Nassau County
	 	Certificate Filed in New York County
	 	Commission Expires September 27, 2018

 

225 Liberty Street Trust 2016-225L Trust and Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT
A-1

FORM OF CLASS A CERTIFICATES

CLASS A

[THIS CERTIFICATE IS A TEMPORARY
REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

	1	Temporary Regulation S Global Certificate legend.

 

	2	Legend required as long as DTC is the Depository under the Trust and Servicing
                                                                                    Agreement.

 

	3	Global Certificate legend.

 

    	Exhibit A-1-1

    	 

    

 

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR”

 

    	Exhibit A-1-2

    	 

    

 

AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B)
THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

    	Exhibit A-1-3

    	 

    

225
Liberty Street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS A

	Pass-Through Rate: 3.597% per annum	 
		 
	First Distribution Date: March 11, 2016	 
	Aggregate Initial Certificate Balance of the Class A Certificates: $293,623,000	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AA0

ISIN: US902055AA091	Initial
Certificate Balance of this Certificate: $[__________]
	
        CUSIP: U68345 AA2

        ISIN: USU68345AA28

        Common Code: 1372837602

        CUSIP: 902055 AB8

        ISIN: US902055AB813

        No.: A-[ ]
	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class A Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class X, Class B, Class C, Class D, Class E, Class F
and Class R Certificates (collectively, with the Class A Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate

 

 

 

		1	For Certificate sold in reliance on Rule 144A only.

 

		2	For Regulation S Global Certificate only.

 

		3	For IAI Certificate only.

 

    	Exhibit A-1-4

    	 

    

 

Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest and any Prepayment Fees then distributable, if any, with respect to the Class A Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the
Determination Date is the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business
Day, the immediately succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate

 

    	Exhibit A-1-5

    	 

    

 Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to

 

    	Exhibit A-1-6

    	 

    

 Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

    	Exhibit A-1-7

    	 

    

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

 

Dated:February 29, 2016

 

	 	 	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate of Authentication

This is one of the Class A
Certificates referred to in the Trust and Servicing Agreement.

 

Dated:February 29, 2016

 

	 	 	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Exhibit A-1-8

    	 

    

 

SCHEDULE A

SCHEDULE OF EXCHANGES

The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date
    of

    Exchange or

    Payment of

    Principal	 	Certificate

    Balance Prior

    to Exchange or

    Payment	 	Certificate

    Balance

    Exchanged or

    Principal

    Payment Made	 	Type
    of 

    Certificate

    Exchanged for	 	Remaining

    Certificate

    Balance

    Following Such

    Exchange or

    Payment	 	Notation
    Made

    by	 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	- 	 	 	- 	 	 	- 	 	 	- 
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-

 

    	Exhibit A-1-9

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
(“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________________________________________ (please
print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the
entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such interest
to Assignee(s) on the Certificate Register of the Trust.

I (we) further direct the
Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to the
above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    	Exhibit A-1-10

    	 

    

DISTRIBUTION INSTRUCTIONS

The Assignee(s) should include
the following for purposes of distribution:

Address of the Assignee(s) for the purpose of
receiving notices and distributions:_____________________________________________________________.

Distributions, if being made
by wire transfer in immediately available funds, to __________________ for the account of _____________________
account number_________________________.

This information is provided
by ____________________________________ the Assignee(s) named above, or _________________________________________ as its (their)
agent.

	 	 	 
		By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	Taxpayer Identification Number:

 

    	Exhibit A-1-11

    	 

    

 

EXHIBIT
A-2

FORM OF CLASS X CERTIFICATES

CLASS X

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

 

    	Exhibit A-2-1

    	 

    

 THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL
BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS A, CLASS B AND CLASS C CERTIFICATES. ACCORDINGLY,
THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT
BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN
THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR”

 

    	Exhibit A-2-2

    	 

    

 AS DEFINED IN RULE 501(a)(1) OF REGULATION
D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION
OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA
OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CLASS X CERTIFICATE WILL NOT BE ENTITLED
TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-2-3

    	 

    

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS X

	Pass-Through Rate: Variable IO1	 
	First Distribution Date: March 11, 2016	 
	Aggregate Initial Notional Amount of the Class X Certificates: $395,250,000	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AN2

ISIN: US902055AN202	Initial
Notional Amount of this Certificate: $[___________]
	
        CUSIP: U68345 AG9

        ISIN: USU68345AG97

        Common Code: 1372840733

        CUSIP: 902055 AP7

        ISIN: US902055AP774

        No.: X-[ ]
	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class X Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class C, Class D, Class E, Class F
and Class R Certificates (collectively, with the Class X Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

 

		1	The initial approximate Pass-Through Rate as of the Closing Date is 0.874%per annum.

 

		2	For Certificate sold in reliance on Rule 144A only.

 

		3	For Regulation S Global Certificate only.

 

	4	For IAI Certificate only.

    	Exhibit A-2-4

    	 

    

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein
shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest and any Prepayment Fees then distributable, if any, with respect to the Class X Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the
Determination Date is the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business
Day, the immediately succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    	Exhibit A-2-5

    	 

    

 transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
or amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in

 

    	Exhibit A-2-6

    	 

    

 accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

    	Exhibit A-2-7

    	 

    

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., 

not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

Certificate of Authentication

This is one of the Class X
Certificates referred to in the Trust and Servicing Agreement.

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., 

not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

    	Exhibit A-2-8

    	 

    

SCHEDULE A

SCHEDULE OF EXCHANGES

The following exchanges of a part of this [Rule
144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate] have been made:

	Date
    of

    Exchange 	 	Notional
    

    Amount Prior 

    to Exchange or

    Payment	 	Notional
    

    Amount 

    Exchanged 	 	Type
    of 

    Certificate

    Exchanged for	 	Remaining

    Notional

    Amount 

    Following Such

    Exchange	 	Notation
    Made

    by	 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	- 	 	 	- 	 	 	- 	 	 	- 
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-

 

    	Exhibit A-2-9

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
(“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _____________________________________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate
Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    	Exhibit A-2-10

    	 

    

DISTRIBUTION INSTRUCTIONS

The Assignee(s) should include
the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ________________________ the Assignee(s) named above, or _________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	Taxpayer Identification Number:

 

    	Exhibit A-2-11

    	 

    

 

EXHIBIT
A-3

FORM OF CLASS B CERTIFICATES

CLASS B

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

		1	Temporary Regulation S
Global Certificate legend.

 

		2	Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

  

    		Exhibit A-3-1	

    	 

    

 

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

THIS CLASS B CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL 

 

    		Exhibit A-3-2	

    	 

    

 

EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B)
THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

    		Exhibit A-3-3	

    	 

    

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS B

	Pass-Through Rate: 3.999% per annum	 	 
	First Distribution Date: March 11, 2016	 	 
	Aggregate Initial Certificate Balance of the Class B Certificates: $43,877,000	 	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AC6

ISIN: US902055AC641	 	Initial
Certificate Balance of this Certificate: $[__________]
	
        CUSIP: U68345 AB0

        ISIN: USU68345AB01

        Common Code: 1372839562

        CUSIP: 902055 AD4

        ISIN: US902055AD483

        No.: B-[ ]
	 	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class B Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class C, Class D, Class E, Class F
and Class R Certificates (collectively, with the Class B Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer,

 

 

 

		1	For Certificate sold in
reliance on Rule 144A only.

 

		2	For Regulation S Global
Certificate only.

 

		3	For IAI Certificate only.

 

    		Exhibit A-3-4	

    	 

    

Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest and any Prepayment Fees then distributable, if any, with respect to the Class B Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the
Determination Date is the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business
Day, the immediately succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

    		Exhibit A-3-5	

    	 

    

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the

    		Exhibit A-3-6	

    	 

    

indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

    		Exhibit A-3-7	

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated:February
29, 2016

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate
of Authentication

 

This
is one of the Class B  Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
February
29, 2016 

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

    		Exhibit A-3-8	

    	 

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date
    of

    Exchange or

    Payment of

    Principal	 	Certificate

    Balance Prior

    to Exchange or

    Payment	 	Certificate

    Balance

    Exchanged or

    Principal

    Payment Made	 	Type
    of 

    Certificate

    Exchanged for	 	Remaining

    Certificate

    Balance

    Following Such

    Exchange or

    Payment	 	Notation
    Made

    by	 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	- 	 	 	- 	 	 	- 	 	 	- 
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-

 

    		Exhibit A-3-9	

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    		Exhibit A-3-10	

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ________________________ the Assignee(s) named above, or _________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    		Exhibit A-3-11	

    	 

    

 

EXHIBIT
A-4

FORM OF CLASS C CERTIFICATES

CLASS C

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

		1	Temporary Regulation S
Global Certificate legend.

 

		2	Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

 

    		Exhibit A-4-1	

    	 

    

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON. 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

THIS CLASS C CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL

 

    		Exhibit A-4-2	

    	 

    

EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B)
THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

    		Exhibit A-4-3	

    	 

    

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS C

	Pass-Through Rate: 4.501% per annum	 	 
	First Distribution Date: March 11, 2016	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates: $57,750,000	 	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AE2

ISIN: US902055AE211	 	Initial
Certificate Balance of this Certificate: $[__________]
	
        CUSIP:  U68345 AC8

        ISIN: USU68345AC83

        Common Code: 1372840142

        CUSIP: 902055 AF9

        ISIN: US902055AF953

        No.: C-[ ]
	 	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class C Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class D, Class E, Class F
and Class R Certificates (collectively, with the Class C Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer,

 

 

 

		1	For Certificate sold in
reliance on Rule 144A only.

 

		2	For Regulation S Global
Certificate only.

 

		3	For IAI Certificate only.

 

    		Exhibit A-4-4	

    	 

    

Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest and any Prepayment Fees then distributable, if any, with respect to the Class C Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the
Determination Date is the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business
Day, the immediately succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

    		Exhibit A-4-5	

    	 

    

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the

 

    		Exhibit A-4-6	

    	 

    

indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

    		Exhibit A-4-7	

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated:February
29, 2016

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate
of Authentication

 

This
is one of the Class C  Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
February
29, 2016 

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

    		Exhibit A-4-8	

    	 

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date
    of

    Exchange or

    Payment of

    Principal	 	Certificate

    Balance Prior

    to Exchange or

    Payment	 	Certificate

    Balance

    Exchanged or

    Principal

    Payment Made	 	Type
    of 

    Certificate

    Exchanged for	 	Remaining

    Certificate

    Balance

    Following Such

    Exchange or

    Payment	 	Notation
    Made

    by	 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	- 	 	 	- 	 	 	- 	 	 	-
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-

 

    		Exhibit A-4-9	

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    		Exhibit A-4-10	

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ________________________ the Assignee(s) named above, or _________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    		Exhibit A-4-11	

    	 

    

 

EXHIBIT
A-5

FORM OF CLASS D CERTIFICATES

CLASS D

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

1
   Temporary Regulation S Global Certificate legend.

2
  Legend required as long as DTC is the Depository under the Trust and Servicing
Agreement.

3    
Global Certificate legend.

 

    	Exhibit A-5-1

    	 

    

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

THIS CLASS D CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL

 

    	Exhibit A-5-2

    	 

    

 

EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B)
THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

    	Exhibit A-5-3

    	 

    

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS D

	 	 
	Pass-Through Rate: The Adjusted Net 

Mortgage Rate1	 
	First Distribution Date: March 11, 2016	 
	Aggregate Initial Certificate Balance of the Class D Certificates: $171,703,000	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AG7

ISIN: US902055AG782	Initial
Certificate Balance of this Certificate: $[__________]
	
        CUSIP: U68345 AD6

        ISIN: USU68345AD66

        Common Code: 1372846693

        CUSIP: 902055 AH5

        ISIN: US902055AH514

        No.: D-[ ]
	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class D Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class C, Class E, Class F
and Class R Certificates (collectively, with the Class D Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”),

 

 

1
   The initial approximate Pass-Through Rate as of the Closing Date
is 4.648% per annum.

2
    For Certificate sold in reliance on Rule 144A only.

3
     For Regulation S Global Certificate only.

4
    For IAI Certificate only.

 

    	Exhibit A-5-4

    	 

    

by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest and any Prepayment Fees then distributable, if any, with respect to the Class D Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the
Determination Date is the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business
Day, the immediately succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-5-5

    	 

    

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the

 

    	Exhibit A-5-6

    	 

    

 

indemnification rights and obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and
the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as
applicable) or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided,
however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of
twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

    	Exhibit A-5-7

    	 

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

 

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A.,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate
of Authentication

 

This is one of the Class D
Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., 

not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Exhibit A-5-8

    	 

    

SCHEDULE A

SCHEDULE OF EXCHANGES

The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date
of

Exchange  or 

Payment of

 Principal	 	Certificate
        

Balance Prior 

to Exchange or 

Payment	 	Certificate

    Balance

 Exchanged or 

Principal 

Payment Made	 	Type
                           of 
Certificate

 Exchanged for	 	Remaining
        

Certificate 

Balance

 Following Such 

Exchange or 

Payment	 	Notation
    Made

    by 
	 	 	-	 	 	 - 	 	 	-	 	 	 -	 	 	 -	 	-
	 	 	-	 	 	-	 	 	 -	 	 	 -	 	 	- 	 	 -
	 	 	-	 	 	-	 	 	-	 	 	- 	 	 	- 	 	 -
	 	 	- 	 	 	 -	 	 	-	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	- 	 	- 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	-
	 	 	 -	 	 	-	 	 	-	 	 	 -	 	 	 -	 	- 
	 	 	-	 	 	-	 	 	-	 	 	 -	 	 	 -	 	 -
	 	 	 -	 	 	 -	 	 	-	 	 	-	 	 	-	 	 -
	 	 	-	 	 	-	 	 	- 	 	 	 -	 	 	 -	 	-
	 	 	-	 	 	- 	 	 	 -	 	 	-	 	 	-	 	-
	 	 	 -	 	 	- 	 	 	- 	 	 	- 	 	 	-	 	-
	 	 	- 	 	 	-	 	 	-	 	 	-	 	 	- 	 	 -

  

    	Exhibit A-5-9

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
(“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (please
print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the
entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such interest
to Assignee(s) on the Certificate Register of the Trust.

I (we) further direct the
Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to the
above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

    	Exhibit A-5-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ________________________ the Assignee(s) named above, or _________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 

                                            Taxpayer
Identification Number:

 

    	Exhibit A-5-11

    	 

    

EXHIBIT A-6

FORM OF CLASS E CERTIFICATES

CLASS E

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

1
   Temporary Regulation S Global Certificate legend.

2
    Legend required as long as DTC is the Depository under the Trust and Servicing
Agreement.

3    
Global Certificate legend.

 

    	Exhibit A-6-1

    	 

    

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

THIS CLASS E CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO BELOW.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL

 

    	Exhibit A-6-2

    	 

    

 EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW” ), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL
ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III
OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION,
HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE
BY ANY GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

    	Exhibit A-6-3

    	 

    

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS E

	 	 
	Pass-Through Rate: The Adjusted Net Mortgage Rate1	 
	First Distribution Date: March 11, 2016	 
	Aggregate Initial Certificate Balance of the Class E Certificates: $120,023,000	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AJ1

ISIN: US902055AJ182	Initial Certificate Balance
of this Certificate: $[__________]
	
        CUSIP: U68345 AE4

        ISIN: USU68345AE40

        Common Code: 1372847153

        CUSIP: 902055 AK8

        ISIN: US902055AK804

        No.: E-[ ]
	 

This certifies that Cede &
Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust
Fund with respect to the Class E Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class C, Class D, Class F
and Class R Certificates (collectively, with the Class E Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”),

 

 

1
   The initial approximate Pass-Through Rate as of the Closing Date is 4.648% per
annum.

2
   For Certificate sold in reliance on Rule 144A only.

3   
For Regulation S Global Certificate only.

4
   For IAI Certificate only.

 

    	Exhibit A-6-4

    	 

    

by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest then distributable, if any, with respect to the Class E Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the Determination Date is
the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business Day, the immediately
succeeding Business Day, commencing in March 2016.

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-6-5

    	 

    

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the

 

    	Exhibit A-6-6

    	 

    

 indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

    	Exhibit A-6-7

    	 

    

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

Certificate of Authentication

This is one of the Class E
Certificates referred to in the Trust and Servicing Agreement.

Dated:February 29, 2016 

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Exhibit A-6-8

    	 

    

 

SCHEDULE A

SCHEDULE OF EXCHANGES

The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

	Date
of

Exchange  or 

Payment of

 Principal	 	Certificate
        

Balance Prior 

to Exchange or 

Payment	 	Certificate

    Balance

 Exchanged or 

Principal 

Payment Made	 	Type
                           of 
Certificate

 Exchanged for	 	Remaining
        

Certificate 

Balance

 Following Such 

Exchange or 

Payment	 	Notation Made
 by 	 
	 	 	 -	 	 	-	 	 	 -	 	 	 -	 	 	-	 	 	-
	 	 	 -	 	 	-	 	 	-	 	 	-	 	 	 -	 	 	- 
	 	 	-	 	 	-	 	 	-	 	 	- 	 	 	 -	 	 	- 
	 	 	 -	 	 	-	 	 	 -	 	 	- 	 	 	 -	 	 	- 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	- 
	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	 -
	 	 	 -	 	 	-	 	 	 -	 	 	 -	 	 	 -	 	 	-
	 	 	-	 	 	-	 	 	-	 	 	 -	 	 	 -	 	 	 -
	 	 	 -	 	 	-	 	 	-	 	 	-	 	 	 -	 	 	 -
	 	 	-	 	 	-	 	 	-	 	 	 -	 	 	 -	 	 	-
	 	 	 -	 	 	- 	 	 	 -	 	 	-	 	 	-	 	 	-
	 	 	 -	 	 	- 	 	 	- 	 	 	-	 	 	-	 	 	-
	 	 	-	 	 	- 	 	 	-	 	 	-	 	 	 -	 	 	-

 

    	Exhibit A-6-9

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
(“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________ (please
print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”) the
entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such interest
to Assignee(s) on the Certificate Register of the Trust.

I (we) further direct the
Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to the
above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification
    Number: _________

 

    	Exhibit A-6-10

    	 

    

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ____________________________________ the Assignee(s) named above, or _____________________________________________
as its (their) agent.

 

	 	By:	
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	  
	 

                                            Taxpayer Identification Number:

                                             

    	Exhibit A-6-11

    	 

    

 

EXHIBIT
A-7

 

FORM OF CLASS F CERTIFICATES

 

CLASS F

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF

 

 

 

1
     Temporary Regulation S Global Certificate legend.

2
     Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

3
     Global Certificate legend.

 

    	Exhibit A-7-1

    	 

    

 

THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CLASS F CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNERS IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL

 

    	Exhibit A-7-2

    	 

    

 

EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW” ), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL
ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III
OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION,
HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE
BY ANY GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE CODE.

 

    	Exhibit A-7-3

    	 

    

 

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS F

	Pass-Through Rate: The Adjusted Net Mortgage Rate1	 
	First Distribution Date: March 11, 2016	 
	Aggregate Initial Certificate Balance of the Class F Certificates: $91,524,000	Rated Final Distribution Date: the Distribution Date in February 2036
	CUSIP: 902055 AL6

ISIN: US902055AL632	Initial
Certificate Balance of this Certificate: $[__________]
	
        CUSIP: U68345 AF1

        ISIN: USU68345AF15

        Common Code: 1372848123

        CUSIP: 902055 AM4

        ISIN: US902055AM474

        No.: F-[  ]
	 

 

This certifies that [_____________]
is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund
with respect to the Class F Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class C, Class D, Class E
and Class R Certificates (collectively, with the Class F Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”),

 

 

 

1
     The initial approximate Pass-Through Rate as of the Closing Date is 4.648% per annum.

2
     For Certificate sold in reliance on Rule 144A only.

3
     For Regulation S Global Certificate only.

4
     For IAI Certificate only.

 

    	Exhibit A-7-4

    	 

    

 

by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest then distributable, if any, with respect to the Class F Certificates for such Distribution Date, all
as more fully described in the Trust and Servicing Agreement. With respect to each Distribution Date, the Determination Date is
the 6th day of the calendar month in which such Distribution Date occurs, but if such 6th day is not a Business Day, the immediately
succeeding Business Day, commencing in March 2016.

 

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    	Exhibit A-7-5

    	 

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the

 

    	Exhibit A-7-6

    	 

    

 

indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

    	Exhibit A-7-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate
of Authentication

 

This
is one of the Class F   Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
February 29, 2016 

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Exhibit A-7-8

    	 

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date
    of 

    Exchange or 

    Payment of 

    Principal	 	Certificate
    

    Balance Prior 

    to Exchange or 

    Payment	 	Certificate
    

    Balance 

    Exchanged or 

    Principal 

    Payment Made	 	Type
    of 

    Certificate 

    Exchanged for	 	Remaining
    

    Certificate 

    Balance 

    Following Such 

    Exchange or 

    Payment	 	Notation
    Made 

    by	 
	 	 	 -	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 
	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	 	- 	 	- 

 

    	Exhibit A-7-9

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    	Exhibit A-7-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ____________________________________ the Assignee(s) named above, or _____________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 	 
	Taxpayer Identification Number:

 

    	Exhibit A-7-11

    	 

    

 

EXHIBIT
A-8

FORM OF CLASS R CERTIFICATES

CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
CERTIFICATE ADMINISTRATOR, THE BORROWER, THE borrower
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN
TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS OF THIS CERTIFICATE OR ANY INTEREST
HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS
AND/OR

 

    	Exhibit A-8-1

    	 

    

 

OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE EVIDENCES A “RESIDUAL
INTEREST” IN EACH OF TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN
AFFIDAVIT IN THE FORM ATTACHED AS AN EXHIBIT TO THE TRUST AND SERVICING AGREEMENT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR
TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT
UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT
INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT
TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE
INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY
THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A
PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED
IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME
TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY
BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER
AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

    	Exhibit A-8-2

    	 

    

 

225
liberty street TRUST 2016-225L,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-225L, CLASS R

	Percentage Interest of the Class R 

Certificates: [      ]%
	CUSIP: 902055 AQ5

ISIN: US902055AQ50

No.: R-[  ]

 

This certifies that [________]
is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund
with respect to the Class R Certificates. The Trust Fund consists primarily of a fixed rate mortgage loan (the “Trust
Loan”) that is evidenced by six promissory notes and secured by certain Collateral held in trust by the Trustee (or the
Custodian on its behalf). The Collateral also secures three Companion Loans which are not assets of the Trust Fund. The Trust Loan
and the Companion Loans are collectively referred to as the “Mortgage Loan.” The Trust Fund was created, and
the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class C, Class D, Class E
and Class F Certificates (collectively, with the Class R Certificates, the “Certificates”; the Holders of Certificates
issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. To the extent not defined herein, capitalized terms used herein shall
have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms of the
Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after the Determination Date
in each calendar month, commencing in March 2016 (each such date, a “Distribution Date”), to the Person in whose
name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business Day
of the calendar month preceding the month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of any amounts distributable
with respect to the Class R Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.
With respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution
Date occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in March 2016.

 

    	Exhibit A-8-3

    	 

    

 

All distributions will be
made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder at
a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Notes, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

This Certificate does not
purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust and
Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, or any agent
of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The Trust and Servicing Agreement
may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator,
without the consent of any of the Certificateholders, in certain circumstances specified in the Trust and Servicing Agreement.
The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Trustee and the Certificate Administrator with the written consent of the Holders of Certificates representing not less than 51%
of the Percentage Interests of each Class of Certificates adversely affected by the amendment (as evidenced by an Opinion of Counsel)
for the purpose of adding any provisions to

 

    	Exhibit A-8-4

    	 

    

 

or changing in any manner or eliminating any of the provisions of the Trust and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which are required
to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing
payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted
Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage
Interests of Certificateholders which are required to consent to any action or inaction under the Trust and Servicing Agreement;
(v) amend Section 11.1 of the Trust and Servicing Agreement; or (vi) adversely affect any Companion Loan Holder in its capacity
as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing Agreement
without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense of the party
requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code.

 

The Trust and Servicing Agreement
provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator created thereby (other than (x) the obligation to make certain remittances to the Companion Loan
Holders to the extent of any remaining funds and in accordance with the Co-Lender Agreement, (y) the obligation of the Certificate
Administrator to make certain payments to Certificateholders after the final Distribution Date and to comply with all federal income
tax reporting requirements and maintenance of books and records, and (z) the indemnification rights and obligations of the parties
thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date
pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final payment on the Certificates and the
Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan (including, without limitation, in connection
with the sale of the Mortgage Loan pursuant to any Mezzanine Intercreditor Agreement or the Trust and Servicing Agreement, as applicable)
or the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the United
Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

 

    	Exhibit A-8-5

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

The Holder of the Class R
Certificates holding the largest Percentage Interest therein shall be the Tax Matters Person of the Upper-Tier REMIC and the Lower-Tier
REMIC, pursuant to Treasury Regulations Section 1.860F-4(d). The duties of the Tax Matters Persons for the Upper Tier REMIC and
the Lower Tier REMIC are delegated to the Certificate Administrator pursuant to the Trust and Servicing Agreement, as agent for
the related Tax Matters Person, and the Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf
of themselves and all successor holders of such Class R Certificates, to such delegation to the Certificate Administrator as its
agent and attorney in fact.

 

Each Person who has or acquires
any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to have agreed
to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are expressly subject
to the following provisions:

 

(i)          Each Person
acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Residual
Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition of a Residual Ownership
Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person who is not a Permitted
Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and as fully as possible.

 

(ii)         No Residual
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Residual
Ownership Interest, other than in connection with the initial Transfer thereof to the Initial Purchasers and any subsequent transfer
thereof by the Initial Purchasers to any of its affiliates, the Certificate Registrar shall, as a condition to such consent, (x)
require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed
transferor, an affidavit in substantially the form attached as Exhibit I-1 to the Trust and Servicing Agreement (a “Transferee
Affidavit”) of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating
that (1) the proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (2)
the proposed transferee understands that, as the holder of a Residual Ownership Interest, it may incur liabilities in excess of
cash flows generated by the residual interest, (3) the proposed transferee intends to pay taxes associated with

 

    	Exhibit A-8-6

    	 

    

 

holding the Residual
Ownership Interest as they become due, (4) the proposed transferee will not cause income with respect to the Residual Ownership
Interest to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax
treaty, of such proposed transferee or any other U.S. Tax Person, (5) the proposed transferee will not transfer the Residual Ownership
Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge
that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a
Person that is not a Permitted Transferee, and (6) the proposed transferee expressly agrees to be bound by and to abide by the
provisions of Section 5.3(n) of the Trust and Servicing Agreement and (y) other than in connection with the initial issuance of
a Class R Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit I-2
to the Trust and Servicing Agreement (the “Transferor Letter”),
that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual
knowledge or reason to know that the proposed transferee’s statements in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)        Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership Interest
or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the Internal Revenue Service and
the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e)
of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor
or to such agent referred to above; provided, however, such Persons shall in no event be excused from furnishing
such information.

 

(iv)        The Class
R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

    	Exhibit A-8-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated:February 29, 2016

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Certificate
of Authentication

 

This
is one of the Class R   Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
February 29, 2016 

	 	 	 
	 	 	CITIBANK, N.A., not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Exhibit A-8-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    	Exhibit A-8-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:_____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to _________________________ for the account of _______________________
account number ____________________.

 

This
information is provided by ____________________________________ the Assignee(s) named above, or _____________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    	Exhibit A-8-10

    	 

    

 

EXHIBIT
B

FORM OF REQUEST FOR RELEASE

(for Custodian/Certificate Administrator)

	Loan Information
	 	Name of Mortgagor:	 
	 	[Servicer] [Special 	
	 	Servicer] Loan No.:	 
	Custodian/Certificate Administrator
	 	Name:	Citibank, N.A.
	 	Address:	388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Global Transaction Services – 225 Liberty Street Trust 2016-225L
	 	Custodian 

Mortgage File No.:	
 

	Depositor
	 	Name:	Citigroup Commercial Mortgage Securities Inc.
	 	Address:	390 Greenwich Street, 5th Floor

New York, New York 10019

Attention: Richard Simpson
	 	Certificates:	225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L

The undersigned [Servicer]
[Special Servicer] hereby requests delivery from Citibank, N.A., as custodian (the “Custodian”), for the Holders
of 225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, the documents referred
to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”),
by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer,
Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A.,
as Certificate Administrator.

 

		(  )	Note dated [_____] [__], 2016, in the original
principal sum of $______, made by _______, payable to, or endorsed to the order of, the Trustee for the benefit of Certificateholders.

    		Exhibit B-1	

    	 

    

		(  )	Mortgage(s) recorded on ____________ as instrument
no. ________ in the County Recorder’s Office of the County of _________, State of ___________ in book/reel/docket ___________
of official records at page/image ________.

		(  )	Deed of Trust(s) recorded on __________ as instrument
no. ________ in the County Recorder’s Office of the County of ___________, State of _______ in book/reel/docket ____________
of official records at page/image.

		(  )	Deed to Secure Debt recorded on __________ as
instrument no. ________ in the County Recorder’s Office of the County of ___________, State of _______ in book/reel/docket
____________ of official records at page/image.

		(  )	Other documents, including any amendments, assignments
or other assumptions of the Note or Mortgages.

		(  )	___________________________

		(  )	___________________________

		(  )	___________________________

		(  )	___________________________

The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:

(1)          The [Servicer] [Special
Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee for the benefit of Certificateholders,
solely for the purposes provided in the Trust and Servicing Agreement.

(2)          The [Servicer] [Special
Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security interests,
charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek to assert any claims
or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the Trust and Servicing
Agreement.

(3)          The [Servicer] [Special
Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loan has been
liquidated or the Mortgage Loan has been paid in full and the proceeds thereof have been remitted to the Collection Account except
as expressly provided in the Trust and Servicing Agreement.

(4)          The Documents, coming
into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account of the Trustee
(or the Custodian on its behalf) for the benefit of the Certificateholders, and the [Servicer] [Special Servicer] shall keep the
Documents separate and distinct from all other property in the [Servicer’s] [Special Servicer’s] possession, custody
or control.

    		Exhibit B-2	

    	 

    

 

	 	 	 
	 	[wells fargo bank, NATIONAL ASSOCIATION,  as Servicer]
	 	 	 
	 	[Trimont Real Estate Advisors, LLC,  as Special Servicer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Date: _________	 	 

  

    		Exhibit B-3	

    	 

    

  

EXHIBIT
C

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

	Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage
                                                Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with
the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an
exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate of
such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

(1)           the offer of the Certificates
was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

*
      Select appropriate depository.

    		Exhibit C-1	

    	 

    

[(2)        at the time the buy
order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States;]**

[(2)         the transaction was
executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

(4)          the transaction is
not part of a plan or scheme to evade the registration requirements of the Securities Act.

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _________	 	 

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

** Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    		Exhibit C-2	

    	 

    

 

EXHIBIT
D

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

	Re:	225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with
the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an
exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class
(CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:

 

(1)           the offer
of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

 

    	Exhibit D-1

    	 

    

 

[(2)         at the
time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed and believes that the transferee was outside the United States,]*

[(2)          the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in
the United States,] *

(3)           no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable, and

(4)           the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

or (ii) with respect to transfers made in reliance
on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred in a transaction
permitted by Rule 144 under the Securities Act.**

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

	 	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	Dated:  ______	 	 	 
	 	 	 	 	 
	cc: Citigroup Commercial Mortgage
    Securities Inc.	 	 

 

 

		*	Insert
                                         one of these two provisions, which come from the definition of “offshore transaction”
                                         in Regulation S.

		**	Select
                                         (i) or (ii), as applicable.

 

    	Exhibit D-2

    	 

    

 

EXHIBIT
E

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

		Re:	225 Liberty Street Trust
2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount]of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______]
and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository in the name of
[insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such
beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

 

	*	Select
                                         appropriate depository.

    	Exhibit E-1

    	 

    

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

	 	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	Dated:  _______	 	 	 
	 	 	 	 	 
	cc: Citigroup Commercial Mortgage
    Securities Inc.	 	 

    	Exhibit E-2

    	 

    

 

EXHIBIT
F

FORM OF CERTIFICATION TO BE
GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

		Re:	225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above issued
under the Trust and Servicing Agreement certifies that it is not a “U.S. Person” as defined by Regulation S under the
Securities Act of 1933, as amended.

We undertake to advise you
promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the Certificates
of the Class specified above held by you for our account if any applicable statement herein is not correct on such date, and in
the absence of any such notification it may be assumed that this certification applies as of such date.

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding.

 

 

	*	Select,
                                         as applicable.

 

    	Exhibit F-1

    	 

    

This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

	 	 	 	 
	 	Dated: _______________
	 	 	 
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	Exhibit F-2

    	 

    

 

EXHIBIT
G-1

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

		Re:	225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made
to the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing
Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

(1)           the offer
of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

 

 

	*	Select
                                         appropriate depository.

    	Exhibit G-1-1

    	 

    
 

[(2)         at the
time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)          the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in
the United States;] **

 

(3)           no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable; and

 

(4)           the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

We understand that
this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

	 	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Dated: _______	 	 	 
	 	 	 	 	 
	cc: Citigroup Commercial Mortgage
    Securities Inc.	 	 

 

 

 

	**	Insert
                                         one of these two provisions, which come from the definition of “offshore transaction”
                                         in Regulation S.

    	Exhibit G-1-2

    	 

    

 

EXHIBIT
G-2

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

		Re:	225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:

 

(1)           the offer
of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

    	Exhibit G-2-1

    	 

    
 

[(2)          at the
time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)          the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in
the United States,] *

(3)           no “directed
selling efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable, and

(4)           the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

or (ii) with respect to transfers made in reliance
on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred in a transaction
permitted by Rule 144 under the Securities Act.**

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

	 	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Dated: _______	 	 	 
	 	 	 	 	 
	cc: Citigroup Commercial Mortgage
    Securities Inc.	 	 

 

 

 

		*	Insert
                                         one of these two provisions, which come from the definition of “offshore transaction”
                                         in Regulation S.

 

		**	Select
                                         (i) or (ii), as applicable.

 

    	Exhibit G-2-2

    	 

    

 

EXHIBIT
G-3

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

		Re:	225
Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [__]

Reference is hereby made to
the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and
among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont
Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding.

    	Exhibit G-3-1

    	 

    

This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer. 

	 	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	Dated: ______	 	 	 
	 	 	 	 	 
	cc: Citigroup Commercial Mortgage
    Securities Inc.	 	 

 

    	Exhibit G-3-2

    	 

    

 

EXHIBIT
H-1

 

FORM OF TRANSFEROR CERTIFICATION
FOR

TRANSFERS OF DEFINITIVE CERTIFICATES

 

 Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services - 225 Liberty Street Trust 2016-225L

 

	Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates,
                                                   Series 2016-225L, Class [__]

Ladies and Gentlemen:

This letter is delivered to
you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of a Class [___] Certificate
[having an initial Certificate Balance or Notional Amount as of [________] (the “Settlement Date”) of $[__________][evidencing
a [__]% Percentage Interest in such Class] (the “Transferred Certificate”). The Certificates, including the
Transferred Certificate, were issued pursuant to the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Trust and Servicing Agreement.

The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:

(1)    The Transferor is the
lawful owner of the Transferred Certificate with the full right to transfer such Certificate free from any and all claims and encumbrances
whatsoever.

(2)    Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Certificate, any interest
in any Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer,
pledge or other disposition of any Certificate, any interest in any Certificate or any other similar security from any person in
any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any Certificate or any other
similar security with any person in any manner, (d) made any general solicitation by means of general advertising or in any other
manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would
constitute a distribution of any Certificate under the Securities Act of 1933, as amended (the “Securities Act”),
or would render the disposition of any Certificate a violation of Section 5 of the Securities Act or any state securities laws,
or would

 

    	Exhibit H-1-1

    	 

    

 

require registration or qualification of any
Certificate, or any offer or sale thereof, pursuant to the Securities Act or any state securities laws. 

 

	 	Very truly yours,
	 		
	 		(Transferor)
	 	 	 
		By: 	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit H-1-2

    	 

    

 

EXHIBIT
H-2

FORM OF INVESTMENT REPRESENTATION
LETTER FOR TRANSFERS OF DEFINITIVE CERTIFICATES

 

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services - 225 Liberty Street Trust 2016-225L

 

Citigroup Commercial
Mortgage Securities Inc.

390 Greenwich Street,
5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

	Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates,
                                                   Series 2016-225L, Class [__]

Ladies and Gentlemen:

This letter is delivered to
you pursuant to Section 5.3(i) of the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo
Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator, in connection with the transfer by [_______] (the “Seller”)
to the undersigned (the “Purchaser”) of $[______] aggregate [Certificate Principal Amount] [Notional Amount]
of Class [__] Certificates [representing a [__]% Percentage Interest in the related Class], in certificated fully registered form
(such registered interest, the “Transferred Certificate”). Capitalized terms used but not defined herein shall
have the meanings ascribed thereto in the Trust and Servicing Agreement.

In connection with such transfer,
the undersigned hereby represents and warrants to you as follows:

1.    The Purchaser is an
“institutional accredited investor” (an “Institutional Accredited Investor”), (i.e. an entity meeting,
or in which all of the equity owners meet, the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under
the Securities Act of 1933, as amended (the “Securities Act”)) and has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of the investment in the Transferred Certificate, and
the Purchaser and any accounts for which the Purchaser is acting are each able to bear the economic risk of our or its investment.
The Purchaser is acquiring the Transferred Certificate for its own account or for one or more accounts (each of which is an Institutional
Accredited Investor) as to each of which the

 

    	Exhibit H-2-1

    	 

    

 Purchaser exercises sole investment discretion. [FOR TRANSFERS OF CLASS R CERTIFICATES:
Furthermore, the Purchaser and any such account are each a “qualified institutional buyer” (within the meaning of Rule
144A under the Securities Act), and has completed one of the forms of certification to that effect attached hereto as Annex 1 and
Annex 2.] The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

2.    The Purchaser’s
intention is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account or (b) for resale
to (i) “qualified institutional buyers” in transactions complying with Rule 144A [,FOR TRANSFERS OF ANY CERTIFICATES
OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, pursuant to any other exemption from the
registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt by the Certificate
Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable
to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.]
It understands that the Transferred Certificate (and any subsequent Non-Book Entry Certificate) has not been registered under the
Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in
certain exempted transactions) as expressed herein.

3.    The Purchaser acknowledges
that the Transferred Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified
under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Transferred Certificate cannot
be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from
such registration or qualification is available.

4.    The Purchaser has reviewed
the applicable Offering Circular dated February 17, 2016, relating to the Certificates (the “Offering Circular”)
and the agreements and other materials referred to therein and has had the opportunity to ask questions and receive answers concerning
the terms and conditions of the transactions contemplated by the Offering Circular.

5.    The Purchaser hereby
undertakes to be bound by the terms and conditions of the Trust and Servicing Agreement in its capacity as an owner of a Non-Book
Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it
were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders
present and future.

6.    The Purchaser will not
sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.3 of the Trust and Servicing
Agreement.

 

    	Exhibit H-2-2

    	 

    

7.    Check one of the following:

☐    The
Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

☐    The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred Certificate(s) and states that such Purchaser is not a U.S. Person, (ii)
two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Transferred Certificate(s) and state that interest
and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with a U.S. trade
or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form W-8 BEN-E, IRS
Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications as the Certificate
Administrator may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete,
or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to
the Certificate Administrator.

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

Please make all payments due
on the Transferred Certificates:**

(a)    by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

   

	Account number:	 	 
	 	 	 
	Institution:	 	 	 
	 	 

 

 

 

**    Please
select (a) or (b).

    	Exhibit H-2-3

    	 

    

	 	(b)	by mailing
a check or draft to the following address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

   

	 	Very truly yours,	 
	 	 	 
	 	[Insert Name of Purchaser]	 
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	Dated:________________, 20__	 

 

    	Exhibit H-2-4

    	 

    

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[for Purchasers other than Registered Investment
Companies]

The undersigned hereby certifies as follows to
[name of Seller] (the “Seller”) and Citibank, N.A, as Certificate Registrar, with respect to the commercial
mortgage pass-through certificate being transferred (the “Transferred Certificate”) as described in the Investment
Representation Letter to which this certification relates and to which this certification is an Annex:

1.            As indicated below, the undersigned is the
chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred
Certificate (the “Purchaser”).

2.            The Purchaser is a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because (i) the Purchaser owned and/or invested on a discretionary basis $______________________1
in securities (other than the excluded securities referred to below) as of [specific date since the close of the Purchaser’s
most recent fiscal year][the end of the Purchaser’s most recent fiscal year] (such amount being calculated in accordance
with Rule 144A) and (ii) the Purchaser satisfies the criteria in the category marked below.

		___	Corporation, etc. The Purchaser is a corporation (other than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or any organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended.

		___	Bank. The Purchaser (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory
or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial
banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more
than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. bank, and not more than 18 months
preceding such date of sale for a foreign bank or equivalent institution.

		___	Savings and Loan. The Purchaser (a) is a savings and loan association, building and loan association, cooperative bank,
homestead association or similar institution, which is supervised and examined by a State or Federal authority having supervision
over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an 

 

 

1 Purchaser must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Purchaser is a dealer, and, in that case, Purchaser must own and/or invest on a discretionary
basis at least $10,000,000 in securities.

 

    		Exhibit H-2-Annex 1-1	

    	 

    

 

	 	 	audited net worth
of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a
date not more than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. savings and loan association,
and not more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent institution.

		___	Broker-dealer. The Purchaser is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as
amended.

		___	Insurance Company. The Purchaser is an insurance company whose primary and predominant business activity is the writing
of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance
commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia.

		___	State or Local Plan. The Purchaser is a plan established and maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.

		___	ERISA Plan. The Purchaser is an employee benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended.

		___	Investment Advisor. The Purchaser is an investment advisor registered under the Investment Advisers Act of 1940, as
amended.

		___	Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under
subsection (a) (1) of Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete Annex
2 rather than this Annex 1.)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

3.            The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser,
(ii) securities that are part of an unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer, (iii)
bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned but
subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the Purchaser, the Purchaser did not include any of the
securities referred to in this paragraph.

    		Exhibit H-2-Annex 1-2	

    	 

    

 

4.            For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the Purchaser, the Purchaser used the cost of such securities
to the Purchaser, unless the Purchaser reports its securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities has been published, in which case the securities
were valued at market. Further, in determining such aggregate amount, the Purchaser may have included securities owned by subsidiaries
of the Purchaser, but only if such subsidiaries are consolidated with the Purchaser in its financial statements prepared in accordance
with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Purchaser’s
direction. However, such securities were not included if the Purchaser is a majority-owned, consolidated subsidiary of another
enterprise and the Purchaser is not itself a reporting company under the Securities Exchange Act of 1934, as amended.

5.            The
Purchaser acknowledges that it is familiar with Rule 144A and understands that the Seller and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser may
be in reliance on Rule 144A.

	___	___	
        Will the Purchaser be purchasing the Transferred
Certificate only for the Purchaser’s own account

        
	Yes	No

6.            If the answer to the foregoing question is
“no”, then in each case where the Purchaser is purchasing for an account other than its own, such account belongs to
a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified
institutional buyer” status of such third party has been established by the Purchaser through one or more of the appropriate
methods contemplated by Rule 144A.

7.            The Purchaser will notify each of the parties
to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Purchaser’s
purchase of the Transferred Certificate will constitute a reaffirmation of this certification as of the date of such purchase.
In addition, if the Purchaser is a bank or savings and loan as provided above, the Purchaser agrees that it will furnish to such
parties any updated annual financial statements that become available on or before the date of such purchase, promptly after they
become available.

8.            Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Trust and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	 	 
	 	Print Name of Purchaser

 

	 	By: 	 

		Name: 	 

	 	Title: 	 

	 	Date: 	 

 

    		Exhibit H-2-Annex 1-3	

    	 

    

 

ANNEX
2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[for Purchasers that are Registered Investment
Companies]

The undersigned hereby certifies as follows to
[name of Seller] (the “Seller”) and Citibank, N.A., as Certificate Registrar, with respect to the mortgage pass-through
certificate being transferred (the “Transferred Certificate”) as described in the Investment Representation
Letter to which this certification relates and to which this certification is an Annex:

1.            As indicated below, the undersigned is the
chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred
Certificate (the “Purchaser”) or, if the Purchaser is a “qualified institutional buyer” as that
term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”) because the Purchaser
is part of a Family of Investment Companies (as defined below), is an executive officer of the investment adviser (the “Adviser”).

2.            The Purchaser is a “qualified institutional
buyer” as defined in Rule 144A because (i) the Purchaser is an investment company registered under the Investment Company
Act of 1940, as amended, and (ii) as marked below, the Purchaser alone owned and/or invested on a discretionary basis, or the Purchaser’s
Family of Investment Companies owned, at least $100,000,000 in securities (other than the excluded securities referred to below)
as of [specific date since the close of the Purchaser’s most recent fiscal year][the end of the Purchaser’s most recent
fiscal year]. For purposes of determining the amount of securities owned by the Purchaser or the Purchaser’s Family of Investment
Companies, the cost of such securities was used, unless the Purchaser or any member of the Purchaser’s Family of Investment
Companies, as the case may be, reports its securities holdings in its financial statements on the basis of their market value,
and no current information with respect to the cost of those securities has been published, in which case the securities of such
entity were valued at market.

		____	The Purchaser owned and/or invested on a discretionary basis $___________________ in securities (other than the excluded securities
referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being calculated in accordance with
Rule 144A).

		____	The Purchaser is part of a Family of Investment Companies which owned in the aggregate $______________ in securities (other
than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being
calculated in accordance with Rule 144A).

3.            The term “Family of Investment Companies”
as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment
advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser
is a majority owned subsidiary of the other).

4.            The term “securities” as used
herein does not include (i) securities of issuers that are affiliated with the Purchaser or are part of the Purchaser’s Family
of Investment 

    		Exhibit H-2-Annex 2-1	

    	 

    

 

Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and commodity swaps. For purposes of
determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, or owned by the
Purchaser’s Family of Investment Companies, the securities referred to in this paragraph were excluded.

5.            The
Purchaser is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and
will continue to rely on the statements made herein because one or more sales to the Purchaser will be in reliance on Rule 144A.

	___	___	
        Will the Purchaser be purchasing the Transferred
Certificate only for the Purchaser’s own account

        
	Yes	No

 

6.            If the answer to the foregoing question is
“no”, then in each case where the Purchaser is purchasing for an account other than its own, such account belongs to
a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified
institutional buyer” status of such third party has been established by the Purchaser through one or more of the appropriate
methods contemplated by Rule 144A.

7.            The undersigned will notify the parties to
which this certification is made of any changes in the information and conclusions herein. Until such notice, the Purchaser’s
purchase of the Transferred Certificate will constitute a reaffirmation of this certification by the undersigned as of the date
of such purchase.

8.            Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Trust and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	 
	 	Print Name of Purchaser or Adviser

 

	 	By: 	 

		Name: 	 

	 	Title: 	 

	 	 
	 	IF AN ADVISER:
	 	 
	 	Print Name of Purchaser

  

	 	Date: 	 

 

    		Exhibit H-2-Annex 2-2	

    	 

    

 

EXHIBIT
I-1

FORM OF AFFIDAVIT PURSUANT
TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction Services
– 225 Liberty Street Trust 2016-225L

		Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates,
Series 2016-225L (the “Certificates”) issued pursuant to the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator

	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

1.            I am a [______] of [______]
(the “Purchaser”), on behalf of which I have the authority
to make this affidavit.

2.            The Purchaser is acquiring
Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits (each,
a “REMIC”) designated as the (i) “Lower-Tier
REMIC” and (ii) “Upper-Tier REMIC”, respectively,
relating to the Certificates for which an election is to be made under Section 860D of the Internal Revenue Code of 1986 (the “Code”).

3.            The Purchaser is not
a “Disqualified Organization” (as defined below), and that
the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer
of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified
Organization is any of the following: (a) the United States, a State, or any agency or instrumentality of any of the foregoing
(other than an instrumentality that is a corporation if all of its activities are subject to tax and a majority of its board of
directors is not selected by any such governmental unit), (b) a foreign government, International Organization or agency or instrumentality
of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
by Code Section 511 on unrelated business taxable income) on any

 

    		Exhibit I-1-1	

    	 

    

excess inclusions (as defined in Section 860E(c)(1)) of the Code
with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d)
rural electric and telephone cooperatives described in Section 1381(a)(2) of the Code or (e) any other person so designated by
the Certificate Administrator based upon an Opinion of Counsel to the effect that any transfer of a Class R Certificate to such
person may cause the Upper Tier REMIC or the Lower Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are
outstanding. The terms “United States,” “State” and “International Organization” have the meanings
set forth in Section 7701 of the Code or successor provisions.

4.            The Purchaser acknowledges
that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances, on an agent for
the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

5.            The Purchaser is a Permitted
Transferee (the Purchaser’s U.S. taxpayer identification number is [____]).

6.            No purpose of the acquisition
of the Class R Certificates is to impede the assessment or collection of tax.

7.            The Purchaser will not
cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within the meaning
of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

8.            Check the applicable
paragraph:

☐           The present value
of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum of:

(i)           the present value of
any consideration given to the Purchaser to acquire such Class R Certificate;

(ii)          the present value
of the expected future distributions on such Class R Certificate; and

(iii)         the present value
of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate
in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Purchaser
has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable
income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount
rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding
period used by the Purchaser.

    		Exhibit I-1-2	

    	 

    

☐           The transfer of
the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

(i)           the Purchaser is an “eligible
corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from the Class R Certificate
will only be taxed in the United States;

(ii)          at the time of the transfer,
and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser had gross assets for
financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning of U.S. Treasury
Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

(iii)         the Purchaser will transfer
the Class R Certificate only to another “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
in a transaction that satisfies the requirements of U.S. Treasury Regulations Sections 1.860E-1(c)(4)(i), (ii) and (iii) and U.S.
Treasury Regulations Section 1.860E-1(c)(5); and

(iv)         the Purchaser determined
the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but not limited
to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other
factors specific to the Purchaser) that it has determined in good faith.

☐           None of the above.

9.            The Purchaser historically
has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends
to pay taxes associated with holding the Class R Certificates as they become due.

10.          The Purchaser understands
that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by such Certificate.

11.          The Purchaser is aware
that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser,
or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially
the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not transfer the Class R Certificates
to any Person that does not provide such affidavit and agreement or as to which the Purchaser has actual knowledge that such Person
is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not
a Permitted Transferee.

12.          The Purchaser represents
that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person that is not a Permitted Transferee
and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

13.          The Purchaser consents
to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to

 

    		Exhibit I-1-3	

    	 

    

ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

14.          The Purchaser has reviewed
the provisions of Section 5.3 of the Trust and Servicing Agreement, a description of which provisions is set forth in the Class
R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

15.          The Purchaser consents
to the designation of the Certificate Administrator as the agent of the Tax Matters Person of the (i) Lower-Tier REMIC and (ii)
the Upper-Tier REMIC pursuant to Section 12.1 of the Trust and Servicing Agreement.

Capitalized terms used but
not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

    		Exhibit I-1-4	

    	 

    

IN WITNESS WHEREOF, the Purchaser
has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

	 	 
	 	NOTARY PUBLIC in and for the
	 	State of _______________
	 	 
	[SEAL]	 
	 	 
	My Commission expires:	 
	_______________	 

 

    		Exhibit I-1-5	

    	 

    

 

EXHIBIT
I-2

 

FORM OF TRANSFEROR LETTER FOR
TRANSFER OF CLASS R CERTIFICATES

 

[Date]

 

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction
Services – 225 Liberty Street Trust 2016-225L

 

	Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class R

 

Ladies and Gentlemen:

 

This letter is delivered to
you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates evidencing
a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing Agreement, dated as of February
6, 2016 (the “Trust and Servicing Agreement”), by and among
Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real
Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate
Administrator. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the
Trust and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

(1)          The Transferor is the
lawful owner of the Residual Certificates with the full right to transfer such Certificate free from any and all claims and encumbrances
whatsoever.

 

(2)          In connection with
such request, and in respect of such Residual Certificates, the Transferor does hereby certify that such Residual Certificates
are being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933,
as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the
Residual Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule
144A in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

(3)          No purpose of the Transferor
relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will be to impede the assessment
or collection of any tax.

 

    	Exhibit I-2-1

    	 

    

 

(4)          The Transferor understands
that the Transferee has delivered to you a Transferee Affidavit in the form attached to the Trust and Servicing Agreement as Exhibit
I-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee and has no actual knowledge or reason
to know that the Transferee’s representations in clause (9) of such Transferee Affidavit are false.

 

(5)          The Transferor has
at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated
by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined that the
Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the Transferee
will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of the Residual
Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable for United
States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit I-2-2

    	 

    

 

EXHIBIT
J

 

FORM OF ERISA REPRESENTATION
LETTER

 

[Date]

 

Citibank, N.A.

as Certificate Registrar

480 Washington Boulevard,
30th Floor

Jersey City, New Jersey
07310

Attention: Global Transaction Services – 225
Liberty Street Trust 2016-225L

          

Citibank, N.A.

as Certificate Administrator

388 Greenwich Street,
14th Floor

New York, New York 10013

Attention: Global Transaction Services – 225 Liberty Street Trust
2016-225L

 

[Transferor]

[______]

[______]

Attention: [______]

 

	Re:	225 Liberty Street Trust 2016-225L, Commercial Mortgage
                                                   Pass-Through Certificates, Series 2016-225L

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”)
proposes to purchase [$[__] initial [principal][notional] amount of] [[__]% percentage interest in] the 225 Liberty Street Trust
2016-225L, Commercial Mortgage Pass-Through Certificates, Series 2016-225L, Class [E] [F] [R] Certificates (the “Class
[E] [F] [R] Certificates”) issued pursuant to that certain Trust and Servicing Agreement dated as of February 6, 2016
(the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor,
Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust,
National Association, as Trustee, and Citibank, N.A., as Certificate Administrator. Capitalized terms used and not otherwise defined
herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

[FOR TRANSFERS OF CLASS
R CERTIFICATES: In connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the
Class R Certificates, the Purchaser is not an employee benefit plan or other plan subject to the fiduciary responsibility provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA)
that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA
or the Code

 

    	Exhibit J-1

    	 

    

 

(“Similar Law”) (each, a “Plan”), or any person acting on behalf of any such
plan or using the assets of a Plan to purchase such Class R Certificates].

 

[FOR TRANSFERS OF CLASS [E]
OR CLASS [F] CERTIFICATES: In connection with such transfer, the undersigned hereby represents and warrants to you that, with respect
to the Class [E] [F] Certificates, either: (i) the Purchaser is not an employee benefit plan or other plan subject to the fiduciary
responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section
3(32) of ERISA) that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions
of ERISA or the Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf of
any such plan or using the assets of a Plan to purchase such Class [E] [F] Certificates; or (ii) (1) the Purchaser is an insurance
company, (2) the source of funds used to acquire or hold the Class [E] [F] Certificates or interest therein is an “insurance
company general account,” as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60,
and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.]

 

[FOR TRANSFERS OF CLASS R
CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended.]

 

IN WITNESS WHEREOF, the Purchaser
hereby executes this ERISA Representation Letter on the ___ day of _____, ____.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit J-2

    	 

    

 

EXHIBIT
K-1

 

FORM OF INVESTOR CERTIFICATION
- ACCESS TO INFORMATION

[Date]

 

Citibank, N.A.

388 Greenwich Street,
14th Floor

New York, New York 10013

Attention: Global Transaction Services – 225 Liberty Street Trust
2016-225L

 

		Attention:	225 Liberty Street Trust 2016-225L, Commercial Mortgage
                                                                 Pass-Through Certificates, Series 2016-225L

 

In accordance with the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Agreement”), by and among Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is
[a [Certificateholder][Beneficial Owner][prospective purchaser] of the Class [__] Certificates] [the Controlling Class Representative][a
Companion Loan Holder].

 

2.          The undersigned
is not a Borrower Restricted Party (or, alternatively, only prior to the occurrence of a Special Servicing Loan Event, the
undersigned is the Brookfield GP).

 

3.          The undersigned is
requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate Administrator’s
website and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Agreement. In consideration of the disclosure to the undersigned of the Information, or the access
thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making
an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such
governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the
prior written consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part. The undersigned will not use or disclose the Information in any manner which could result in a violation of
any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.

 

4.          The undersigned shall
be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify the Depositor, the
Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense

 

    	Exhibit K-1-1

    	 

    

 

incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.          The undersigned agrees
to promptly notify the Servicer, the Special Servicer, the Certificate Administrator and the Trustee by delivery thereto of a certification
substantially in the form of Exhibit K-3 to the Agreement if the undersigned becomes a Borrower Restricted Party and, prior to
a Special Servicing Loan Event, is not the Brookfield GP.

 

6.          The undersigned agrees
that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified that the
representations and covenants contained herein remain true and correct.

 

7.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit K-1-2

    	 

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

	 	[CERTIFICATEHOLDER]
    [BENEFICIAL OWNER] [PROSPECTIVE PURCHASER] [CONTROLLING CLASS REPRESENTATIVE] [COMPANION LOAN HOLDER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit K-1-3

    	 

    

 

EXHIBIT
K-2

 

FORM OF INVESTOR CERTIFICATION
-

ACCESS SOLELY TO DISTRIBUTION DATE STATEMENTS

 

[Date]

 

Citibank, N.A.

388 Greenwich Street,
14th Floor

New York, New York 10013

Attention: Global Transaction Services – 225 Liberty Street Trust
2016-225L

 

		Attention:	225 Liberty Street Trust 2016-225L, Commercial Mortgage
                                                                 Pass-Through Certificates, Series 2016-225L

 

In accordance with the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Agreement”), by and among Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is
[a [Certificateholder][Beneficial Owner][prospective purchaser] of the Class [__] Certificates][the Controlling Class Representative][a
Companion Loan Holder].

 

2.          The undersigned
is a Borrower Restricted Party (and, only prior to the occurrence of a Special Servicing Loan Event, is not the Brookfield GP).

 

3.          The undersigned is
requesting access solely to the Distribution Date Statement (the “Information”) and agrees to keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information will not, without the prior written consent of the Certificate Administrator,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part. The undersigned will not use or disclose
the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the
“Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any
Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

    	Exhibit K-2-1

    	 

    

 

5.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit K-2-2

    	 

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

	 	[CERTIFICATEHOLDER]
    [BENEFICIAL OWNER] [PROSPECTIVE PURCHASER] [CONTROLLING CLASS REPRESENTATIVE] [COMPANION LOAN HOLDER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit K-2-3

    	 

    

 

EXHIBIT
K-3

FORM OF INVESTOR CERTIFICATION
- VOTING and other RIGHTS

[Date]

 

Citibank, N.A.

388 Greenwich Street, 14th
Floor

New York, New York 10013

Attention: Global Transaction Services – 225 Liberty Street Trust
2016-225L

 

		Attention:	225 Liberty Street Trust 2016-225L, Commercial Mortgage
                                                                Pass-Through Certificates, Series 2016-225L

In accordance with the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Agreement”), by and among Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator, with respect to
the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

1.             The undersigned [is
a [Certificateholder][Beneficial Owner] of the Class [__] Certificates] [[is] [has been designated to become] the Controlling Class
Representative].

2.             [for
exercise of voting and other rights: The undersigned [[intends to exercise]] [is prohibited from exercising]] [[Voting Rights]
[rights as a Holder or Beneficial Owner of the Controlling Class of Certificates]] under the Agreement [or, if the undersigned
is not a U.S. Person, the undersigned has irrevocably appointed [______], a U.S. Person, to vote on its behalf, and to have full
discretion as to such vote,] and the undersigned (please check each of the following that is applicable):

 

		___	is not the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or any of their sub-servicers (engaged with respect to the Trust), a Borrower Restricted Party or any of their respective Affiliates.

 

		___	is the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or any of their
sub-servicers (engaged with respect to the Trust), or an Affiliate of one of the foregoing (in which case the undersigned is prohibited
from exercising Voting Rights or, if applicable, any other rights as a Holder or Beneficial Owner of the Controlling Class of Certificates,
other than as expressly authorized in the definition of “Certificateholder”).

 

		___	is a Borrower Restricted Party (in which case the undersigned is prohibited from exercising Voting
Rights or, if applicable, any other rights as a Holder or Beneficial Owner of the Controlling Class of Certificates).]

    	Exhibit K-3-1

    	 

    

 

 2.            [for
controlling class representative: The undersigned [is not a Borrower Restricted Party] [has become a Borrower Restricted
Party and is required to resign as Controlling Class Representative in accordance with Section 9.1 of the Agreement].]

2.             [notice
that controlling class representative is a borrower restricted party: The undersigned is a [Holder] [Beneficial Owner] of
Certificates of the Controlling Class and has gained actual knowledge that [specify name
of applicable individual or entity], the acting Controlling Class Representative, is a Borrower Restricted Party.]1

3.             The undersigned agrees
that, if it has not otherwise identified itself as a Borrower Restricted Party, then it shall promptly notify the Servicer, the
Special Servicer, the Certificate Administrator and the Trustee by delivery of a certification substantially in the form of Exhibit
K-3 to the Agreement if the undersigned becomes a Borrower Restricted Party. Furthermore, if the undersigned is a Holder or Beneficial
Owner of Certificates of the Controlling Class, and if the undersigned gains actual knowledge that the Controlling Class Representative
is a Borrower Restricted Party, then it shall promptly so notify the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee by delivery of a certification substantially in the form of Exhibit K-3 to the Agreement.

4.             The undersigned shall
be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify the Depositor, the
Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

5.             The undersigned agrees
that each time it exercises any Voting Rights or other rights as a Certificateholder, a Beneficial Owner of Certificates or a Controlling
Class Representative under the Agreement, the undersigned is deemed to have recertified that the representations and covenants
contained herein remain true and correct.

6.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

 

 

1  Paragraphs
3, 4 and 5 may be omitted if the sole purpose of this certification is to provide this notice.

 

    	Exhibit K-3-2

    	 

    

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

	 	[CERTIFICATEHOLDER] [BENEFICIAL OWNER] [PROSPECTIVE PURCHASER]
	 		
		By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit K-3-3

    	 

    

 

EXHIBIT
L

 

APPLICABLE SERVICING CRITERIA

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer.

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer 

        Special Servicer

        Custodian (in the case of the Custodian, if such entity is not also the Trustee)

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Servicer

        Special Servicer

        Certificate
        Administrator

	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Servicer

    Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
    year)
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer

    Special Servicer

    Certificate Administrator

 

    	Exhibit L-1

    	 

    

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Servicer

    Special Servicer

    Certificate Administrator
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Servicer.	Certificate
    Administrator
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Servicer
	1122(d)(4)(v)	The
    Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s
    unpaid principal balance.	Servicer

 

    	Exhibit L-2

    	 

    

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by
    the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

    	Exhibit L-3

    	 

    

 

EXHIBIT
M

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Citibank, N.A.

388 Greenwich Street,
14th Floor

New York, New York
10013

Attention: Global Transaction Services - 225 Liberty Street Trust 2016-225L

 

		Attention:	225 Liberty Street Trust 2016-225L,

Commercial Mortgage Pass-Through Certificates, Series 2016-225L

 

In accordance with the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Agreement”), by and among Citigroup Commercial Mortgage
Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator (the “Certificate
Administrator”), with respect to the above-referenced certificates, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned, a nationally recognized statistical rating organization (“NRSRO”),
as such term is used in Rule 17g-5 under the Exchange Act, has provided the Depositor with the appropriate certifications under
Rule 17g-5(e) under the Exchange Act, has access to the Depositor’s 17g-5 website, and agrees that any information obtained
from the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website will be subject to the same
confidentiality provisions applicable to information on the Depositor’s 17g-5 website.

 

		2.	The undersigned agrees that each time it accesses the Certificate Administrator’s Website
or the 17g-5 Information Provider’s Website, it shall be deemed to have recertified that the representations above remain
true and correct.

 

Capitalized terms used but not
defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    	Exhibit M-1

    	 

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

	 	[NRSRO]
	 	 	 
		By:	
 
	 	 	Name:
	 	 	Title:

 

    	Exhibit M-2

    	 

    

 

EXHIBIT
N

 

FORM OF ONLINE MARKET DATA PROVIDER
CERTIFICATION

 

Citibank, N.A.

388 Greenwich Street,
14th Floor

New York, New York
10013

Attention: Global Transaction Services - 225 Liberty Street Trust 2016-225L

 

		Attention:	225 Liberty Street Trust 2016-225L,

Commercial Mortgage Pass-Through Certificates, Series 2016-225L

 

In connection with the Trust
and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator
(the “Certificate Administrator”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of [Bloomberg, L.P.] [Trepp, LLC] [Markit] [BlackRock Solutions]
[Intex Solutions, Inc.], a market data provider that has been given access to the Distribution Date Statements, CREFC®
Reports and supplemental notices on the Certificate Administrator’s Website by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses Certificate Administrator’s Website, the
undersigned is deemed to have recertified that the representation above remains true and correct.

 

		3.	The undersigned acknowledges and agrees that the provision to it of information and/or reports
on Certificate Administrator’s Website is for its own use only, and agrees that it will not disseminate or otherwise make
such information available to any other person without the written consent of the Depositor.

 

		4.	The undersigned shall be fully liable for any breach of this agreement by itself or by any of its
officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) and
shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

		5.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Agreement.

 

    	Exhibit N-1

    	 

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

	 	[MARKET DATA PROVIDER]
	 	 	 
		By:	
 
	 	 	Name:
	 	 	Title:

 

    	Exhibit N-2

    	 

    

 

EXHIBIT
O

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    	Exhibit O-1

    	 

    

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT INFORMATION	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Depositor	Citigroup Commercial Mortgage Securities Inc.	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 			 	Distribution Summary
    (Factors)	3	 	 
	 	Servicer	Wells Fargo Bank, National Association	 	 	 	 	 
	 	 	 	 	Interest Distribution
    Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	Special Servicer	Trimont Real Estate Advisors, LLC	 	Principal Distribution
    Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Class Rating Detail	6	 	 
	 	Trustee	Wilmington Trust, National Association	 	 	 	 	 
	 	 	 	 	Reconciliation
    Detail	7	 	 
	 			 	 	 	 	 
	 	Certificate Administrator	Citibank, N.A.	 	Other Information	8	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Mortgage Loan Detail	9	 	 
	 	Rating Agencies	Standard & Poor’s Ratings
    Services	 	 	 	 	 
	 	 	 	 	Delinquency Loan
    Detail	10	 	 
	 		DBRS, Inc.	 	 	 	 	 
	 	 	 	 	Appraisal Reduction
    Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan Modification
    Detail	14	 	 
	 			 	 	 	 	 
	 			 	Specially Serviced
    Loan Detail	16	 	 
	 			 	 	 	 	 
	 	 	 	 	Unscheduled Principal
    Detail	18	 	 
	 	

		 	 	 	 	 
	 	 

	 	 	Liquidated Loan
    Detail	20	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	CREFC Legends	22	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	John Hannon	 	Citibank, N.A.
	 	 	john.hannon@citi.com	 	Agency and Trust
	 	 	Tel: (212) 816-5693	 	388 Greenwich Street,
    14th Floor
	 	 	Fax: (212) 816-5527	 	New York, NY 10013
	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 1 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

 

Distribution
Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 		 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	PPP and YM	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(7+8+9)	(11)	(12)	(13)=(3-8+11-12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 2 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

 

Distribution
Summary (Factors)

	 	 	 	 	 	 	 	 	 	 	 
	PER
    $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 
	Class	CUSIP	Record

    Date	Prior

    Principal

    Balance

    (3)/(2) x 1000	Interest

    Distributed

    (7)/(2) x 1000	Principal

    Distributed

    (8)/(2) x 1000	

    PPP and YM
     Distributed

    (9)/(2) x 1000	Total

    Distributed

    (10)/(2) x 1000	Deferred

    Interest

    (11)/(2) x 1000	Realized

    Loss

    (12)/(2) x 1000	Current

    Principal

    Balance

    (14)/(2) x 1000
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 3 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

Interest Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-		Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through		Day	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate		 Count	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)		Fraction	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional
    Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 4 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

Principal Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Current
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 5 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

 

Class
Rating Detail

 

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Class	Original	Current	Date	Original	Current	Date	Original	Current	Date
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 6 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:

    Determination Date:	225 Liberty Street Trust 2016-225L

     Commercial Mortgage
Pass-Through Certificates

     Series 2016-225L	

Reconciliation Detail

	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE
    OF FUNDS	 	ALLOCATION
    OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled Interest	 	 	 	 	Servicing
    Fee	 	 	 
	 	Prepayment
    Interest Excess	 	 	 	 	Trustee/Certificate Administrator Fee	 	 	 
	 	Prepayment Interest
    Shortfall	 	 	 	 	CREFC® Licensing Fee	 	 	 
	 	Interest Adjustments	 	 	 	 	Total Scheduled Fees:	 	 	 
	 	Total Interest
    Funds Available:	 	 	 	 	Additional Fees, Expenses, etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing
    Fee	 	 	 
	 	Scheduled Principal	 	 	 	 	 Workout Fee	 	 	 
	 	Curtailments	 	 	 	 	 Liquidation Fee	 	 	 
	 	Principal Prepayments	 	 	 	 	 ASER Amount	 	 	 
	 	Net Liquidation
    Proceeds	 	 	 	 	 Reimbursement
    for Interest on Advances	 	 	 
	 	Repurchased Principal	 	 	 	 	 Other Expenses	 	 	 
	 	Nonrecoverable Principal Advances	 	 	 	 	Total Additional
    Fees, Expenses, etc.:	 	 	 
	 	Substitution Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Other Principal	 	 	 	 	Interest Distribution	 	 	 
	 	Total Principal
    Funds Available:	 	 	 	 	Principal Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Yield Maintenance/Prepayment
    Penalties Distribution	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance	 	 	 	 	Total Distribution
    to Certificateholders:	 	 	 
	 	Interest Reserve
    Deposit	 	 	 	 	Total Funds Allocated	 	 	 
	 	Interest Reserve
    Withdrawal	 	 	 	 		 	 	 
	 	Other Charges	 	 	 	 		 	 	 
	 	Total Other Funds
    Available:	 	 	 	 		 	 	 
	 	Total Funds Available	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Reports Available at www.sf.citidirect.com	Page 7 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L

Other Information

	Account
    Information	 	 
	Beginning
    Interest Reserve Balance	0.00	 
	Interest
    Reserve Deposits	0.00	 
	Interest
    Reserve Withdrawals	0.00	 
	Ending
    Interest Reserve Balance	0.00	 
	 	 	 
	Subordinate
    Control Period	 	 
	Commencement
    of Subordinate Consultation Period	No	 
	Commencement
    of Subordinate Consultation Termination Period	No	 
	Termination
    of Subordinate Control Period	No	 
	Termination
    of Subordinate Consultation Period	No	 
	 	 	 

	 		 
	Reports Available at www.sf.citidirect.com	Page 8 of 22	© Copyright  2016 Citigroup

    	 

    	 

    

 

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Detail
	 
	Loan	OMCR	Prop

    Type

(1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Maturity

    Date	

Neg

    Am

    Flag	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Through

    Date	Apprasial

    Reduction

    Date	Apprasial

    Reduction

    Amount	Payment

    Status 

    (2)	Workout

    Strategy

    (3)	Mod

    Type

    (4)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 		 
	Reports Available at www.sf.citidirect.com	Page 9 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L
	 	 
	 	Delinquency Loan
    Detail
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advances	Status	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Interest Advances	Outstanding	(2)	(3)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no delinquency loan activity for the current distribution period.
	 

 

	 		 
	Reports Available at www.sf.citidirect.com	Page 10 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L
	 	 
	 	Historical Delinquency
    Information

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	 Date	End Sched
    Bal	#  	End Sched
    Bal	#  	End Sched
    Bal	#  	End Sched
    Bal	#  	End Sched
    Bal	#  	End Sched
    Bal	#  	End Sched
    Bal	#  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 		 
	Reports Available at www.sf.citidirect.com	Page 11 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

   

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series
    2016-225L
	 	 
	 	Appraisal Reduction
    Detail

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	There
    is no appraisal reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 12 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

  

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L
	 	 
	 	Historical Appraisal
    Reduction Detail

	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property
    Name	Reduction
    Amount	Reduction
    Date	ASER Amount	ASER
    Amount
	 	 	 	 	There is no historical
    appraisal reduction activity.	 	 
	 	 	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 13 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L
	 	 
	 	Loan Modification
    Detail

	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Type (4)	Description
	 	 	 	 	 	 
	There
    is no loan modification activity for the current distribution period.
	 	 	 	 	 	 
	  Totals	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 14 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

  

	 	 	 
	Distribution Date:	225 Liberty Street Trust 2016-225L	 
	Determination Date:	Commercial Mortgage
    Pass-Through Certificates
	 	Series 2016-225L
	 	 
	 	Historical Loan
    Modification Detail

	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan Number	OMCR	Property
    Name	Date	Type (4)	Description
	 

                                                                               There
                                         is no historical loan modification activity.

	 	 	 	 	 	 	 

	 	 

 

	Reports Available at www.sf.citidirect.com	Page 15 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial Mortgage
Pass-Through Certificates

Series 2016-225L

Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Workout

Strategy

(3)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Valuation Date	 	Most Recent

Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no specially serviced loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 16 of 22	© Copyright  2016 Citigroup

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2016-225L

 Historical
    Specially Serviced Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Special

Serviced

Trans Date	 	Workout

Strategy

(3)	 	Special

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(1)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income

(NOI) 	 	DSCR
 	 	 

 	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	There is no historic specially serviced loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 17 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2016-225L

 Unscheduled
    Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquid / Prepay

Type (5)	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustments	 	Prepayment Interest

Excess / (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Penalties
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no unscheduled principal activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Reports Available at www.sf.citidirect.com	Page 18 of 22	© Copyright  2016 Citigroup

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates
     Series
    2016-225L

 Historical
    Unscheduled Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquid / Prepay

Type (5)	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustments	 	Prepayment Interest

Excess / (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Penalties
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There is no historical unscheduled principal activity.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 19 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2016-225L

 Liquidated
    Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as  % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Losses	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no liquidated loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 20 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
    Mortgage Pass-Through Certificates

    Series 2016-225L

 Historical
    Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as  % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical liquidated loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Reports Available at www.sf.citidirect.com	Page 21 of 22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

	Distribution Date:	225 Liberty Street Trust 2016-225L	
	Determination Date:	Commercial
Mortgage Pass-Through Certificates

Series 2016-225L

 

 

CREFC® Legends

 

	 	 	 	 	 
	(1) Property Type	 	(3) Workout Strategy	 	(5) Liquidation / Prepayment
    Type
	MF = Multifamily	 	1. Modification	 	1. Partial Liquidation (Curtailment)
	RT = Retail	 	2. Foreclosure	 	2. Payoff Prior To Maturity
	HC = HealthCare	 	3. Bankruptcy	 	3. Disposition / Liquidation
	IN = Industrial	 	4. Extension	 	4. Repurchase / Substitution
	WH = Warehouse	 	5. Note Sale	 	5. Full Payoff At Maturity
	MH = Mobile Home Park	 	6. DPO	 	6. DPO
	OF = Office	 	7. REO	 	7. Not Used
	MU = Mixed Use	 	8. Resolved	 	8. Payoff With Penalty
	LO = Lodging	 	9. Pending Return to Master Servicer	 	9. Payoff With Yield Maintenance
	SS = Self Storage	 	10. Deed In Lieu of Foreclosure	 	10. Curtailment With Penalty
	OT = Other	 	11. Full Payoff	 	11. Curtailment With Yield Maintenance
	SE = Securities	 	12. Reps and Warranties	 	 
	CH = Cooperative Housing	 	13. Other or TBD	 	 
	N/A = Not Available	 	98. Not Provided By Servicer	 	 
	 	 	 	 	 
	(2) Payment Status	 	(4) Modification Type	 	 
	A. In Grace Period	 	1. Maturity Date Extension	 	 
	B. Late, but less than 30 Days	 	2. Amortization Change	 	 
	0. Current	 	3. Principal Write-Off	 	 
	1. 30-59 Days Delinquent	 	4. Blank (formerly Combination)	 	 
	2. 60-89 Days Delinquent	 	5. Temporary Rate Reduction	 	 
	3. 90+ Days Delinquent	 	6. Capitalization of Interest	 	 
	4. Performing Matured Balloon	 	7. Capitalization of Taxes	 	 
	5. Non Performing Matured Balloon	 	8. Other	 	 
	98. Not Provided By Servicer	 	9. Combination	 	 

 

	Reports Available at www.sf.citidirect.com	Page 22  of
    22	© Copyright  2016 Citigroup

 

    	 

    	 

    

 

EXHIBIT
P-1

 

Form
of Transferor Certificate for Transfer of the Excess Servicing Fee Rights

 

[Date]

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	225 Liberty Street Trust 2016-225L,

Commercial Mortgage Pass-Through Certificates, Series 2016-225L

 

Ladies and Gentlemen:

 

This letter is delivered to you
in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right (as defined below) established under the Trust and Servicing Agreement, dated as of February
6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Depositor, that:

 

1.          The Transferor is
the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”), with
the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any
manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise
approached or negotiated with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or
any other similar security with any Person in any manner, (d) made any general solicitation with respect to the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses
(a) through (e) hereof) would constitute a distribution of the Excess Servicing Fee Right under the Securities Act of 1933,
as amended (the “Securities Act”), or would render the disposition of the Excess Servicing Fee Right a
violation of Section 5 of the Securities Act or any state securities laws, or would require registration or qualification of
the Excess Servicing Fee Right pursuant to the Securities Act or any state securities laws.

 

    	Exhibit P-1-1

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit P-1-2

    	 

    

 

EXHIBIT
P-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

Wells Fargo Bank, National Association,

as Servicer

Commercial Mortgage Servicing, MAC D1086

550 South Tryon Street, 14th
Street

Charlotte, North Carolina 28202

Attention: 225 Liberty Street Trust 2016-225L
Asset Manager

 

		Re:	225 Liberty Street Trust 2016-225L,

Commercial Mortgage Pass-Through Certificates, Series 2016-225L

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank,
National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, and Citibank, N.A., as Certificate Administrator. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Trust and Servicing Agreement. The Transferee hereby certifies, represents and warrants
to you, as the Depositor and the Servicer, that:

 

1.          The Transferee is
acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its own account
for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part,
in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable
state securities laws.

 

2.          The Transferee understands
that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified
under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate
Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not
be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any
applicable state

 

    	Exhibit P-2-1

    	 

    

 

securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification
and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit
P-1 to the Trust and Servicing Agreement, and (B) each of Wells Fargo Bank, National Association and the Depositor has received
a certificate from the prospective transferee substantially in the form attached as Exhibit P-2 to the Trust and Servicing Agreement.

 

3.          The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.17 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any Person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.          The Transferee has
been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c)
the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the
Mortgage Loans, and (e) all related matters that it has requested.

 

6.          The Transferee is
(a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited
investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which
all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

    	Exhibit P-2-2

    	 

    

 

7.          The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives (collectively, “Representatives”) not to disclose such information, in any manner whatsoever,
in whole or in part, to any other Person other than the Transferee’s auditors, legal counsel and regulators, except to the
extent such disclosure is required by law, court order or other legal requirement or to the extent such information is of public
knowledge at the time of disclosure by such Person or has become generally available to the public other than as a result of disclosure
by such Person; provided, however, that the Transferee or any of its Representatives may provide all or any part of such information
to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only if, such other Person (x)
confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential, not to use or
disclose such information in any manner which could result in a violation of any provision of the Securities Act or would require
registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to disclose such information,
and to cause its officers, directors, partners, employees, agents or representatives not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than such other Person’s auditors, legal counsel and regulators.

 

8.          The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing Agreement except as set
forth in Section 3.17 of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the extent
provided in the Pooling and Servicing Agreement.

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit P-2-3

    	 

    

 

EXhibit
Q

 

LOAN SELLER SUB-SERVICERS

 

None

 

    	Exhibit Q-1

    	 

    

 

EXHIBIT
R

 

ADDITIONAL FORM 10-D DISCLOSURE

For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the parties identified in the “Party Responsible” column (with each Servicing Function
Participant deemed to be responsible for the following items for which the party that retained such Servicing Function Participant
is responsible) are obligated pursuant to Section 13.4 of the Trust and Servicing Agreement to disclose to each Other Exchange
Act Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, and each Other
Depositor any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column
to the extent such party has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent
rolls required to be provided in connection with Item 6 below, possession) (in each case, after complying with its affirmative
obligations, if any, under the Trust and Servicing Agreement to obtain such information) of such information (other than information
as to such party itself which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Custodian,
the Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Offering Circular and the offering materials
with respect to any related Other Securitization Trust (other than information with respect to itself that is set forth in or omitted
from such offering materials or the Offering Circular), in the absence of specific written notice to the contrary from the applicable
Other Depositor or Loan Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the offering materials with respect to any related Other Securitization Trust. For any
related Other Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Custodian, the Servicer
and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the offering materials with respect to the related Other Securitization Trust.

 

	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance Information

         

        Any information required by Item 1121 of Regulation
        AB which is NOT included on the Distribution Date Statement
	
        Certificate
        Administrator

        Servicer (only with respect to Item 1121(a)(12) of Regulation
        AB and only if no Special Servicing Loan Event has occurred and is continuing)

        Special Servicer (only with respect to Item 1121(a)(12)
        of Regulation AB and only if a Special Servicing Loan Event has occurred and is continuing)

 

    	Exhibit R-1

    	 

    

 

	Item on Form 10-D	Party Responsible 
	
        Item 2: Legal Proceedings

         

        per Item 1117 of Regulation AB
	(i) The Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer(as to themselves), (ii) any other Reporting Servicer (as to itself), and (iii) the Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer and the Special Servicer, to be reported by the party controlling such litigation) 
	Item 6: Significant Obligors of Pool Assets	
        Servicer (excluding information for which the
Special Servicer is the “Party Responsible”) Special Servicer (as to Foreclosed Properties)

	Item 8: Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 9: Exhibits	Certificate
    Administrator

 

    	Exhibit R-2

    	 

    

 

EXHIBIT
S

ADDITIONAL FORM 10-K DISCLOSURE

For so long as any Other Securitization Trust
is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
13.5 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party to which such Additional
Form 10-K Disclosure is relevant for Exchange Act reporting purposes, and each Other Depositor
any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent
such party has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent rolls required
to be provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation AB, possession)
(in each case, after complying with its affirmative obligations, if any, under the Trust and Servicing Agreement to obtain such
information) of such information (other than information as to such party itself which such party is obligated to provide). Each
of the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special Servicer shall be entitled to rely
on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust
(other than information with respect to itself that is set forth in or omitted from
such offering materials or the Offering Circular), in the absence of specific written notice to the contrary from the applicable
Other Depositor or Loan Sellers. Each of the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the offering materials with
respect to any related Other Securitization Trust. For any related Other Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Custodian, the Servicer and the Special Servicer (in its capacity as such) shall be entitled to
assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or
1115 of Regulation AB other than a party identified as such in the offering materials with respect to the related Other Securitization
Trust.

 

	Item on Form 10-K	Party Responsible 
	Item 9B: Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15: Exhibits, Financial Statement Schedules	
        Certificate Administrator

         

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB
	(i) the Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer, in each case as to the Trust (in the 

 

    		Exhibit S-1	

    	 

    

 

	Item on Form 10-K	Party Responsible 
	 	case of the Servicer and the Special Servicer, to be reported by the party controlling such litigation)
	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB
	
        The Trustee, the Certificate Administrator, the Custodian,
        the Servicer and the Special Servicer (as to themselves) (in the case of the Servicer, only as to 1119(a) affiliations with “significant
        obligors” identified in the related Other Pooling and Servicing Agreement, the Trustee, the Certificate Administrator, the
        Custodian, the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to
        1119(a) affiliations with “significant obligors” identified in the related Other Pooling and Servicing Agreement, the
        Trustee, the Certificate Administrator, the Custodian, the

        Servicer or a sub-servicer described in 1108(a)(3))

	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation AB
	
        Servicer (excluding information for which the
Special Servicer is the “Party Responsible”) Special Servicer (as to Foreclosed Property)

    		Exhibit S-2	

    	 

    

 

EXHIBIT
T

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

**SEND VIA FAX TO [           ] AND VIA EMAIL TO [
          ] AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

[OTHER EXCHANGE ACT REPORTING PARTY]

 

[OTHER DEPOSITOR]

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

RE:   **Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

In accordance with Section
[ ] of the Trust and Servicing Agreement, dated as of February 6, 2016 (the “Trust and Servicing Agreement”),
by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer,
Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A.,
as Certificate Administrator, the undersigned, as [          ], hereby notifies you that certain events have come to our attention that
[will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

List of any Attachments hereto to
be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 Any inquiries related
to this notification should be directed to [                ], phone number: [      ]; email address: [           ].

 

	 	 	[NAME
    OF PARTY],
	 	 	as [role]
	By:	 	 	 
	Name:	 	 

 

    		Exhibit T-1	

    	 

    

 

EXHIBIT
U

FORM 8-K DISCLOSURE INFORMATION

 

For so long as
any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 13.6 of the Trust
and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and each Other Depositor to which such Form 8-K
Disclosure Information is relevant for Exchange Act reporting purposes, the occurrence of any event described in the corresponding
Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge (after complying
with its affirmative obligations, if any, under the Trust and Servicing Agreement to obtain such information) of such information
(other than information as to such party itself which such party is obligated to provide). Each of the Certificate Administrator,
the Trustee, the Custodian, the Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Offering Circular
and the offering materials with respect to any related Other Securitization Trust (other than information with respect to itself
that is set forth in or omitted from such offering materials or the Offering Circular), in the absence of specific written notice
to the contrary from the applicable Other Depositor or Loan Sellers. Each of the Certificate Administrator, the Trustee, the Custodian,
the Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the offering materials with respect to any related Other Securitization
Trust. For any related Other Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Custodian,
the Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit
enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party
identified as such in the offering materials with respect to the related Other Securitization Trust.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement	Servicer, Special Servicer, Custodian and the Trustee (in the case of the Servicer, Special Servicer, Custodian and the Trustee, only as to agreements it is a party to or entered into on behalf of the Trust)

Certificate Administrator

(other than as to agreements to which the Depositor (and no other party to the Trust and Servicing Agreement) is a party) 

 and Servicing Agreement) is a party)
	Item 1.02- Termination of a Material Definitive Agreement	
        Servicer, Special Servicer, Custodian and the Trustee
        (in the case of the Servicer, Special Servicer, Custodian and the Trustee, only as to agreements it is a party to or entered into 

        

 

    		Exhibit U-1	

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 	on behalf of the Trust)

Certificate Administrator

        (other than as to agreements to which the Depositor (and no other party to the Trust and Servicing Agreement) is a party)
	Item 1.03- Bankruptcy or Receivership	The Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer (each as to itself)
	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	Certificate Administrator
	Item 3.03- Material Modification to Rights of Security Holders	Certificate Administrator
	Item 6.02- Change of Servicer, Special Servicer or Trustee	
        Servicer (as to itself or a servicer retained by it)

        Special Servicer (as to itself or a servicer retained
        by it)

        Trustee

        Certificate Administrator

        Custodian

	Item 6.04- Failure to Make a Required Distribution	Certificate Administrator

 

    		Exhibit U-2	

    	 

    

 

EXHIBIT V-1

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

		Re:	[NAME OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Trust and Servicing Agreement dated as of February 6,
2016 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator (the “Certificate Administrator”)	

I, [identifying the certifying
individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION] [OTHER
DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification
in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion Loan[s] evidenced
by the Companion Loan Notes identified as Promissory Note[s] [A-1D] [A-1E] [and A-1F] (capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

1.           Based on my knowledge,
the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor and the applicable
Other Exchange Act Reporting Party by the Certificate Administrator covering the fiscal year 20__ (the “Relevant Period”),
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the Relevant
Period.

2.           Based on my knowledge,
the information required to be provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
by the Certificate Administrator under the Trust and Servicing Agreement for inclusion in the Exchange Act reports with respect
to the Trust to be filed by the applicable Other Exchange Act Reporting Party is included in the reports delivered by the Certificate
Administrator to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party.

3.           I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Certificate Administrator under the Trust and
Servicing Agreement and based upon my knowledge the Certificate Administrator has, except as described in any information provided
to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party by the Certificate Administrator covering
the fiscal year 20[__], fulfilled its obligations under the Trust and Servicing Agreement in all material respects in the year
to which such review applies; and

    		Exhibit V-1-1	

    	 

    

4.           The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria required to be delivered by the Custodian in accordance with Section 13.8 and Section 13.9 of the Trust
and Servicing Agreement have been provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
and such reports disclose all material instances of noncompliance with the Applicable Servicing Criteria.

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

 

[                        ]

	By:	 	 

 

    		Exhibit V-1-2	

    	 

    

 

EXHIBIT
V-2

FORM OF CERTIFICATION TO
BE PROVIDED BY THE SERVICER

		Re:	[NAME OF OTHER SECURITIZATION TRUST] (The “Trust”)

 

		Re:	225 Liberty Street Trust 2016-225L (the “225
Liberty Street Trust”), Commercial Mortgage Pass-Through Certificates, Series 2016-225L, issued pursuant to Trust and
Servicing Agreement dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator
(the “Certificate Administrator”).	

I, [identify the certifying
individual], a [title] of [SERVICER], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION] [OTHER DEPOSITOR] and their
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering
the certification required by the Other Pooling and Servicing Agreement relating to the Companion Loan[s] (the “Subject Companion
Loan”) evidenced by the Companion Loan Notes identified as Promissory Note[s] [A-1D] [A-1E] [and A-1F] (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating
to the Subject Companion Loan delivered by the Servicer to the master servicer and/or special servicer with respect to the Trust
covering the fiscal year 20__;

		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Servicer), the servicing information in these reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by these servicing reports;

		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Servicer), the servicing information required to be provided in these servicing reports to the master servicer and/or special
servicer with respect to the Trust by the Servicer under the Trust and Servicing Agreement is included in the servicing reports
delivered by the Servicer to the master servicer and/or special servicer with respect to the Trust;

 

    		Exhibit V-2-1	

    	 

    
 

		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Servicer under the Trust and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing
the servicer compliance statement required under Section 13.7 of the Trust and Servicing Agreement with respect to the Servicer,
and except as disclosed in such compliance statement delivered by the Servicer under Section 13.7 of the Trust and Servicing Agreement,
the Servicer has fulfilled its obligations under the Trust and Servicing Agreement in all material respects in the year to which
such review applies; and

		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 13.8 and Section 13.9 of the Trust and Servicing Agreement discloses all material instances of noncompliance
with the Applicable Servicing Criteria.

 

Further,
notwithstanding the foregoing certifications, the Servicer does not make any certification under the foregoing clauses (1) through
(5) that is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement
that the Servicer entered into in connection with the Mortgage Loan, or upon the performance by any such sub-servicer of its obligations
pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually provided by such
sub-servicer to the Servicer with respect to the information that is subject of such certification.

In
giving the certification above, I have reasonably relied on and make no certification as to information provided to me by the following
unaffiliated parties: [name(s) of servicer, sub-servicer or co-servicer not retained by the servicer giving certification] and,
notwithstanding the foregoing certifications, neither I nor Servicer makes any certification under the foregoing clauses (2) and
(3) with respect to the information in the servicer reports that is in turn dependent upon information provided by the Special
Servicer under the Trust and Servicing Agreement.

 

	Date:	 	 

 

[                          ]

 

	By:	 	 
	[Name]	 

  

    		Exhibit V-2-2	

    	 

    

 

EXHIBIT
V-3

FORM OF CERTIFICATION TO
BE PROVIDED

BY THE SPECIAL SERVICER

		Re:	[NAME OF OTHER SECURITIZATION TRUST] (the “Trust”)

		Re:	225 Liberty Street Trust 2016-225L (the “225 Liberty Street Trust”),
Commercial Mortgage Pass-Through Certificates, Series 2016-225L, issued pursuant to Trust and Servicing Agreement dated as of February
6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator.

I, [identify the certifying
individual], a [title] of [SPECIAL SERVICER], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION] [OTHER DEPOSITOR]
and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in
delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion Loan[s] (the “Subject
Companion Loan”) evidenced by the Companion Loan Notes identified as Promissory Note[s] [A-1D] [A-1E] [and A-1F] (capitalized
terms used herein without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

1.     Based on my knowledge,
the servicing information in the servicing reports or information relating to the Subject Companion Loan delivered by the Special
Servicer to the master servicer and/or special servicer with respect to the Trust covering the fiscal year 20__, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these
servicing reports;

2.     Based on my knowledge,
the servicing information required to be provided to the master servicer and/or special servicer with respect to the Trust by the
Special Servicer under the Trust and Servicing Agreement for inclusion in the reports to be filed by the Other Exchange Act Reporting
Party is included in the servicing reports delivered by the Special Servicer to the master servicer and/or special servicer with
respect to the Trust ;

3.     I am, or an employee
under my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Trust and Servicing
Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required
under Section 13.7 of the Trust and Servicing Agreement with respect to the Special Servicer, and except as disclosed in such compliance
statement delivered by the Special Servicer under Section 13.7 of the Trust and Servicing Agreement, the Special Servicer has fulfilled
its obligations under the Trust and Servicing Agreement in all material respects in the year to which such review applies; and

    	Exhibit V-2-1

    	 

    

4.     The
report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section 13.8 and
Section 13.9 of the Trust and Servicing Agreement discloses all material instances of noncompliance with the Applicable Servicing
Criteria.

	Date:	 	 

[                           
]

 

	By:	 	 
	[Name]
 [Title]	 

 

    	Exhibit V-2-2

    	 

    

 

EXHIBIT V-4

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CUSTODIAN

		Re:	[NAME OF OTHER SECURITIZATION TRUST] (the “Trust”)

		Re:	Trust and Servicing Agreement dated as of February 6,
2016 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as
Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, and Citibank, N.A., as Certificate Administrator (the “Certificate Administrator”)

I, [identify the certifying
individual], a [title] of [CUSTODIAN], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION] [OTHER DEPOSITOR] and their
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering
the certification required by the Other Pooling and Servicing Agreement relating to the Companion Loan[s] evidenced by the Companion
Loan Notes identified as Promissory Note[s] [A-1D] [A-1E] [and A-1F] (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Trust and Servicing Agreement), that:

1.     Based on my knowledge,
the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor and the applicable
Other Exchange Act Reporting Party by the Custodian covering the fiscal year 20__ (the “Relevant Period”), taken as
a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the Relevant Period.

2.     Based on my knowledge,
the information required to be provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
by the Custodian under the Trust and Servicing Agreement for inclusion in the Exchange Act reports with respect to the Trust to
be filed by the applicable Other Exchange Act Reporting Party is included in the reports delivered by the Custodian to the applicable
Other Depositor and the applicable Other Exchange Act Reporting Party.

3.     I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Custodian under the Trust and Servicing Agreement
and based upon my knowledge the Custodian has, except as described in any information provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Custodian covering the fiscal year 20[__], fulfilled its obligations
under the Trust and Servicing Agreement in all material respects in the year to which such review applies; and

4.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing

    	Exhibit V-4-1

    	 

    

 criteria required to be delivered by the Custodian in accordance with Section 13.8 and Section 13.9 of the Trust
and Servicing Agreement have been provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
and such reports disclose all material instances of noncompliance with the Applicable Servicing Criteria.

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

[                           
]

	 By:		 

 

 

    	Exhibit V-4-2

    	 

    

 

EXHIBIT V-5

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE TRUSTEE

		Re:	[NAME OF OTHER SECURITIZATION TRUST] (the “Trust”)

		Re:	225 Liberty Street Trust 2016-225L (the “225
Liberty Street Trust”), Commercial Mortgage Pass-Through Certificates, Series 2016-225L, issued pursuant to Trust and
Servicing Agreement dated as of February 6, 2016 (the “Trust and Servicing Agreement”), by and among Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer, Trimont Real Estate Advisors,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee (the “Trustee”), and Citibank, N.A.,
as Certificate Administrator.

I, [identify the certifying
individual], a [title] of [TRUSTEE], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION] [OTHER DEPOSITOR] and their
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering
the certification required by the Other Pooling and Servicing Agreement relating to the Companion Loan[s] evidenced by the Companion
Loan Notes identified as Promissory Note[s] [A-1D] [A-1E] [and A-1F] (capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Trust and Servicing Agreement), that:

1.     Based on my knowledge,
the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor and the applicable
Other Exchange Act Reporting Party by the Trustee covering the fiscal year 20__ (the “Relevant Period”), taken as a
whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the Relevant Period.

1.     Based on my knowledge,
the information required to be provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
by the Trustee under the Trust and Servicing Agreement for inclusion in the Exchange Act reports with respect to the Trust to be
filed by the applicable Other Exchange Act Reporting Party is included in the reports delivered by the Trustee to the applicable
Other Depositor and the applicable Other Exchange Act Reporting Party.

2.     I am, or an officer
under my supervision is, responsible for reviewing the activities performed by the Trustee under the Trust and Servicing Agreement
and based upon my knowledge the Trustee has, except as described in any information provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Trustee covering the fiscal year 20[__], fulfilled its obligations
under the Trust and Servicing Agreement in all material respects in the year to which such review applies; and

    	Exhibit V-5-1

    	 

    

3.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria required to be delivered by the Trustee in accordance with Section 13.8 and Section 13.9 of the Trust and
Servicing Agreement have been provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
and such reports disclose all material instances of noncompliance with the Applicable Servicing Criteria.

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

[                           
]

	 By:		 

    	Exhibit V-5-2Exhibit 4.5

 

 

Execution Version 

 

	 

  

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.,

as Depositor

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Master Servicer

 

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

as Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee,

 

and

 

Pentalpha
Surveillance LLC,

as Operating Advisor and as Asset Representations Reviewer,

  

POOLING
AND SERVICING AGREEMENT

 

Dated
as of

 

December
1, 2015

 

JPMCC
Commercial Mortgage Securities Trust 2015-JP1

Commercial Mortgage Pass-Through Certificates

 

Series
2015-JP1

 

	 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

	 	 	 
	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 
	Section 1.01	Defined Terms	5
	Section 1.02	Certain Calculations	111
	 	 	 
	ARTICLE II
	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 
	Section 2.01	Conveyance of Mortgage Loans	113
	Section 2.02	Acceptance by Trustee	118
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects
in Mortgage Files and Breaches of Representations and Warranties	124
	Section 2.04	Execution of Certificates; Issuance of Lower-Tier Regular Interests	138
	Section 2.05	Creation of the Grantor Trust	138
	 	 	 
	ARTICLE III
	 	 	 
	ADMINISTRATION AND
	SERVICING OF THE TRUST FUND
	 
	Section 3.01	The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the
    Mortgage Loans, the Serviced Companion Loans and REO Properties	139
	Section 3.02	Collection of Mortgage Loan Payments	146
	Section 3.03	Collection of Taxes, Assessments and Similar Items; Servicing Accounts	151
	Section 3.04	The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the
    Companion Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Gain-on-Sale Reserve Account	155
	Section 3.05	Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account	162
	Section 3.06	Investment of Funds in the Collection Account and the REO Account	172
	Section 3.07	Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage	174
	Section 3.08	Enforcement of Due-on-Sale Clauses; Assumption Agreements	180

 

    	-i-

    	 

    

 

	 	 	 
	Section 3.09	Realization Upon Defaulted Loans and Companion Loans	185
	Section 3.10	Trustee and Custodian to Cooperate; Release of Mortgage Files	189
	Section 3.11	Servicing Compensation	190
	Section 3.12	Inspections; Collection of Financial Statements	196
	Section 3.13	Access to Certain Information	201
	Section 3.14	Title to REO Property; REO Account	213
	Section 3.15	Management of REO Property	214
	Section 3.16	Sale of Defaulted Loans and REO Properties	217
	Section 3.17	Additional Obligations of Master Servicer and Special Servicer	223
	Section 3.18	Modifications, Waivers, Amendments and Consents	225
	Section 3.19	Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report	236
	Section 3.20	Sub-Servicing Agreements	242
	Section 3.21	Interest Reserve Account	245
	Section 3.22	Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer	246
	Section 3.23	Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder	246
	Section 3.24	Intercreditor Agreements	250
	Section 3.25	Rating Agency Confirmation	252
	Section 3.26	The Operating Advisor	254
	Section 3.27	Companion Paying Agent	261
	Section 3.28	Companion Register	261
	Section 3.29	Certain Matters Relating to the Non-Serviced Mortgage Loans	262
	Section 3.30	[Reserved]	263
	Section 3.31	[Reserved]	263
	Section 3.32	[Reserved]	263
	Section 3.33	Delivery of Excluded Information to the Certificate Administrator	263
	 	 	 
	ARTICLE IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 
	Section 4.01	Distributions	264
	Section 4.02	Distribution Date Statements; CREFC® Investor Reporting Packages;	 
	 	Grant of Power of Attorney	274
	Section 4.03	P&I Advances	280
	Section 4.04	Allocation of Realized Losses	283
	Section 4.05	Appraisal Reduction Amounts	284
	Section 4.06	Grantor Trust Reporting	287
	Section 4.07	Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool	288
	Section 4.08	Secure Data Room	291

 

    	-ii-

    	 

    

 

	 	 	 
	ARTICLE V
	 	 	 
	THE CERTIFICATES
	 
	Section 5.01	The Certificates	292
	Section 5.02	Form and Registration	293
	Section 5.03	Registration of Transfer and Exchange of Certificates	295
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	302
	Section 5.05	Persons Deemed Owners	303
	Section 5.06	Access to List of Certificateholders’ Names and Addresses; Special Notices	303
	Section 5.07	Maintenance of Office or Agency	304
	Section 5.08	Appointment of Certificate Administrator	304
	Section 5.09	[Reserved]	305
	Section 5.10	Voting Procedures	305
	 	 	 
	ARTICLE VI
	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE
	DIRECTING CERTIFICATEHOLDER
	 
	Section 6.01	Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset
    Representations Reviewer	306
	Section 6.02	Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer	312
	Section 6.03	Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or
    the Asset Representations Reviewer	312
	Section 6.04	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
    Representations Reviewer and Others	314
	Section 6.05	Depositor, Master Servicer and Special Servicer Not to Resign 	319
	Section 6.06	Rights of the Depositor in Respect of the Master Servicer and the Special Servicer	319
	Section 6.07	The Master Servicer and the Special Servicer as Certificate Owner	320
	Section 6.08	The Directing Certificateholder	320
	 	 	 
	ARTICLE VII
	 	 	 
	SERVICER TERMINATION EVENTS
	 
	Section 7.01	Servicer Termination Events; Master Servicer and Special Servicer Termination	325
	Section 7.02	Trustee to Act; Appointment of Successor	333

    	-iii-

    	 

    

 

	 	 	 
	Section 7.03	Notification to Certificateholders	335
	Section 7.04	Waiver of Servicer Termination Events	335
	Section 7.05	Trustee as Maker of Advances	336
	 	 	 
	ARTICLE VIII
	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	336
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	338
	Section 8.03	Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans	340
	Section 8.04	Trustee or Certificate Administrator May Own Certificates	340
	Section 8.05	Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator	340
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	342
	Section 8.07	Resignation and Removal of the Trustee and Certificate Administrator	343
	Section 8.08	Successor Trustee or Certificate Administrator	345
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	346
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	346
	Section 8.11	Appointment of Custodians	347
	Section 8.12	Representations and Warranties of the Trustee	348
	Section 8.13	Provision of Information to Certificate Administrator, Master Servicer and Special Servicer	349
	Section 8.14	Representations and Warranties of the Certificate Administrator	349
	Section 8.15	Compliance with the PATRIOT Act	350
	 	 	 
	ARTICLE IX
	 	 	 
	TERMINATION
	 
	Section 9.01	Termination upon Repurchase or Liquidation of All Mortgage Loans	351
	Section 9.02	Additional Termination Requirements	354
	 	 	 
	ARTICLE X
	 	 	 
	ADDITIONAL REMIC PROVISIONS
	 
	Section 10.01	REMIC Administration	355
	Section 10.02	Use of Agents	359
	Section 10.03	Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator	359
	Section 10.04	Appointment of REMIC Administrators	359

 

    	-iv-

    	 

    

	 	 	 
	ARTICLE XI
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.01	Intent of the Parties; Reasonableness	360
	Section 11.02	Succession; Subcontractors	361
	Section 11.03	Filing Obligations	363
	Section 11.04	Form 10-D Filings	364
	Section 11.05	Form 10-K Filings	367
	Section 11.06	Sarbanes-Oxley Certification	369
	Section 11.07	Form 8-K Filings	371
	Section 11.08	Form 15 Filing	373
	Section 11.09	Annual Compliance Statements	373
	Section 11.10	Annual Reports on Assessment of Compliance with Servicing Criteria	374
	Section 11.11	Annual Independent Public Accountants’ Attestation Report	376
	Section 11.12	Indemnification	378
	Section 11.13	Amendments	380
	Section 11.14	Regulation AB Notices	380
	Section 11.15	Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	381
	Section 11.16	Certain Matters Regarding Significant Obligors	385
	Section 11.17	Impact of Cure Period	386
	 	 	 
	ARTICLE XII
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 
	Section 12.01	Asset Review	387
	Section 12.02	Payment of Asset Representations Reviewer Fees and Expenses;
    Limitation of Liability	392
	Section 12.03	Resignation of the Asset Representations Reviewer	393
	Section 12.04	Restrictions of the Asset Representations Reviewer	393
	Section 12.05	Termination of the Asset Representations Reviewer	393
	 	 	 
	ARTICLE XIII
	 	 	 
	MISCELLANEOUS PROVISIONS
	 
	Section 13.01	Amendment	396
	Section 13.02	Recordation of Agreement; Counterparts	401
	Section 13.03	Limitation on Rights of Certificateholders	401
	Section 13.04	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	402
	Section 13.05	Notices	403
	Section 13.06	Severability of Provisions	408
	Section 13.07	Grant of a Security Interest	408
	Section 13.08	Successors and Assigns; Third Party Beneficiaries	408

 

    	-v-

    	 

    

 

	Section 13.09	Article and Section Headings	409
	Section 13.10	Notices to the Rating Agencies	409

 

    	-vi-

    	 

    

 

	 	 	 
	EXHIBITS	 	 	 
	 	 	 
	Exhibit A-1	 	Form of Class A-1 Certificate
	Exhibit A-2	 	Form of Class A-2 Certificate
	Exhibit A-3	 	Form of Class A-3 Certificate
	Exhibit A-4	 	Form of Class A-4 Certificate
	Exhibit A-5	 	Form of Class A-5 Certificate
	Exhibit A-6	 	Form of Class A-SB Certificate
	Exhibit A-7	 	Form of Class X-A Certificate
	Exhibit A-8	 	Form of Class X-B Certificate
	Exhibit A-9	 	Form of Class X-C Certificate
	Exhibit A-10	 	Form of Class X-D Certificate
	Exhibit A-11	 	Form of Class X-E Certificate
	Exhibit A-12	 	Form of Class A-S Certificate
	Exhibit A-13	 	Form of Class B Certificate
	Exhibit A-14	 	Form of Class C Certificate
	Exhibit A-15	 	Form of Class D Certificate
	Exhibit A-16	 	Form of Class E Certificate
	Exhibit A-17	 	Form of Class F Certificate
	Exhibit A-18	 	Form of Class G Certificate
	Exhibit A-19	 	Form of Class NR Certificate
	Exhibit A-20	 	Form of Class R Certificate
	Exhibit B	 	Mortgage Loan Schedule
	Exhibit C	 	Form of Investment Representation Letter
	Exhibit D-1	 	Form of Transferee Affidavit
	Exhibit D-2	 	Form of Transferor Letter
	Exhibit E	 	Form of Request for Release
	Exhibit F-1	 	Form of ERISA Representation Letter regarding ERISA Restricted Certificates
	Exhibit F-2	 	Form of ERISA Representation Letter regarding Class R Certificates
	Exhibit G	 	Form of Distribution Date Statement
	Exhibit H	 	Form of Omnibus Assignment
	Exhibit I	 	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate during Restricted Period
	Exhibit J	 	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	Exhibit K	 	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate during Restricted Period
	Exhibit L	 	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	Exhibit M	 	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Book-Entry Certificate
	Exhibit N	 	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Book-Entry Certificate
	Exhibit O	 	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Book-Entry Certificate

 

    	-vii-

    	 

    

 

	 	 
	Exhibit P-1A	Form of Investor Certification for Non-Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	Exhibit P-1B	Form of Investor Certification for Non-Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	Exhibit P-1C	Form of Investor Certification for Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	Exhibit P-1D	Form of Investor Certification for Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	Exhibit P-1E	Form of Notice of Excluded Controlling Class Holder
	Exhibit P-1F	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit P-1G	Form of Certification of Directing Certificateholder
	Exhibit P-2	Form of Certification for NRSROs
	Exhibit P-3	Online Market Data Provider Certification
	Exhibit Q	Custodian Certification/Exception Report
	Exhibit R-1	Form of Power of Attorney – Master Servicer
	Exhibit R-2	Form of Power of Attorney – Special Servicer
	Exhibit S	Initial Companion Holders
	Exhibit T	Form of Notice Relating to the Non-Serviced Mortgage Loans
	Exhibit U	Form of Notice and Certification Regarding Defeasance of Mortgage Loan
	Exhibit V	Form of Operating Advisor Annual Report
	Exhibit W	Form of Notice from Operating Advisor Recommending Replacement of Special Servicer
	Exhibit X	Form of Confidentiality Agreement
	Exhibit Y	Form Certification to be Provided with Form 10-K
	Exhibit Z-1	Form of Certification to be Provided to Depositor by Certificate Administrator
	Exhibit Z-2	Form of Certification to be Provided to Depositor by Master Servicer
	Exhibit Z-3	Form of Certification to be Provided to Depositor by Special Servicer
	Exhibit Z-4	Form of Certification to be Provided to Depositor by Trustee
	Exhibit Z-5	Form of Certification to be Provided to Depositor by Operating Advisor
	Exhibit Z-6	Form of Certification to be Provided to Depositor by Custodian
	Exhibit Z-7	Form of Certification to be Provided to Depositor by Asset Representations Reviewer
	Exhibit AA	Servicing Criteria to be Addressed in Assessment of Compliance
	Exhibit BB	Additional Form 10-D Disclosure
	Exhibit CC	Additional Form 10-K Disclosure
	Exhibit DD	Form 8-K Disclosure Information
	Exhibit EE	Additional Disclosure Notification
	Exhibit FF	Initial Sub-Servicers
	Exhibit GG	Servicing Function Participants
	Exhibit HH	Form of Annual Compliance Statement
	Exhibit II	Form of Report on Assessment of Compliance with Servicing Criteria
	Exhibit JJ	CREFC® Payment Information

 

    	-viii-

    	 

    

 

	 	 
	Exhibit KK	Form of Notice of Additional Indebtedness Notification
	Exhibit LL	[Reserved]
	Exhibit MM	Additional Disclosure Notification (Accounts)
	Exhibit NN	Form of Notice of Purchase of Controlling Class Certificate
	Exhibit OO	Form of Asset Review Report
	Exhibit PP	Form of Asset Review Report Summary
	Exhibit QQ	Asset Review Procedures
	Exhibit RR	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit SS	Form of Notice of [Additional Delinquent Loan][Cessation of Delinquent Loan][Cessation of Asset Review Trigger]
	 	 
	SCHEDULES	 
	 	 
	Schedule 1	Mortgage Loans With Additional Debt
	Schedule 2	Class A-SB Planned Principal Balance Schedule
	Schedule 3	Mortgage Loans With “Performance”, “Earn-Out” or “Holdback” Escrows
	 	or Reserves exceeding 10% of the Initial Principal Balance

 

    	-ix-

    	 

    

 

This
Pooling and Servicing Agreement is dated and effective as of December 1, 2015, among J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank,
National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

The
Depositor intends to sell commercial mortgage pass-through certificates (collectively, the “Certificates”),
to be issued hereunder in multiple classes (each, a “Class”), which in the aggregate will evidence the entire
beneficial ownership interest in the Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage
loans. As provided herein, the Certificate Administrator shall elect or shall cause an election to be made to treat designated
portions of the Trust (exclusive of the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account)
for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC”
and the “Lower-Tier REMIC”, and each a “Trust REMIC” as described herein).

 

In
addition, the parties intend that the portion of the Trust Fund consisting of the Class NR Specific Grantor Trust Assets
shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax
purposes (the “Grantor Trust”). Solely for tax purposes, the Class NR Certificates shall represent undivided
beneficial interests in the Grantor Trust. As provided herein, the Certificate Administrator shall take all actions expressly
required hereunder to ensure that the portion of the Trust Fund consisting of the Grantor Trust maintains its status as a grantor
trust under federal income tax law and not be treated as part of any Trust REMIC.

 

The
Depositor intends to sell the Certificates to the Underwriters and the Initial Purchasers.

 

LOWER-TIER
REMIC

 

The
Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LA3,
Class LA4, Class LA5, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LNR Uncertificated
Interests (the “Lower-Tier Regular Interests”), which will evidence a “regular interest” in the
Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the
sole Class of “residual interest” in the Lower-Tier REMIC and is represented by the Class R Certificates.

 

    	-1-

    	 

    

  

The
following table sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier
Regular Interests and the Class LR Interest:

 

	Class
                                         Designation 
	 	Interest
                                         Rate

        
	 	Original
                                         Lower-Tier
 Principal
                                         Amount 

	Class
    LA1	 	(1)	 	$     26,534,000	 
	Class
    LA2	 	(1)	 	$   138,016,000	 
	Class
    LA3	 	(1)	 	$     34,912,000	 
	Class
    LA4	 	(1)	 	$   120,000,000	 
	Class
    LA5	 	(1)	 	$   196,971,000	 
	Class
    LASB	 	(1)	 	$     43,021,000	 
	Class
    LAS	 	(1)	 	$     30,969,000	 
	Class
    LB	 	(1)	 	$     40,960,000	 
	Class
    LC	 	(1)	 	$     45,955,000	 
	Class
    LD	 	(1)	 	$     27,973,000	 
	Class
    LE	 	(1)	 	$     21,979,000	 
	Class
    LF	 	(1)	 	$     17,982,000	 
	Class
    LG	 	(1)	 	$       9,990,000	 
	Class
    LNR	 	(1)	 	$     43,957,440	 
	Class
    LR	 	None(2)	 	None	 

 

 

		(1)	The
                                         interest rate for each Class of Lower-Tier Regular Interests on any Distribution Date
                                         will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

		(2)	The
                                         Class LR Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Prepayment Premiums or Yield Maintenance Charges. Any Available Funds remaining in
                                         the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution
                                         Amount will be deemed distributed to the Class LR Interest and shall be payable
                                         to the Holders of the Class R Certificates.

 

UPPER-TIER
REMIC

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-SB, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class A-S, Class B, Class C, Class D, Class E, Class F,
Class G and Class NR Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor
Trust, each of which represents a “regular interest” in the Upper-Tier REMIC created hereunder. The Upper-Tier REMIC
also will issue the uncertificated Class UR Interest, which is the sole Class of “residual interest” in the Upper-Tier
REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

 

THE
GRANTOR TRUST

 

The
Class NR Certificates shall represent an undivided beneficial interest in the Grantor Trust, which consists of the Class
NR Specific Grantor Trust Assets. As provided herein, the Certificate Administrator shall not take any actions to cause the portion
of the Trust

 

    	-2-

    	 

    

 

Fund consisting of the Grantor Trust to (i) fail to maintain its status as a “grantor trust” under
federal income tax law or (ii) to be treated as part of any Trust REMIC.

 

THE
CERTIFICATES

 

The
following table (and related paragraphs) sets forth the designation, the pass-through rate (the “Pass-Through Rate”)
and the aggregate initial principal amount (the “Original Certificate Balance”) or Notional Amount (the “Original
Notional Amount”), as applicable, for each Class of Certificates:

 

	Corresponding

                                         Certificates 
	 	Initial
                                         Pass-

                                         Through Rate

        
	 	Original
                                         Certificate Balance 

                                         or Notional Amount 

	Class
    A-1 Certificates	 	1.9490%	 	$26,534,000
	Class
    A-2 Certificates	 	3.1438%	 	$138,016,000
	Class A-3 Certificates	 	3.8029%	 	$34,912,000
	Class A-4 Certificates	 	3.6498%	 	$120,000,000
	Class
    A-5 Certificates	 	3.9140%	 	$196,971,000
	Class
    A-SB Certificates	 	3.7326%	 	$43,021,000
	Class
    X-A Certificates	 	1.3184910%(1)	 	$590,423,000(2)
	Class
    X-B Certificates	 	0.2796950%(1)	 	$40,960,000(2)
	Class
    X-C Certificates	 	0.0000%(1)(3)	 	$45,955,000(2)
	Class
    X-D Certificates	 	0.5000000%(1)	 	$27,973,000(2)
	Class
    X-E Certificates	 	0.5000000%(1)	 	$21,979,000(2)
	Class
    A-S Certificates	 	4.1187%	 	$30,969,000
	Class
    B Certificates	 	4.6217%	 	$40,960,000
	Class
    C Certificates	 	4.9013950%	 	$45,955,000
	Class
    D Certificates	 	4.4013950%	 	$27,973,000
	Class
    E Certificates	 	4.4013950%	 	$21,979,000
	Class
    F Certificates	 	4.9013950%	 	$17,982,000
	Class
    G Certificates	 	4.9013950%	 	$9,990,000
	Class
    NR Certificates	 	4.9013950%	 	$43,957,440
	Class
    R Certificates	 	None(4)	 	N/A

 

 

		(1)	The
                                         Pass-Through Rate for the Class X-A Certificates will be calculated in accordance with
                                         the definition of “Class X-A Pass-Through Rate”. The Pass-Through Rate for
                                         the Class X-B Certificates will be calculated in accordance with the definition of “Class
                                         X-B Pass-Through Rate”. The Pass-Through Rate for the Class X-C Certificates will
                                         be calculated in accordance with the definition of “Class X-C Pass-Through Rate”.
                                         The Pass-Through Rate for the Class X-D Certificates will be calculated in accordance
                                         with the definition of “Class X-D Pass-Through Rate”. The Pass-Through Rate
                                         for the Class X-E Certificates will be calculated in accordance with the definition of
                                         “Class X-E Pass-Through Rate”.

 

		(2)	None
                                         of the Class X-A, Class X-B, Class X-C, Class X-D or Class X-E Certificates will have
                                         a Certificate Balance; rather, such Classes will accrue interest as provided herein on
                                         the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-C Notional
                                         Amount, the Class X-D Notional Amount and the Class X-E Notional Amount, as applicable.

 

    	-3-

    	 

    

 

		(3)	The
                                         Class X-C Certificates will not be entitled to receive distributions of principal other
                                         than a payment of $100 on the first Distribution Date which will be deemed a payment
                                         of principal on the principal balance of the REMIC regular interest represented by the
                                         Class X-C Certificates for federal income tax purposes.

 

		(4)	The
                                         Class R Certificates will not have a Certificate Balance or a Notional Amount, and will
                                         not bear interest or be entitled to distributions of Prepayment Premiums or Yield Maintenance
                                         Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution Account,
                                         after all required distributions under this Agreement have been made to each Class of
                                         Regular Certificates will be deemed distributed to the Class UR Interest and shall
                                         be payable to the Holders of the Class R Certificates.

 

As
of the close of business on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all
payments of principal due on or before such date, whether or not received, equal to $799,219,441.

 

The
32 Avenue of the Americas Pari Passu Companion Loans, the 7700 Parmer Pari Passu Companion Loans, the Heinz 57 Center Pari Passu
Companion Loan, The 9 Pari Passu Companion Loan, the First National Building Pari Passu Companion Loan, the DoubleTree Anaheim
– Orange County Pari Passu Companion Loan and any AB Subordinate Companion Loan (each a “Companion Loan”
and collectively, the “Companion Loans”) are not part of the Trust Fund, but are each secured by the applicable
Mortgage that secures the related Mortgage Loan that is part of the Trust Fund. As and to the extent provided herein, any Companion
Loan (other than any Non-Serviced Companion Loan) will be serviced and administered in accordance with this Agreement. Amounts
attributable to any Companion Loan will not be part of the Trust Fund, and (except to the extent that such amounts are payable
or reimbursable to any party to this Agreement) will be owned by the related Companion Holders.

 

The
32 Avenue of the Americas Whole Loan consists of the 32 Avenue of the Americas Mortgage Loan and the 32 Avenue of the Americas
Pari Passu Companion Loans. The 32 Avenue of the Americas Mortgage Loan and the 32 Avenue of the Americas Pari Passu Companion
Loans are pari passu with each other. The 32 Avenue of the Americas Mortgage Loan is part of the Trust Fund. The 32 Avenue
of the Americas Pari Passu Companion Loans are not part of the Trust Fund. The 32 Avenue of the Americas Mortgage Loan and the
32 Avenue of the Americas Pari Passu Companion Loans will be serviced and administered in accordance with the JPMBB Commercial
Mortgage Securities Trust 2015-C33 Pooling and Servicing Agreement and the 32 Avenue of the Americas Intercreditor Agreement.

 

The
7700 Parmer Whole Loan consists of the 7700 Parmer Mortgage Loan and the 7700 Parmer Pari Passu Companion Loans. The 7700 Parmer
Mortgage Loan and the 7700 Parmer Pari Passu Companion Loans are pari passu with each other. The 7700 Parmer Mortgage Loan
is part of the Trust Fund. The 7700 Parmer Pari Passu Companion Loans are not part of the Trust Fund. The 7700 Parmer Mortgage
Loan and the 7700 Parmer Pari Passu Companion Loans will be serviced and administered in accordance with this Agreement and the
7700 Parmer Intercreditor Agreement.

 

The
Heinz 57 Center Whole Loan consists of the Heinz 57 Center Mortgage Loan and the Heinz 57 Center Pari Passu Companion Loan. The
Heinz 57 Center Mortgage Loan and

 

    	-4-

    	 

    

 

the Heinz 57 Center Pari Passu Companion Loan are pari passu with each other. The Heinz
57 Center Mortgage Loan is part of the Trust Fund. The Heinz 57 Center Pari Passu Companion Loan is not part of the Trust Fund.
The Heinz 57 Center Mortgage Loan and the Heinz 57 Center Pari Passu Companion Loan will be serviced and administered in accordance
with this Agreement and the Heinz 57 Center Intercreditor Agreement.

 

The
9 Whole Loan consists of The 9 Mortgage Loan and The 9 Pari Passu Companion Loan. The 9 Mortgage Loan and The 9 Pari Passu Companion
Loan are pari passu with each other. The 9 Mortgage Loan is part of the Trust Fund. The 9 Pari Passu Companion Loan is
not part of the Trust Fund. The 9 Mortgage Loan and The 9 Pari Passu Companion Loan will be serviced and administered in accordance
with this Agreement and The 9 Intercreditor Agreement.

 

The
First National Building Whole Loan consists of the First National Building Mortgage Loan and the First National Building Pari
Passu Companion Loan. The First National Building Mortgage Loan and the First National Building Pari Passu Companion Loan are
pari passu with each other. The First National Building Mortgage Loan is part of the Trust Fund. The First National Building
Pari Passu Companion Loan is not part of the Trust Fund. The First National Building Mortgage Loan and the First National Building
Pari Passu Companion Loan will be serviced and administered in accordance with the JPMBB Commercial Mortgage Securities Trust
2015-C32 Pooling and Servicing Agreement and the First National Building Intercreditor Agreement.

 

The
DoubleTree Anaheim – Orange County Whole Loan consists of the DoubleTree Anaheim – Orange County Mortgage Loan and
the DoubleTree Anaheim – Orange County Pari Passu Companion Loan. The DoubleTree Anaheim – Orange County Mortgage
Loan and the DoubleTree Anaheim – Orange County Pari Passu Companion Loan are pari passu with each other. The DoubleTree
Anaheim – Orange County Mortgage Loan is part of the Trust Fund. The DoubleTree Anaheim – Orange County Pari Passu
Companion Loan is not part of the Trust Fund. The DoubleTree Anaheim – Orange County Mortgage Loan and the DoubleTree Anaheim
– Orange County Pari Passu Companion Loan will be serviced and administered in accordance with the JPMBB Commercial Mortgage
Securities Trust 2015-C33 Pooling and Servicing Agreement and the DoubleTree Anaheim – Orange County Intercreditor Agreement.

 

In
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01     Defined
Terms. Whenever used in this Agreement, including in the Preliminary Statement, the following capitalized terms, unless the
context otherwise requires, shall have the meanings specified in this Article.

 

“10-K
Filing Deadline”: As defined in Section 11.05(a).

 

    	-5-

    	 

    

 

“15Ga-1
Notice”: As defined in Section 2.02(g).

 

“15Ga-1
Repurchase Request”: As defined in Section 2.02(g).

 

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

 

“17g-5
Information Provider’s Website”: The 17g-5 Information Provider’s Internet website, which shall initially
be located within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the “NRSRO”
tab on the page relating to this transaction.

 

“30/360
Mortgage Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule.

 

“32
Avenue of the Americas Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of November 17, 2015, by
and between the holder of the 32 Avenue of the Americas Pari Passu Companion Loans and the holder of the 32 Avenue of the Americas
Mortgage Loan, relating to the relative rights of such holders of the 32 Avenue of the Americas Whole Loan, as the same may be
further amended in accordance with the terms thereof.

 

“32
Avenue of the Americas Mortgage Loan”: With respect to the 32 Avenue of the Americas Whole Loan, the Mortgage Loan that
is included in the Trust (identified as Mortgage Loan No. 1 on the Mortgage Loan Schedule), which is designated as promissory
note A-2, and is pari passu in right of payment with the 32 Avenue of the Americas Pari Passu Companion Loans to the extent
set forth in the 32 Avenue of the Americas Intercreditor Agreement.

 

“32
Avenue of the Americas Mortgaged Property”: The Mortgaged Property that secures the 32 Avenue of the Americas Whole
Loan.

 

“32
Avenue of the Americas Pari Passu Companion Loans”: With respect to the 32 Avenue of the Americas Whole Loan, the Companion
Loans evidenced by promissory notes A-1, A-3, A-4 and A-5 made by the related Mortgagor and secured by the Mortgage on the 32
Avenue of the Americas Mortgaged Property, which are not included in the Trust and each of which are pari passu in right
of payment to the 32 Avenue of the Americas Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as
provided in the 32 Avenue of the Americas Intercreditor Agreement.

 

“32
Avenue of the Americas Whole Loan”: The 32 Avenue of the Americas Mortgage Loan, together with the 32 Avenue of the
Americas Pari Passu Companion Loans, each of which is secured by the same Mortgage on the 32 Avenue of the Americas Mortgaged
Property. References herein to the 32 Avenue of the Americas Whole Loan shall be construed to refer to the aggregate indebtedness
under the 32 Avenue of the Americas Mortgage Loan and the 32 Avenue of the Americas Pari Passu Companion Loans.

 

“7700
Parmer Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 29, 2015, by and between the
holder of the 7700 Parmer Pari Passu Companion Loans and the holder of the 7700 Parmer Mortgage Loan, relating to the relative

 

    	-6-

    	 

    

 

rights of such holders of the 7700 Parmer Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“7700
Parmer Mortgage Loan”: With respect to the 7700 Parmer Whole Loan, the Mortgage Loan that is included in the Trust (identified
as Mortgage Loan No. 2 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and is pari passu
in right of payment with the 7700 Parmer Pari Passu Companion Loans to the extent set forth in the 7700 Parmer Intercreditor Agreement.

 

“7700
Parmer Mortgaged Property”: The Mortgaged Property that secures the 7700 Parmer Whole Loan.

 

“7700
Parmer Pari Passu Companion Loans”: With respect to the 7700 Parmer Whole Loan, the Companion Loans evidenced by promissory
notes A-2 and A-3 made by the related Mortgagor and secured by the Mortgage on the 7700 Parmer Mortgaged Property, which are not
included in the Trust and each of which are pari passu in right of payment to the 7700 Parmer Mortgage Loan to the extent
set forth in the related Mortgage Loan documents and as provided in the 7700 Parmer Intercreditor Agreement.

 

“7700
Parmer Whole Loan”: The 7700 Parmer Mortgage Loan, together with the 7700 Parmer Pari Passu Companion Loans, each of
which is secured by the same Mortgage on the 7700 Parmer Mortgaged Property. References herein to the 7700 Parmer Whole Loan shall
be construed to refer to the aggregate indebtedness under the 7700 Parmer Mortgage Loan and the 7700 Parmer Pari Passu Companion
Loans.

 

“AB
Control Appraisal Period”: With respect to any AB Subordinate Companion Loan, the period during which (a)(i) the
initial principal balance of such AB Subordinate Companion Loan minus (ii) the sum of (x) any payments of principal
allocated to, and received on, such AB Subordinate Companion Loan, (y) any Appraisal Reduction Amounts for the related AB
Whole Loan that are allocated to such AB Subordinate Companion Loan and (z) any losses realized with respect to the related
Mortgaged Property or AB Whole Loan that are allocated to such AB Subordinate Companion Loan, is less than (b) 25% of the
remainder of the (i) initial principal balance of such AB Subordinate Companion Loan less (ii) any payments of principal
allocated to, and received by, the holders of such AB Subordinate Companion Loan. With respect to any AB Whole Loan, the period
during which the holder of the related AB Subordinate Companion Loan is the AB Whole Loan Controlling Holder.

 

“AB
Intercreditor Agreement”: Any Intercreditor Agreement by and among the holder of an AB Subordinate Companion Loan and
the holder of the related Mortgage Loan, relating to the relative rights of such holders of the related AB Whole Loan, as the
same may be further amended in accordance with the terms thereof. For the avoidance of doubt, there is no AB Intercreditor Agreement
under this Agreement.

 

“AB
Mortgage Loan”: A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that is
part of the Trust Fund. For the avoidance of doubt, there is no AB Mortgage Loan under this Agreement.

 

    	-7-

    	 

    

 

“AB
Mortgaged Property”: The Mortgaged Property that secures the related AB Whole Loan.

 

“AB
Subordinate Companion Loan”: With respect to any AB Whole Loan, the related companion loan evidenced by the related
promissory note made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included
in the Trust and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related
Mortgage Loan documents and as provided in the related Intercreditor Agreement. For the avoidance of doubt, there is no AB Subordinate
Companion Loan under this Agreement.

 

“AB
Whole Loan”: A Whole Loan that consists of such Mortgage Loan and a related AB Subordinate Companion Loan. For the avoidance
of doubt, there is no AB Whole Loan under this Agreement.

 

“AB
Whole Loan Controlling Holder”: The “Directing Lender” or similarly defined party identified in the related
AB Intercreditor Agreement. For the avoidance of doubt, there is no AB Whole Loan Controlling Holder under this Agreement.

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan, a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related
Mortgagor to maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk
casualty insurance policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part
of the related Mortgagor to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages
or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing
Date, in each case as to which default the Master Servicer and the Special Servicer may forbear taking any enforcement action,
provided that the Special Servicer has determined, in its reasonable judgment, based on inquiry consistent with the Servicing
Standard and (unless a Control Termination Event has occurred and is continuing (or other than with respect to any Excluded Loan),
with the consent of the Directing Certificateholder (and after a Control Termination Event has occurred, but prior to the occurrence
of a Consultation Termination Event (or other than with respect to any Excluded Loan), after consultation with the Directing Certificateholder
as provided in Section 6.08 hereof)) (or, with respect to a Serviced AB Whole Loan, and prior to any related AB Control
Appraisal Period, with the consent of the related AB Whole Loan Controlling Holder to the extent required under the related Intercreditor
Agreement), that either (a) such insurance is not available at commercially reasonable rates and that such hazards are not
at the time commonly insured against for properties similar to the related Mortgaged Property and located in or around the region
in which such related Mortgaged Property is located, or (b) such insurance is not available at any rate; provided,
however, that the Directing Certificateholder (or, with respect to a Serviced AB Whole Loan, the AB Whole Loan Controlling
Holder prior to any AB Control Appraisal Period to the extent required under the related Intercreditor Agreement) will not have
more than thirty (30) days to respond to the Special Servicer’s request for such consent or consultation; provided,
further, that upon the Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances
do not allow the Special Servicer to consult

 

    	-8-

    	 

    

 

with the Directing Certificateholder or any applicable AB Whole Loan Controlling
Holder, as applicable, the Special Servicer is not required to do so. Each of the Master Servicer (at its own expense) and the
Special Servicer (at the expense of the Trust Fund) shall be entitled to rely on insurance consultants in making the determinations
described above.

 

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

 

“Actual/360
Basis”: Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

 

“Actual/360
Mortgage Loans”: The Mortgage Loans, to the extent indicated as such in the Mortgage Loan Schedule.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1 hereto,
as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan documents
(including any Intercreditor Agreement or subordination agreement).

 

“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached hereto as Exhibit EE.

 

“Additional
Exclusions”: Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar
to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.04(a).

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.05(a).

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer or any Mortgage Loan Seller that Services any
of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer, who Services
10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to Article XI.

 

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

 

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

 

“Adverse
REMIC Event”: As defined in Section 10.01(f).

 

“Affected
Party”: As defined in Section 7.01(b).

 

    	-9-

    	 

    

 

“Affected
Reporting Party”: As defined in Section 11.12.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Affirmative
Asset Review Vote”: As defined in Section 12.01(a).

 

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

 

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

 

“Applicable
Laws”: As defined in Section 8.15.

 

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

 

“Appraisal”:
An appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property
is located, as appropriate; provided that each appraiser will be required to represent in such appraisal or in a supplemental
letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice”
as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest,
direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and its compensation
is not affected by the approval or disapproval of the Mortgage Loan.

 

“Appraisal
Reduction Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non Serviced Mortgage Loan), Serviced
Companion Loan, or any Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated
by the Special Servicer (prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan
other than an Excluded Loan) in consultation with the Directing Certificateholder, and, after the occurrence and during the continuance
of a Control Termination Event, in consultation with the Directing Certificateholder (only with respect to any Mortgage Loan other
than an Excluded Loan) and the Operating Advisor and, after the occurrence and during the continuance of a Consultation Termination
Event, in consultation with the Operating Advisor), as of the first Determination Date that is at least ten (10) Business Days
following the date on which the Special Servicer receives an Appraisal and information requested by the Special Servicer from
the Master Servicer reasonably necessary to calculate the Appraisal Reduction Amount or conducts a valuation described below,
equal to the excess of (a)

 

    	-10-

    	 

    

 

the Stated Principal Balance of that Mortgage Loan or the Stated Principal Balance of the applicable
Serviced Whole Loan over (b) the excess of (i) the sum of (A) 90% of the Appraised Value of the related Mortgaged
Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to any Mortgage Loan (together
with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an
outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master Servicer as
an Advance) or (2) by an internal valuation performed by the Special Servicer with respect to any Mortgage Loan (together with
any other Mortgage Loan cross collateralized with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding
principal balance less than $2,000,000, minus, with respect to any Appraisals, such downward adjustments as the Special Servicer
may make (without implying any obligation to do so) based upon its review of the Appraisal and any other information it deems
relevant and (B) all escrows, letters of credit and reserves in respect of such Mortgage Loan or Serviced Whole Loan, as
applicable, as of the date of calculation over (ii) the sum of, as of the Due Date occurring in the month of the date of
determination, (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest due on
such Mortgage Loan or Serviced Whole Loan, as the case may be, at a per annum rate equal to its Mortgage Rate (and, with respect
to any AB Whole Loan, any accrued and unpaid interest on the related AB Subordinate Companion Loan, as applicable), (B) all
P&I Advances on the related Mortgage Loan and all Servicing Advances on the related Mortgage Loan or Serviced Whole Loan,
as applicable, not reimbursed from proceeds of such Mortgage Loan or Serviced Whole Loan, as applicable, and interest thereon
at the Reimbursement Rate in respect of such Mortgage Loan or Serviced Whole Loan, as applicable, and (C) all currently due
and unpaid real estate taxes, assessments, insurance premiums, ground rents, unpaid Special Servicing Fees and all other amounts
due and unpaid (including any capitalized interest whether or not then due and payable) with respect to such Mortgage Loan or
Serviced Whole Loan, as the case may be (which taxes, premiums, ground rents and other amounts have not been the subject of an
Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable); provided, however, without
limiting the Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation, if the Special
Servicer has not obtained an Appraisal or performed such valuation, as applicable, referred to above within sixty (60) days of
the Appraisal Reduction Event (or with respect to the Appraisal Reduction Events set forth in clauses (i) and (vi) of the
definition of Appraisal Reduction Event, within one hundred twenty (120) days (in the case of clause (i)) or ninety (90)
days or one hundred twenty (120) days, as applicable (in case of clause (vi)) after the initial delinquency for the related
Appraisal Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated
Principal Balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time as such appraisal or valuation
referred to above is received by the Special Servicer and the Appraisal Reduction Amount is calculated as of the first Determination
Date that is at least ten (10) Business Days thereafter. Within sixty (60) days after the Appraisal Reduction Event, the Special
Servicer shall order and use reasonable efforts to receive an Appraisal (the cost of which shall be paid by the Master Servicer
as a Servicing Advance); provided, further, however, that with respect to an Appraisal Reduction Event as
set forth in clause (i) of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable
efforts to receive such Appraisal within the one hundred twenty (120) day period set forth in such clause (i), and with respect
to an Appraisal Reduction Event as set forth in clause (vi) of the definition of Appraisal Reduction Event, the Special

 

    	-11-

    	 

    

 

 Servicer
shall order and use reasonable efforts to receive such Appraisal within the ninety (90) day period or one hundred twenty (120)
day period, as applicable, set forth in such clause (vi); provided, further, however, that in no event
shall the Special Servicer be required to order any such Appraisal prior to the conclusion of such sixty (60), ninety (90), or
one hundred twenty (120) day period, as applicable, and in each case, the related Appraisal shall be promptly delivered in electronic
format by the Special Servicer to the Master Servicer, the Directing Certificateholder (but only prior to the occurrence of a
Consultation Termination Event), the Certificate Administrator and the Trustee. In connection with any Appraisal Reduction Amount,
the Master Servicer shall provide the Special Servicer with the information as set forth in Section 4.05(c). The Master
Servicer will not calculate Appraisal Reduction Amounts.

 

With
respect to any Appraisal Reduction Amount calculated for purposes of determining the existence and identity of the Controlling
Class pursuant to Section 4.05(a) hereof, the Appraised Value for the related Mortgaged Property determined in connection
with clause (b)(i)(A)(1) or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined
on an “as-is” basis.

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan or the related REO Property
will be reduced to zero as of the date on which such Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust or as otherwise set forth in Section 4.05(d).

 

Any
Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in accordance
with and pursuant to the terms of the applicable Non-Serviced PSA.

 

“Appraisal
Reduction Event”: With respect to any Mortgage Loan (other than a Non Serviced Mortgage Loan), Serviced Companion Loan
and Serviced Whole Loan, the earliest of (i) one hundred twenty (120) days after an uncured delinquency (without regard to
the application of any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in respect of
such Mortgage Loan or Companion Loan, as applicable, (ii) the date on which a reduction in the amount of Periodic Payments
on such Mortgage Loan or Companion Loan, as applicable, or a change in any other material economic term of such Mortgage Loan
or Companion Loan, as applicable, (other than an extension of the Maturity Date), becomes effective as a result of a modification
of such Mortgage Loan or Companion Loan, as applicable, by the Special Servicer, (iii) thirty (30) days after the date on
which a receiver has been appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which a Mortgagor
or the tenant at a single tenant property declares bankruptcy (and not otherwise dismissed within such time), (v) sixty (60)
days after the date on which an involuntary petition of bankruptcy is filed with respect to a Mortgagor if not dismissed within
such time, (vi) ninety (90) days after an uncured delinquency occurs in respect of a Balloon Payment with respect to such
Mortgage Loan or Companion Loan, as applicable, except where a refinancing is anticipated within one hundred twenty (120) days
after the Maturity Date of the Mortgage Loan or Companion Loan, as applicable, in which case one hundred twenty (120) days after
such uncured delinquency, and (vii) immediately after such Mortgage Loan or Companion Loan, as applicable, becomes an REO
Loan; provided that the thirty (30) day period referenced in clauses (iii) and clause (iv) shall not apply if
the related Mortgage Loan is a Specially Serviced

 

    	-12-

    	 

    

 

Loan; provided, further, however, that an Appraisal Reduction
Event shall not occur at any time when the aggregate Certificate Balances of all Classes of Subordinate Certificates have been
reduced to zero. The Special Servicer shall notify the Master Servicer, the Directing Certificateholder and the Operating Advisor,
or the Master Servicer shall notify the Special Servicer and the Operating Advisor, as applicable, promptly upon such Person having
notice or knowledge of the occurrence of any of the foregoing events. The obligation to obtain an Appraisal following the occurrence
of an Appraisal Reduction Event shall be subject to the provisions of Section 4.05 hereof.

 

“Appraisal
Review Period”: As defined in Section 4.05(b)(ii).

 

“Appraised-Out
Class”: As defined in Section 4.05(b)(i).

 

“Appraised
Value”: With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised value thereof
as determined by the most recent Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced Whole Loan or
AB Whole Loan, as applicable, and with respect to a Non-Serviced Mortgaged Property, the appraised value allocable thereto, as
determined pursuant to the applicable Non-Serviced PSA.

 

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

 

“ARD
Loan”: Any Mortgage Loan that is identified on the Mortgage Loan Schedule as having an Anticipated Repayment Date and
Revised Rate.

 

“Asset
Representations Reviewer”: Pentalpha Surveillance LLC, and its successors-in-interest.

 

“Asset
Representations Reviewer Fee”: As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Fee Rate”: As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Asset Review Fee”: As defined in Section 12.02(b).

 

“Asset
Representations Reviewer Termination Event”: As defined in Section 12.05(a).

 

“Asset
Review”: As defined in Section 12.01(b)(iv).

 

“Asset
Review Notice”: As defined in Section 12.01(a).

 

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

 

“Asset
Review Report”: As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions
of an Asset Review substantially in the form attached hereto as Exhibit OO.

 

    	-13-

    	 

    

 

“Asset
Review Report Summary”: As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions
of an Asset Review Report substantially in the form attached hereto as Exhibit PP.

 

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

 

“Asset
Review Trigger”: Any time that (1) Mortgage Loans having an aggregate outstanding principal balance of 25% or more of
the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans) (or a portion of any REO Loan
in the case of a Whole Loan) held by the Trust as of the end of the applicable Collection Period are Delinquent Loans or (2)(A) prior
to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are Delinquent Loans and the outstanding
principal balance of such Delinquent Loans in the aggregate constitutes at least 15.0% of the aggregate outstanding principal
balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) as of
the end of the applicable Collection Period or (B) after the second anniversary of the Closing Date, at least 15 Mortgage
Loans are Delinquent Loans and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least
20.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any
REO Loan in the case of a Whole Loan)) as of the end of the applicable Collection Period.

 

“Asset
Review Vote Election”: As defined in Section 12.01(a).

 

“Asset
Status Report”: As defined in Section 3.19(d).

 

“Assignment”
and “Assignments”: Each as defined in Section 2.01(c).

 

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

 

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

 

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

 

    	-14-

    	 

    

 

of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making
P&I Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion
of the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant
payment required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as calculated with
interest at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to
any reduction in the principal balance thereof occurring in connection with a modification of such Mortgage Loan, in connection
with a default or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan
or REO Loan (excluding, for purposes of determining P&I Advances, the portion allocable to any related Companion Loan) at
the applicable Mortgage Rate (net of interest at the Servicing Fee Rate).

 

“Authenticating
Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a).

 

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

 

(a)     the
aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent received
by the Trust pursuant to the related Non-Serviced PSA and/or the related Non-Serviced Intercreditor Agreement) (including the
portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(g) of this Agreement)
and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited by
the Master Servicer pursuant to Section 3.17(a)) on deposit in the Collection Account (in each case, exclusive of
any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the Companion Holders),
as of the close of business on the related Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)     all
Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection
Period, excluding interest relating to payments prior to, but due after, the Cut-off Date;

 

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

 

(iii)     (A) all
amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xviii),
inclusive, and (xxi) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person from the

    	-15-

    	 

    

 

Lower-Tier REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section 3.05(b);
and (C) any Net Investment Earnings contained therein;

 

(iv)     with
respect to the Actual/360 Mortgage Loans and any Distribution Date relating to each Interest Accrual Period occurring in (1) each
February or (2) any January in a year that is not a leap year (in each case, unless the related Distribution Date is the
final Distribution Date), an amount equal to one (1) day of interest on the Stated Principal Balance of such Mortgage Loan as
of the Due Date in the month preceding the month in which such Distribution Date occurs at the related Mortgage Rate to the extent
such amounts are Withheld Amounts;

 

(v)     all
Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Class NR Certificates);

 

(vi)    all
Prepayment Premiums and Yield Maintenance Charges allocable to the Mortgage Loans;

 

(vii)   all
amounts deposited in the Collection Account in error; and

 

(viii)  any
Penalty Charges allocable to the Mortgage Loans;

 

(b)     if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account
allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

(c)     the
aggregate amount of any P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the Mortgage
Loans and the Distribution Date (net of any related Certificate Administrator Fee, Operating Advisor Fee and Asset Representations
Reviewer Fee actually payable with respect to the Mortgage Loans for which such P&I Advances are made) pursuant to Section 4.03
or Section 7.05; and

 

(d)     with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account pursuant to Section 3.21(b).

 

Notwithstanding
the investment of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Available
Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Balloon
Mortgage Loan”: Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered
into as of the Closing Date provides for an amortization schedule for such Mortgage Loan or Companion Loan extending beyond its
Maturity Date.

 

    	-16-

    	 

    

 

“Balloon
Payment”: With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable on
the Maturity Date of such Balloon Mortgage Loan.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base
Interest Fraction”: As defined in Section 4.01(e).

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower
Party”: A borrower, a Mortgagor, a manager of a Mortgaged Property, the holder of a mezzanine loan that has accelerated
the related mezzanine loan (unless (i) acceleration was automatic under such mezzanine loan, (ii) the event directly
giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender or an Affiliate
of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising and has not commenced the exercise of
remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure or enforcement
proceedings against the equity collateral pledged to secure the related mezzanine loan, or any Borrower Party Affiliate.

 

“Borrower
Party Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or a mezzanine lender that
has accelerated the related mezzanine loan (unless (i) acceleration was automatic under such mezzanine loan, (ii) the
event directly giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender
or an Affiliate of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising and has not commenced
the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure
or enforcement proceedings against the equity collateral pledged to secure the related mezzanine loan, (a) any other Person controlling
or controlled by or under common control with such borrower, Mortgagor, manager or mezzanine lender, as applicable, or (b) any
other Person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, Mortgagor, manager or mezzanine
lender, as applicable.  For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Breach”:
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in
Section 6(c) of the related Mortgage Loan Purchase Agreement.

 

“Business
Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in North Carolina, California,
Minnesota, New York, Kansas, Pennsylvania or any of the jurisdictions in which the respective primary servicing offices of either
the Master Servicer or the Special Servicer or the Corporate Trust Offices of either the Certificate

 

    	-17-

    	 

    

 

Administrator or the Trustee
are located, or the New York Stock Exchange or the Federal Reserve System of the United States of America, are authorized or obligated
by law or executive order to remain closed.

 

“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, as executed and delivered by
the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator
appointed hereunder. Wells Fargo Bank, National Association will perform its duties as certificate administrator hereunder through
its Corporate Trust Services division.

 

“Certificate
Administrator Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement; provided that the Certificate Administrator Fee includes the Trustee Fee, and the Certificate
Administrator shall pay the Trustee Fee to the Trustee.

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.00750%
per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as interest is calculated
on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion Loan) as of the preceding
Distribution Date. The Certificate Administrator Fee includes the Trustee Fee.

 

“Certificate
Administrator’s Website”: The Certificate Administrator’s Internet website, which shall initially be located
at www.ctslink.com.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates, (i) on or prior to the first Distribution
Date, an amount equal to the Original Certificate Balance of such Class as specified in the Preliminary Statement hereto and (ii) as
of any date of determination after the first Distribution Date, the Certificate Balance of such Class of Principal Balance Certificates
on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)).

 

“Certificate
Factor”: With respect to any Class of Certificates (other than the Class R Certificates), as of any date of determination,
a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of which is the then related Certificate
Balance or Notional Amount, and the denominator of which is the related Original Certificate Balance.

 

“Certificate
Owner”: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

    	-18-

    	 

    

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and registrar appointed pursuant to
Section 5.03(a).

 

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

 

    	-19-

    	 

    

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 75% of the aggregate Voting Rights (taking into account the
application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all Principal Balance
Certificates on an aggregate basis.

 

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

 

“Certification
Parties”: As defined in Section 11.06.

 

“Certification
Party”: Any one of the Certification Parties.

 

“Certifying
Person”: As defined in Section 11.06.

 

“Certifying
Servicer”: As defined in Section 11.09.

 

“Class”:
With respect to any Certificates or Lower-Tier Regular Interests, all of the Certificates bearing the same alphabetical (and,
if applicable, numerical) Class designation, each designated Lower-Tier Regular Interest.

 

“Class A
Certificate”: Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB and Class A-S Certificate.

 

“Class
A-1 Certificate”: A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 1.9490%.

 

“Class
A-2 Certificate”: A Certificate designated as “Class A-2” on the face thereof, in the form of Exhibit A-2
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 3.1438%.

 

“Class
A-3 Certificate”: A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit A-3
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-3 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 3.8029%.

 

“Class
A-4 Certificate”: A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit A-4
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

    	-20-

    	 

    

 

“Class
A-4 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 3.6498%.

 

“Class
A-5 Certificate”: A Certificate designated as “Class A-5” on the face thereof, in the form of Exhibit A-5
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-5 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 3.9140%.

 

“Class
A-S Certificate”: A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit A-12
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-S Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 4.1187%.

 

“Class
A-SB Certificate”: A Certificate designated as “Class A-SB” on the face thereof, in the form of Exhibit
A-6 hereto.

 

“Class
A-SB Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate
of 3.7326%.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule 2 hereto relating to the Class A-SB Certificates.

 

“Class B
Certificate”: A Certificate designated as “Class B” on the face thereof, in the form of Exhibit A-13
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
B Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of
(i) 4.6217% and (ii) the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class C
Certificate”: A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-14
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
C Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class
D Certificate”: A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-15
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

    	-21-

    	 

    

 

“Class
D Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net
Mortgage Rate for such Distribution Date less 0.5000%.

 

“Class
E Certificate”: A Certificate designated as “Class E” on the face thereof, in the form of Exhibit A-16
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
E Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net
Mortgage Rate for such Distribution Date less 0.5000%.

 

“Class
F Certificate”: A Certificate designated as “Class F” on the face thereof, in the form of Exhibit A-17
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
F Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class
G Certificate”: A Certificate designated as “Class G” on the face thereof, in the form of Exhibit A-18
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
G Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class LA1
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA2
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA3
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA4
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA5
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original

 

    	-22-

    	 

    

 

Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LAS
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LASB
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LB
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LC
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LD
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LE
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LF
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LG
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LNR
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

    	-23-

    	 

    

 

“Class LR
Interest”: The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class
NR Certificate”: A Certificate designated as “Class NR” on the face thereof, in the form of Exhibit A-19
hereto, and evidencing (i) a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions
and (ii) beneficial ownership of the Class NR Specific Grantor Trust Assets.

 

“Class
NR Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class
NR Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of any Excess Interest, the Excess Interest
Distribution Account and the proceeds thereof.

 

“Class
R Certificate”: A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-20
hereto, and evidencing the sole class of “residual interest” in each Trust REMIC for purposes of the REMIC Provisions.

 

“Class UR
Interest”: The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

“Class X
Certificates”: The Class X-A, Class X-B, Class X-C, Class X-D and Class X-E Certificates, as the context may require.

 

“Class X-A
Certificate”: A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit A-7
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-A
Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A Certificates.

 

“Class X-A
Pass-Through Rate”: The Pass-Through Rate for Class X-A Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of
the Pass-Through Rates on the Class A Certificates for such Distribution Date, weighted on the basis of their respective
Certificate Balances immediately prior to the Distribution Date. The Pass-Through Rate applicable to the Class X-A Certificates
for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-B
Certificate”: A Certificate designated as “Class X-B” on the face thereof, in the form of Exhibit A-8
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-B
Notional Amount”: As of any date of determination, the Certificate Balance of the Class B Certificates.

 

    	-24-

    	 

    

 

“Class X-B
Pass-Through Rate”: The Pass-Through Rate for Class X-B Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of
the Class B Certificates. The Pass-Through Rate applicable to the Class X-B Certificates for the initial Distribution Date shall
be the rate set forth in the Preliminary Statement hereto.

 

“Class X-C
Certificate”: A Certificate designated as “Class X-C” on the face thereof, in the form of Exhibit A-9
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-C
Notional Amount”: As of any date of determination, the Certificate Balance of the Class C Certificates.

 

“Class X-C
Pass-Through Rate”: The Pass-Through Rate for Class X-C Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of
the Class C Certificates. The Pass-Through Rate applicable to the Class X-C Certificates for the initial Distribution Date
shall be the rate set forth in the Preliminary Statement hereto.

 

“Class
X-D Certificate”: A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit A-10
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-D Notional Amount”: As of any date of determination, the Certificate Balance of the Class D Certificates.

 

“Class
X-D Pass-Through Rate”: The Pass-Through Rate for Class X-D Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of
the Class D Certificates. The Pass-Through Rate applicable to the Class X-D Certificates for the initial Distribution Date
shall be the rate set forth in the Preliminary Statement hereto.

 

“Class
X-E Certificate”: A Certificate designated as “Class X-E” on the face thereof, in the form of Exhibit A-11
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-E Notional Amount”: As of any date of determination, the Certificate Balance of the Class E Certificates.

 

“Class
X-E Pass-Through Rate”: The Pass-Through Rate for Class X-E Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of
the Class E Certificates. The Pass-Through Rate applicable to the Class X-E Certificates for the initial Distribution Date
shall be the rate set forth in the Preliminary Statement hereto.

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act. The initial Clearing Agency shall be DTC.

 

    	-25-

    	 

    

 

“Clearstream”:
Clearstream Banking, société anonyme or any successor thereto.

 

“Closing
Date”: December 29, 2015.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department
of the Treasury issued pursuant thereto.

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section 3.04(a)
on behalf of the Trustee for the benefit of the Certificateholders, which shall be entitled “Wells Fargo Bank, National
Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1,
Collection Account”. Any such account or accounts shall be an Eligible Account. Subject to the related Intercreditor Agreement
and taking into account that each Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Mortgage
Loan to the extent set forth in the related Intercreditor Agreement, the subaccount described in the second paragraph of Section 3.04(b)
that is part of the Collection Account shall be for the benefit of the related Companion Holder, to the extent funds on deposit
in such subaccount are attributed to such Companion Loan and shall not be an asset of the Trust or any Trust REMIC formed hereunder.

 

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

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Distribution Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the
Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled
“Wells Fargo Bank, National Association, as Companion Paying Agent, for the benefit of the Companion Holders of the Companion
Loans, relating to the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series
2015-JP1”. The Companion Distribution Account shall not be an asset of the Trust, any Trust REMIC or the Grantor Trust,
but instead shall be held by the Companion Paying Agent on behalf of the Companion Holders. Any such account shall be an Eligible
Account. Notwithstanding the

 

    	-26-

    	 

    

 

foregoing, if the Master Servicer and the Companion Paying Agent are the same entity, the Companion
Distribution Account may be the subaccount referenced in the second paragraph of Section 3.04(b).

 

“Companion
Holders”: Each of the holders of record of any Companion Loan.

 

“Companion
Loan(s)”: As defined in the Preliminary Statement.

 

“Companion
Paying Agent”: With respect to the Serviced Companion Loans, if any, the Master Servicer in its role as Companion Paying
Agent appointed pursuant to Section 3.27.

 

“Companion
Register”: The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

“Compensating
Interest Payments”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage Loans (other
than Non-Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any Specially Serviced
Loan or any Mortgage Loan, or any related Serviced Pari Passu Companion Loan on which the Special Servicer allowed a prepayment
on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that portion
of the Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan, Serviced
Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid for such Collection Period, calculated at a rate
of 0.00250% per annum, (B) all Prepayment Interest Excesses received by the Master Servicer during such Collection
Period with respect to the Mortgage Loans (and, so long as a Serviced Whole Loan is serviced hereunder, the related Serviced Pari
Passu Companion Loan) subject to such prepayment and (C) to the extent earned on principal prepayments, net investment earnings
payable to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect
to the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment. In no event
will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative. However,
if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result of the Master Servicer’s allowing
the related Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Mortgage Loan documents
regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage
Loan documents or if the Mortgage Loan is a Specially Serviced Loan, (X) pursuant to applicable law or a court order or otherwise
in such circumstances where the Master Servicer is required to accept such Principal Prepayment in accordance with the Servicing
Standard, (Y) at the request or with the consent of the Special Servicer or, so long as no Control Termination Event has occurred
and is continuing, and only with respect to the Mortgage Loans other than an Excluded Loan, the Directing Certificateholder or
(Z) in connection with the payment of any Insurance and Condemnation Proceeds), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above,
the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (i) above in connection with such Prohibited Prepayments.

 

    	-27-

    	 

    

 

For
the avoidance of doubt, Compensating Interest Payments with respect to each Serviced Whole Loan shall be allocated among the related
Mortgage Loan and related Serviced Pari Passu Companion Loan, pro rata, in accordance with their respective principal balances.

 

“Consultation
Termination Event”: At any date at which (i) no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without
regard to the application of any Appraisal Reduction Amounts or (ii) a Holder of the Class F Certificates is the majority
Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling
Class Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant
to Section 3.23(l); provided that no Consultation Termination Event resulting solely from the operation of
clause (ii) shall be deemed to have existed or be in continuance with respect to a successor Holder of Class F Certificates
that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder.

 

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

 

“Control
Termination Event”: The occurrence of (i) the Certificate Balance of the Class F Certificates (taking into account
the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with
Section 4.05(a) hereof) being reduced to less than 25% of the Original Certificate Balance of such Class or (ii) a
Holder of the Class F Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right,
in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated
to a successor Controlling Class Certificateholder pursuant to Section 3.23(l).

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance as notionally reduced by any Appraisal Reduction Amounts allocable to such Class
in accordance with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of that Class; provided
that if at any time the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced
to zero as a result of the allocation of principal payments on the Mortgage Loans, then the Controlling Class will be the most
subordinate class among the Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without
regard to any Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class NR Certificates.

 

“Controlling
Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Trustee, the Master Servicer,
the Special Servicer or the Operating Advisor may from time to time request (the cost of which being an expense of the Trust)
that the Certificate Administrator provide a list of the Holders (or Certificate Owners, if applicable) of the Controlling Class
and the Certificate Administrator shall promptly provide such list without charge to such Trustee, Master Servicer, Operating
Advisor

 

    	-28-

    	 

    

or Special Servicer, as applicable. The Trustee, Master Servicer, the Special Servicer and the Operating Advisor shall
be entitled to rely on any such list so provided.

 

“Corporate
Trust Office”: The principal corporate trust office of the Trustee and the Certificate Administrator at which at any
particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of
the execution of this Agreement is located (i) with respect to Certificate transfers and surrenders, at Wells Fargo Center,
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113; (ii) with respect to the Trustee at 1100 North Market
Street, Wilmington, Delaware 19890, Attention: CMBS Trustee JPMCC 2015-JP1; and (iii) for all other purposes, to the Certificate
Administrator at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS), JPMCC Commercial
Mortgage Securities Trust 2015-JP1, telecopy number (410) 715-2380.

 

“Corrected
Loan”: Any Specially Serviced Loan that has become current and remained current for three (3) consecutive Periodic Payments
(for such purposes taking into account any modification or amendment of the related Mortgage Loan or Companion Loan, as applicable,
whether by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding involving the Mortgagor),
and (provided that no other Servicing Transfer Event has occurred with respect to such Mortgage Loan during such preceding
three (3) months, no additional default is foreseeable in the reasonable judgment of the Special Servicer and no other event or
circumstance exists that causes such Mortgage Loan or Companion Loan, as applicable, to otherwise constitute a Specially Serviced
Loan) the servicing of which the Special Servicer has returned to the Master Servicer pursuant to Section 3.19(a).

 

“CREFC®”:
The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate
Administrator, the Master Servicer, the Special Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder.

 

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

 

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

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially
in the form of and containing the information called for therein, or such

 

    	-29-

    	 

    

other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion
of an REO Loan related to any Serviced Companion Loan) and for any Distribution Date, the amount accrued during the related Interest
Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of
such Mortgage Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided
that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related
interest

    	-30-

    	 

    

 

payment due or deemed due on the related Mortgage Loan or REO Loan is computed and shall be prorated for partial periods.
For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by the
Master Servicer from the Lower-Tier REMIC or Grantor Trust, as applicable.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and REO Loan, a rate equal
to 0.00050% per annum.

 

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

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time
as the “CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor
Reporting Package contains seven electronic files ((1) CREFC® Loan Setup File, (2) CREFC®
Loan Periodic Update File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC®
Collateral Summary File, (6) CREFC® Financial File and (7) CREFC® Special Servicer
Loan File) and nine surveillance reports ((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent
Loan Status Report, (3) CREFC® REO Status Report, (4) CREFC® Comparative Financial Status
Report, (5) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (6) CREFC®
Operating Statement Analysis Report, (7) CREFC® NOI Adjustment Worksheet, (8) CREFC®
Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have a Companion Loan, the CREFC® Total
Loan Report). In addition, the CREFC® Investor Reporting Package shall include the CREFC® Advance
Recovery Report. In addition, the CREFC® Investor Reporting Package shall include the following nine templates:
(1) CREFC® Appraisal Reduction Amount Template, (2) CREFC® Servicer Realized Loss Template, (3)
CREFC® Reconciliation of Funds Template, (4) CREFC® Historical Bond/Collateral Realized Loss Reconciliation
Template, (5) CREFC® Historical Liquidation Loss Template, (6) CREFC® Interest Shortfall Reconciliation
Template, (7) CREFC® Loan Modification Report, (8) CREFC® Loan Liquidation Report and (9) CREFC®
REO Liquidation Report. The CREFC® Investor Reporting Package shall be substantially in the form of, and
containing the information called for in, the downloadable forms of the “CREFC® IRP” available as of
the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information or reports as may from time to time be approved by the CREFC® for commercial mortgage
backed securities transactions generally. For the purposes of the production of the CREFC® Comparative Financial
Status Report by the Master Servicer or the Special Servicer of any such report that is required to state information for any
period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may conclusively rely (without
independent verification), absent manifest error, on information provided to it by the Mortgage Loan Sellers or by the related
Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the Special Servicer (if other than the
Master Servicer or an Affiliate thereof) and (y) in the case of such a report produced by the Special Servicer, by the Master
Servicer (if other than the Special Servicer or an Affiliate thereof).

 

    	-31-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

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

 

    	-32-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Servicer Watch List”: A monthly report, as of each Determination Date, including and identifying each Non-Specially
Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the
CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines) for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

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

 

“CREFC®
Total Loan Report”: A monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may from
time to

 

    	-33-

    	 

    

 

time be adopted by the CREFC® for commercial mortgage-backed securities transactions and is reasonably
acceptable to the Master Servicer.

 

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

 

“Cross-Over
Date”: The Distribution Date on which the Certificate Balances of the Subordinate Certificates have all previously been
reduced to zero as a result of the allocation of Realized Losses to such Certificates.

 

“Crossed
Mortgage Loan Group”: With respect to (i) any Mortgage Loan that consists of more than one commercial mortgage
loan, the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or
more individual Mortgage Loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and
cross-defaulted Mortgage Loans.

 

“Crossed
Underlying Loan”: With respect to any Crossed Mortgage Loan Group, a Mortgage Loan that is cross-collateralized and
cross-defaulted with one or more other Mortgage Loans within such Crossed Mortgage Loan Group.

 

“Crossed
Underlying Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not
all) of the Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed
Mortgage Loan Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying
Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the
“remaining Crossed Underlying Loans”) (i) the weighted average Debt Service Coverage Ratio for all the remaining
Crossed Underlying Loans for the four most recently reported calendar quarters preceding the repurchase or substitution shall
not be less than the greater of (a) the weighted average Debt Service Coverage Ratio for the entire such Crossed Mortgage
Loan Group, including the affected Crossed Underlying Loan(s), for the four most recently reported calendar quarters preceding
the repurchase or substitution, and (b) 1.25x, (ii) the weighted average LTV Ratio for all the remaining Crossed Underlying
Loans determined at the time of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense
of the related Mortgage Loan Seller shall not be greater than the least of (a) the weighted average LTV Ratio for the entire
such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), determined at the time of repurchase or substitution
based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller, (b) the weighted
average LTV Ratio for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), as of the
Cut-off Date and (c) 75%, (iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee and
the Certificate Administrator with an Opinion of Counsel that any modification relating to the repurchase or substitution of a
Crossed Underlying Loan shall not cause an Adverse REMIC Event to occur, (iv) the related Mortgage Loan Seller causes the
affected Crossed Underlying Loan to become not cross-collateralized and cross-defaulted with the remaining related Crossed Underlying
Loans prior to such repurchase or substitution or otherwise forbears from exercising enforcement rights against the Primary Collateral
for any Crossed Underlying Loan(s) remaining in the Trust (while the Trust forbears

 

    	-34-

    	 

    

 

from exercising enforcement rights against
the Primary Collateral for the Mortgage Loan removed from the Trust) and (v) (other than with respect to any Excluded Loan)
unless a Control Termination Event has occurred and is continuing, the Directing Certificateholder shall have consented to the
repurchase or substitution of the affected Crossed Underlying Loan, which consent shall not be unreasonably withheld, conditioned
or delayed.

 

“Custodial
Exception Report”: As defined in Section 2.02(b).

 

“Custodian”:
A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage
Files, which Person shall not be the Depositor, either of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate
Administrator shall be the initial Custodian. Wells Fargo Bank, National Association will perform
its duties as Custodian hereunder through its Document Custody division.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in December 2015, or with respect
to any Mortgage Loan that has its first Due Date in January 2016, the date that would have otherwise been the related Due Date
in December 2015.

 

“Cut-off
Date Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan, as of the
Cut-off Date, after application of all payments of principal due on or before such date, whether or not received.

 

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

 

“Debt
Service Coverage Ratio”: With respect to any Mortgage Loan, for any twelve-month period covered by an annual operating
statement for the related Mortgaged Property, the ratio of (i) Net Operating Income produced by the related Mortgaged Property
during such period to (ii) the aggregate amount of Periodic Payments (other than any Balloon Payment) due under such Mortgage
Loan during such period; provided that with respect to the Mortgage Loans identified on Annex A-1 to the Prospectus
as paying interest only for a specified period of time set forth in the related Mortgage Loan documents and then paying principal
and interest, the related Periodic Payment will be calculated (for purposes of this definition only) to include interest and principal
(based on the remaining amortization term indicated in the Mortgage Loan Schedule).

 

“Default
Interest”: With respect to any Mortgage Loan or Companion Loan, all interest accrued in respect of such Mortgage Loan
or Companion Loan during such Collection Period provided for in the related Mortgage Note or Mortgage as a result of a default
(exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on the

 

    	-35-

    	 

    

 

unpaid principal
balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted
Loan”: A Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan (i) that is delinquent
at least sixty (60) days in respect of its Periodic Payments or delinquent in respect of its Balloon Payment, if any; provided
that in respect of a Balloon Payment, such period shall be one hundred twenty (120) days if the related Mortgagor has provided
the Master Servicer or the Special Servicer with a written and fully executed commitment or otherwise binding application for
refinancing of the related Mortgage Loan from an acceptable lender reasonably satisfactory in form and substance to the Special
Servicer (and the party receiving such commitment shall promptly forward a copy of such commitment or application to the Master
Servicer or the Special Servicer, as applicable, if it is not evident that a copy has been delivered to such other party); and,
in either case, such delinquency is to be determined without giving effect to any Grace Period permitted by the related Mortgage
or Mortgage Note and without regard to any acceleration of payments under the related Mortgage and Mortgage Note or (ii) as
to which the Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness evidenced
by the related Mortgage Note. For the avoidance of doubt, a defaulted Companion Loan does not constitute a “Defaulted Loan”.

 

“Defeasance
Accounts”: As defined in Section 3.18(j).

 

“Defect”:
As defined in Section 2.02(f).

 

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

 

“Deficient
Valuation”: With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of competent
jurisdiction of the Mortgaged Property in an amount less than the then outstanding principal balance of such Mortgage Loan or
Serviced Whole Loan which valuation results from a proceeding initiated under the Bankruptcy Code.

 

“Definitive
Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially, the Class R
Certificates and any Certificate issued pursuant to Sections 5.02(c) and (d) shall be Definitive Certificates.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period.

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face
thereof, (b) set forth on a schedule attached

 

    	-36-

    	 

    

 

thereto or (c) in the case of any beneficial interest in a Book-Entry
Certificate, the interest of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and
records of the Depository or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate
Balance or initial Notional Amount, as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”:
J.P. Morgan Chase Commercial Mortgage Securities Corp., a Delaware corporation, or its successor in interest.

 

“Depository”:
DTC, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates
that are to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times be a “clearing corporation”
as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency” registered pursuant
to the provisions of Section 17A of the Exchange Act.

 

“Depository
Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Determination
Date”: With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if
the eleventh (11th) calendar day of that month is not a Business Day, then the next Business Day.

 

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

 

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

 

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

 

(ii)     the
Mortgage, together with a copy of any intervening assignments of the Mortgage, in each case with evidence of recording indicated
thereon or certified to have been submitted for recording (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)     any
related assignment of leases and of any intervening assignments (if such item is a document separate from the Mortgage), with
evidence of recording indicated thereon or certified to have been submitted for recording (if in the possession of the applicable
mortgage loan seller);

 

(iv)     all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the

 

    	-37-

    	 

    

 

Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(v)      the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

(vi)     any
UCC Financing Statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(vii)    any
Intercreditor Agreement relating to permitted debt of the Mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan, and any related mezzanine intercreditor agreement;

 

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

 

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

 

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

 

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

 

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

 

(xiii)     a
copy of all related environmental reports; and

 

(xiv)     a
copy of all related environmental insurance policies;

 

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

 

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

 

    	-38-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)    a
copy of all zoning reports;

 

(l)     a
copy of financial statements of the related Mortgagor;

 

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

 

(n)    a
copy of all UCC searches;

 

(o)    a
copy of all litigation searches;

 

(p)    a
copy of all bankruptcy searches;

 

(q)    a
copy of origination settlement statement;

 

(r)     a
copy of Insurance Consultant Report;

 

(s)    a
copy of organizational documents of the related Mortgagor and any guarantor;

 

(t)     a
copy of escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not covered by the
origination settlement statement;

 

    	-39-

    	 

    

 

(u)          a
copy of any closure letter (environmental), if not covered by the environmental reports; and

 

(v)          a
copy of environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties, if not covered by the
environmental reports.

 

in
each case, to the extent that the originator received such documents or information in connection with the origination of such
Mortgage Loan. In the event any of the items identified above were not included in connection with the origination of such Mortgage
Loan (other than documents that would not be included in connection with the origination of the Mortgage Loan because such document
is inapplicable to the origination of a Mortgage Loan of that structure or type, taking into account whether or not such Mortgage
Loan has any additional debt), the Diligence File shall include a statement to that effect; provided that no information
that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal communications
shall constitute part of the Diligence File. It is not required to include any of the same items identified above again if such
items have already been included under another clause of the Diligence File, and the Diligence File shall include a statement
to that effect. The Mortgage Loan Seller may, without any obligation to do so, include such other documents or information as
part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer
to perform the Asset Review on such Mortgage Loan; provided that such documents or information are clearly labeled and
identified.

 

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

 

“Directing
Certificateholder”: The initial Directing Certificateholder will be BlackRock Realty Advisors, Inc., as agent for its
managed account. Thereafter, the Directing Certificateholder shall be the Controlling Class Certificateholder (or a representative
thereof) selected by more than 50% of the Controlling Class Certificateholders, (by Certificate Balance, as determined by the
Certificate Registrar from time to time); provided, however, that (i) absent that selection, or (ii) until
a Directing Certificateholder is so selected or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders,
by Certificate Balance, that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that
owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof) will be the Directing Certificateholder;
provided, however, that, in the case of this clause (iii), in the event that no one Holder owns the
largest aggregate Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed
in accordance with the terms of this Agreement. After the occurrence and during the continuance of a Control Termination Event, the
Directing Certificateholder shall only retain its consultation rights to the extent specifically provided for herein. After the
occurrence of a Consultation Termination Event, there will be no Directing Certificateholder. The Depositor shall promptly provide
the name and contact information for the initial Directing Certificateholder upon request of any party to this Agreement and any
such requesting party may conclusively rely on the name and contact information provided by the Depositor. In the event the Controlling
Class Certificateholder has elected to irrevocably waive its right to appoint a Directing Certificateholder or to exercise
any of the rights of the Controlling Class Certificateholder, there will be no Directing Certificateholder and no party shall
be entitled to exercise any of the rights of the Directing

 

    	-40-

    	 

    

 

 Certificateholder until such time as a Controlling Class Certificateholder
is reinstated pursuant to Section 3.23(l) hereof and a new Directing Certificateholder is appointed in accordance
with the terms hereof. The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity
of the Directing Certificateholder has not changed until such parties receive written notice of a replacement of the Directing
Certificateholder from a party holding the requisite interest in the Controlling Class, or the resignation of the then-current
Directing Certificateholder.

 

“Directly
Operate”: With respect to any REO Property (except with respect to a Non-Serviced Mortgaged Property), the furnishing
or rendering of services to the tenants thereof, that are not customarily provided to tenants in connection with the rental of
space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management
or operation of such REO Property, the holding of such REO Property primarily for sale to customers, the use of such REO Property
in a trade or business conducted by the Trust or on behalf of a Companion Holder or the performance of any construction work on
the REO Property other than through an Independent Contractor; provided, however, that an REO Property shall not
be considered to be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes
rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or
capital expenditures with respect to such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related
Serviced Companion Loan (including any related REO Property), any compensation and other remuneration (including, without limitation,
in the form of commissions, brokerage fees, or rebates, or as a result of any other fee-sharing arrangement) received or retained
by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor,
any manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Companion Loan and any purchaser of any such
Mortgage Loan or Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage
Loan (other than any Non-Serviced Mortgage Loan), the management or disposition of any REO Property, and the performance by the
Special Servicer or any such Affiliate of any other special servicing duties under this Agreement, other than (1) any Permitted
Special Servicer/Affiliate Fees and (2) any compensation to which the Special Servicer is entitled pursuant to Section 3.11
of this Agreement.

 

“Disclosure
Parties”: As defined in Section 3.13(f).

 

“Discount
Rate”: As defined in Section 4.01(e).

 

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

 

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

 

“Disqualified
Non-U.S. Tax Person”: With respect to the Class R Certificates, any Non-U.S. Tax Person or its agent other than (a)
a Non-U.S. Tax Person that holds the Class

 

    	-41-

    	 

    

 

 R Certificates in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI or (b) a Non-U.S.
Tax Person that has delivered to both the transferor and the Certificate Administrator an opinion of a nationally recognized tax
counsel to the effect that the transfer of the Class R Certificates to it is in accordance with the requirements of the Code and
the regulations promulgated thereunder and that such transfer of the Class R Certificates will not be disregarded for federal
income tax purposes.

 

“Disqualified
Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the
United States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by
such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality of any
of the foregoing, (iii) any organization (other than certain farmers’ cooperatives described in Section 521 of
the Code) which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of
the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with
respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership,”
as defined in Section 775 of the Code and (vi) any other Person so designated by the Trustee or the Certificate Administrator
based upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or
the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate by such Person may cause any
Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding or any Person having an Ownership
Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The
terms “United States,” “State” and “international organization” shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account and the
Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible
Account.

 

“Distribution
Date”: The fourth (4th) Business Day following each Determination Date, beginning in January 2016. The initial
Distribution Date shall be January 15, 2016.

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations Reviewer, which lists
certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective
obligations under Article XI of this Agreement or as having failed to comply (after any applicable cure period) with
any similar Regulation AB reporting requirements under any other securitization transaction. For the avoidance of doubt, as of
the Closing Date, no parties appear on the Do Not Hire List.

 

    	-42-

    	 

    

 

“DoubleTree
Anaheim – Orange County Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of November 30, 2015,
by and between the holder of the DoubleTree Anaheim – Orange County Pari Passu Companion Loan and the holder of the DoubleTree
Anaheim – Orange County Mortgage Loan, relating to the relative rights of such holders of the DoubleTree Anaheim –
Orange County Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“DoubleTree
Anaheim – Orange County Mortgage Loan”: With respect to the DoubleTree Anaheim – Orange County Whole Loan,
the Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 10 on the Mortgage Loan Schedule), which
is designated as promissory note A-2, and is pari passu in right of payment with the DoubleTree Anaheim – Orange
County Pari Passu Companion Loan to the extent set forth in the DoubleTree Anaheim – Orange County Intercreditor Agreement.

 

“DoubleTree
Anaheim – Orange County Mortgaged Property”: The Mortgaged Property that secures the DoubleTree Anaheim –
Orange County Whole Loan.

 

“DoubleTree
Anaheim – Orange County Pari Passu Companion Loan”: With respect to the DoubleTree Anaheim – Orange County
Whole Loan, the Companion Loan evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage
on the DoubleTree Anaheim – Orange County Mortgaged Property, which is not included in the Trust and which is pari passu
in right of payment to the DoubleTree Anaheim – Orange County Mortgage Loan to the extent set forth in the related Mortgage
Loan documents and as provided in the DoubleTree Anaheim – Orange County Intercreditor Agreement.

 

“DoubleTree
Anaheim – Orange County Whole Loan”: The DoubleTree Anaheim – Orange County Mortgage Loan, together with
the DoubleTree Anaheim – Orange County Pari Passu Companion Loan, each of which is secured by the same Mortgage on the DoubleTree
Anaheim – Orange County Mortgaged Property. References herein to the DoubleTree Anaheim – Orange County Whole Loan
shall be construed to refer to the aggregate indebtedness under the DoubleTree Anaheim – Orange County Mortgage Loan and
the DoubleTree Anaheim – Orange County Pari Passu Companion Loan.

 

“DTC”:
The Depository Trust Company, a New York corporation.

 

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

 

“EDGAR”:
As defined in Section 11.03.

 

“EDGAR-Compatible
Format”: Any format compatible with EDGAR, including HTML, Word or clean, searchable PDFs.

 

    	-43-

    	 

    

 

 

“Eligible
Account”: Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered
depository institution or trust company (including the Trustee or the Certificate Administrator), (A) the long-term unsecured
debt obligations of which are rated at least “Aa3” by Moody’s, if the deposits are to be held in such account
for thirty (30) days or more, and the short-term debt obligations of which have a short-term rating of not less than “P-1”
from Moody’s, if the deposits are to be held in such account for less than thirty (30) days, (B) the long-term unsecured
debt obligations of which are rated at least “A+” by Fitch, if the deposits are to be held in such account for thirty
(30) days or more, and the short-term debt obligations of which have a short-term rating of not less than “F1” from
Fitch, if the deposits are to be held in such account for less than thirty (30) days and (C) the long-term unsecured debt
obligations of which are rated at least “A” by DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent
rating (or higher) by at least two (2) NRSROs (which may include Moody’s and/or Fitch) or such other rating confirmed in
a Rating Agency Confirmation), if the deposits are to be held in such account for thirty (30) days or more, and the short-term
debt obligations of which have a short-term rating of not less than “R-1(middle)” from DBRS (if then rated by DBRS,
or if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s and/or Fitch)
or such other rating confirmed in a Rating Agency Confirmation), if the deposits are to be held in such account for less than
thirty (30) days; (ii) an account or accounts maintained with Wells Fargo Bank, National Association so long as Wells Fargo
Bank, National Association’s long-term unsecured debt rating shall be at least “A2” from Moody’s and “A”
from Fitch (if the deposits are to be held in the account for more than thirty (30) days) and “A” from DBRS (if then
rated by DBRS, or if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s
and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation) or Wells Fargo Bank, National Association’s
short-term deposit or short-term unsecured debt rating shall be at least “P-1” from Moody’s and “F2”
from Fitch (if the deposits are to be held in the account for thirty (30) days or less) and “R-1 (middle)” from DBRS
(if then rated by DBRS, or if not rated by DBRS, an equivalent rating by at least two (2) NRSROs (which may include Moody’s
and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation); (iii) an account or accounts maintained with
PNC Bank, National Association so long as PNC Bank, National Association’s long term unsecured debt or deposit account rating
shall be at least “A2” from Moody’s, “A” from Fitch and “A” from DBRS (if then rated
by DBRS, or if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s
and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation) (if the deposits are to be held in the account for
more than thirty (30) days) or PNC Bank, National Association’s short-term deposit account or short-term unsecured debt
rating shall be at least “P-1” from Moody’s, “F1” from Fitch and “R-1(middle)” from
DBRS (if then rated by DBRS, or if not rated by DBRS, an equivalent rating by at least two (2) NRSROs (which may include Moody’s
and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation) (if the deposits are to be held in the account for
thirty (30) days or less); (iv) such other account or accounts that, but for the failure to satisfy one or more of the minimum
rating(s) set forth in the applicable clause, would be listed in clauses (i) – (iii) above, with
respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth
in the applicable clause is not satisfied with respect to such account, which account may be an account maintained by or with
the Certificate Administrator, the Trustee, the  Master Servicer or the Special Servicer; (v) any other account or accounts
not listed in

 

    	-44-

    	 

    

 

clauses (i) – (iii)
above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency and a confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25), which account may be an account maintained by or with the Certificate Administrator, the Trustee,
the Master Servicer or the Special Servicer; or (vi) a segregated trust account or accounts maintained with the corporate
trust department of a federal or state chartered depository institution or trust company that has a long-term unsecured debt rating
of at least “A2” from Moody’s (if the deposits are to be held in the account for more than thirty (30) days)
or a short-term unsecured debt rating of at least “P-1” from Moody’s (if the deposits are to be held in the
account for thirty (30) days or less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity,
provided that any state chartered depository institution or trust company is subject to regulation regarding fiduciary
funds substantially similar to 12 C.F.R. § 9.10(b). Eligible Accounts may bear interest. No Eligible Account shall be
evidenced by a certificate of deposit, passbook or other similar instrument.

 

“Eligible
Asset Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by the Rating Agencies and that has not been a special servicer, operating advisor or asset representations
reviewer on a transaction for which any of the Rating Agencies has qualified, downgraded or withdrawn its rating or ratings of,
one or more classes of certificates for such transaction citing servicing or other relevant concerns with the special servicer,
operating advisor or asset representations reviewer as the sole or material factor in such rating action, (b) can and will
make the representations and warranties set forth in Section 6.01(d), (c) is not (and is not affiliated with)
a Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing
Certificateholder or any of their respective Affiliates, (d) has not performed (and is not affiliated with any party hired
to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage
Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Mortgage Loan Seller, any Underwriter, any
party to this Agreement or the Directing Certificateholder or any of their respective Affiliates, or have been paid any fees,
compensation or other remuneration by any of them in connection with any such services, and (e) does not directly or indirectly,
through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans, any Companion Loan or any
securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this
Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible
Operating Advisor”: An institution (a) that is a special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has
not been special servicer or operating advisor on a transaction for which any of the Rating Agencies has qualified, downgraded
or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with
the special servicer or operating advisor as the sole or a material factor in such rating action; (b) that can and will make
the representations and

 

    	-45-

    	 

    

 

 warranties of the Operating Advisor set forth in Section 6.01(c) of this Agreement; (c) that
is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, a Mortgage Loan Seller, the Directing Certificateholder, a depositor, a trustee, a certificate administrator, a master
servicer or special servicer with respect to the securitization of a Companion Loan, or any of their respective affiliates; (d) that
has not been paid by any Special Servicer or successor Special Servicer any fees, compensation or other remuneration (x) in
respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor Special
Servicer to become the Special Servicer; and (e) that (x) has been regularly engaged in the business of analyzing and
advising clients in commercial mortgage-backed securities matters and have at least five (5) years of experience in collateral
analysis and loss projections and (y) has at least five (5) years of experience in commercial real estate asset management
and experience in the workout and management of distressed commercial real estate assets.

 

“Enforcing
Party”: The person obligated to enforce the rights of the Trust against the related Mortgage Loan Seller with respect
to the Repurchase Request.

 

“Enforcing
Servicer”: As defined in Section 2.03(k)(i).

 

“Environmental
Assessment”: An “environmental site assessment” as such term is defined in, and meeting the criteria of,
the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Restricted Certificate”: Any Certificate (other than a Class R Certificate) that does not meet the requirements of Prohibited
Transaction Exemption 2013-08 (as such exemption may be amended from time to time) as of the date of the acquisition of such Certificate
by a Plan. As of the Closing Date, each of the Class F, Class G and Class NR Certificates is an ERISA Restricted Certificate.

 

“Escrow
Payment”: Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor for application
toward the payment of real estate taxes, assessments, insurance premiums, ground lease rents and similar items in respect of the
related Mortgaged Property, including amounts for deposit to any reserve account.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess
Interest”: With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date allocable
to the Excess Rate, including all interest accrued thereon to the extent permitted by applicable law and the related Mortgage
Loan documents. The Excess Interest shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

    	-46-

    	 

    

 

“Excess
Interest Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts
(or as a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which
shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1,
Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class NR, Excess Interest Distribution Account”, and which
must be an Eligible Account (or a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely
for the benefit of the Holders of the Class NR Certificates. The Excess Interest Distribution Account shall not be an asset of
any Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess
Modification Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Loan and
any particular modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment
of a Workout Fee, an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the related Mortgagor
with respect to the related Mortgage Loan (including the related Serviced Companion Loan or Subordinate Companion Loan, if applicable,
unless prohibited under the related Intercreditor Agreement) and received and retained by the Master Servicer or the Special Servicer,
as applicable, as compensation within the prior twelve (12) months of such modification, waiver, extension or amendment, but only
to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Excess
Modification Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan, the sum of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver,
extension or amendment of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid
or unreimbursed additional expenses (including, without limitation, reimbursement of Advances and interest on Advances to the
extent not otherwise paid or reimbursed by the Mortgagor but excluding Special Servicing Fees, Workout Fees and Liquidation Fees)
outstanding or previously incurred on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan, as
applicable, and reimbursed from such Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees
as described in the preceding clause (A), which expenses have been recovered from the related Mortgagor or otherwise.
With respect to each of the Master Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such
Person from the related Mortgagor (taken in the aggregate with any other Excess Modification Fees collected and earned by such
Person from the related Mortgagor within the prior twelve (12) months of the collection of the current Excess Modification
Fees) will be subject to a cap of 1.00% of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan,
as applicable, on the closing date of the related modification, extension, waiver or amendment (after giving effect to such modification,
extension, waiver or amendment) with respect to any Mortgage Loan or Serviced Whole Loan, as applicable.

 

“Excess
Prepayment Interest Shortfall”: The aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments
made on the Mortgage Loans to be included in the Available Funds for any Distribution Date that are not covered by the Master

 

    	-47-

    	 

    

 

Servicer’s
Compensating Interest Payment for the related Distribution Date and the portion of the compensating interest payments allocable
to the Non-Serviced Mortgage Loans to the extent received from the related Non-Serviced Master Servicer.

 

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

 

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

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Loan and/or Excluded Loan, the Directing Certificateholder
or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Loan and/or Excluded Loan. Immediately upon obtaining actual knowledge of the Directing Certificateholder or any Controlling
Class Certificateholder becoming an “Excluded Controlling Class Holder”, such Directing Certificateholder or Controlling
Class Certificateholder, as applicable, shall provide notice in the form of Exhibit P-1E hereto to the Master Servicer,
the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which notice shall be physically delivered
in accordance with Section 13.05 of this Agreement and shall specifically identify the Excluded Controlling Class
Holder and identifying the related Mortgage Loan, specifying whether it is (A) an Excluded Controlling Class Loan or (B) both
an Excluded Loan and an Excluded Controlling Class Loan. Additionally, any Excluded Controlling Class Holder shall also send to
the Certificate Administrator a notice substantially in the form of Exhibit P-1F hereto, which notice shall provide each
of the CTSLink User ID associated with such Excluded Controlling Class Holder, and which notice shall direct the Certificate Administrator
to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the
extent provided in this Agreement.

 

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

 

“Excluded
Information”: With respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling
Class Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final Asset Status Reports (or
summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding a Special Servicer’s
net present value determination, any Appraisal Reduction calculations delivered pursuant to Section 3.26(d) and Section 3.26(e),
and any Officer’s Certificates delivered by the Master Servicer or the Special Servicer supporting any determination that
any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other information and reports designated as Excluded
Information by the Special Servicer, the Master Servicer or the Operating Advisor, as applicable, other than such information
with respect to such Excluded Controlling Class Loan(s) that is aggregated with information of other Mortgage Loans at a pool
level. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC®
IRP) (other than the CREFC® Special Servicer

 

    	-48-

    	 

    

 

Loan
File relating to any Excluded Controlling Class Loan) shall not be considered “Excluded Information”. Each of the
Master Servicer, the Special Servicer or the Operating Advisor shall deliver any Excluded Information that is to be posted to
the Certificate Administrator’s Website to the Certificate Administrator in accordance with Section 3.33(a)
hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered to
it under the “Excluded Information” tab on the Certificate Administrator’s Website shall be triggered solely
by such information being delivered in the manner provided in Section 3.33(a) hereof.

 

“Excluded
Loan”: Any Mortgage Loan or Whole Loan if, as of any date of determination, the Directing Certificateholder or the Holder
of the majority of the Controlling Class is a Borrower Party. For the avoidance of doubt, any Excluded Loan is also an Excluded
Controlling Class Loan. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded
Special Servicer”: With respect any Excluded Special Servicer Loan, a replacement special servicer that is not a Borrower
Party and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in Section 7.01(g).

 

“Excluded
Special Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to
such Excluded Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final
Asset Status Reports (or summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding
an Excluded Special Servicer’s net present value determination, any Appraisal Reduction calculations delivered pursuant
to Section 3.26(d) and Section 3.26(e), and any Officer’s Certificates delivered by the Master Servicer
or the applicable Excluded Special Servicer supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable
Advance, or such other information and reports designated as Excluded Special Servicer Information by the applicable Excluded
Special Servicer, the Master Servicer or the Operating Advisor, as applicable, other than such information with respect to such
Excluded Special Servicer Loan(s) that is aggregated with information of other Mortgage Loans at a pool level. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any Excluded Special Servicer Loan) shall not be considered
“Excluded Special Servicer Information”.

 

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

 

“Extended
Cure Period”: As defined in Section 2.03(b).

 

“Fannie
Mae”: Federal National Mortgage Association or any successor thereto.

 

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

 

“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by

 

    	-49-

    	 

    

 

the
Special Servicer to the Directing Certificateholder which does not include any communication (other than the related Asset Status
Report) between the Special Servicer and Directing Certificateholder with respect to such Specially Serviced Loan; provided
that, with respect to any Mortgage Loan other than an Excluded Loan, so long as a Control Termination Event has not occurred
and is not continuing, no Asset Status Report shall be considered to be a Final Asset Status Report unless the Directing Certificateholder
has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all
of its rights of approval and consent pursuant to Section 3.19, or has been deemed to have approved or consented to
such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

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

 

“Final
Recovery Determination”: A reasonable determination by the Special Servicer, in consultation with the Directing Certificateholder
if related to a Mortgage Loan other than an Excluded Loan and made prior to the occurrence of a Consultation Termination Event,
with respect to any Defaulted Loan (and, if applicable, any defaulted Companion Loan), Corrected Loan or REO Property (other than
a Mortgage Loan or REO Property, as the case may be, that was purchased by (i) any of the Mortgage Loan Sellers pursuant
to Section 6 of the applicable Mortgage Loan Purchase Agreement, (ii) the Special Servicer or other person pursuant
to Section 3.16(b), any Companion Holder or any mezzanine lender pursuant to Section 3.16 or (iii) the
Master Servicer, Special Servicer, the Holders of the Controlling Class, or the Holders of the Class R Certificates pursuant to
Section 9.01) that there has been a recovery of all Insurance and Condemnation Proceeds, Liquidation Proceeds, REO
Revenue and other payments or recoveries that, in the Special Servicer’s judgment, which judgment was exercised without
regard to any obligation of the Special Servicer to make payments from its own funds pursuant to Section 3.07(b),
will ultimately be recoverable. With respect to all Mortgage Loans other than the Excluded Loans, prior to the occurrence and
continuance of any Control Termination Event, the Directing Certificateholder shall have ten (10) Business Days to review
and approve each such recovery determination by the Special Servicer; provided, however, that if the Directing Certificateholder
fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery
determination, such consent shall be deemed given.

 

“First
National Building Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of October 29, 2015, by and between
the holder of the First National Building Pari Passu Companion Loan and the holder of the First National Building Mortgage Loan,
relating to the relative rights of such holders of the First National Building Whole Loan, as the same may be further amended
in accordance with the terms thereof.

 

“First
National Building Mortgage Loan”: With respect to the First National Building Whole Loan, the Mortgage Loan that is
included in the Trust (identified as Mortgage Loan No. 7 on the Mortgage Loan Schedule), which is designated as promissory
note A-2, and is pari passu in right of payment with the First National Building Pari Passu Companion Loan to the extent
set forth in the First National Building Intercreditor Agreement.

 

    	-50-

    	 

    

 

“First
National Building Mortgaged Property”: The Mortgaged Property that secures the First National Building Whole Loan.

 

“First
National Building Pari Passu Companion Loan”: With respect to the First National Building Whole Loan, the Companion
Loan evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on the First National
Building Mortgaged Property, which is not included in the Trust and which is pari passu in right of payment to the First
National Building Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the First National
Building Intercreditor Agreement.

 

“First
National Building Whole Loan”: The First National Building Mortgage Loan, together with the First National Building
Pari Passu Companion Loan, each of which is secured by the same Mortgage on the First National Building Mortgaged Property. References
herein to the First National Building Whole Loan shall be construed to refer to the aggregate indebtedness under the First National
Building Mortgage Loan and the First National Building Pari Passu Companion Loan.

 

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

 

“Form
8-K Disclosure Information”: As defined in Section 11.07.

 

“Form
15 Suspension Notification”: As defined in Section 11.08.

 

“Freddie
Mac”: Federal Home Loan Mortgage Corporation or any successor thereto.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on
which Liquidation Proceeds were received.

 

“Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered holders of JPMCC Commercial Mortgage Securities Trust
2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Gain-on-Sale Reserve Account.”. Any such account
shall be an Eligible Account or a subaccount of an Eligible Account.

 

    	-51-

    	 

    

 

“Grace
Period”: The number of days before a payment default is an event of default under the related Mortgage Loan and/or before
the imposition of late payment charges and/or default interest.

 

“Grantor
Trust”: A segregated asset pool within the Trust Fund treated as a “grantor trust” under subpart E,
part I of subchapter J of the Code, consisting of the assets described in the Preliminary Statement hereto.

 

“Ground
Lease”: The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property
and any estoppels or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation,
those so identified pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, and specifically
including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and
petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in
process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“Heinz
57 Center Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 29, 2015, by and between
the holder of the Heinz 57 Center Pari Passu Companion Loan and the holder of the Heinz 57 Center Mortgage Loan, relating to the
relative rights of such holders of the Heinz 57 Center Whole Loan, as the same may be further amended in accordance with the terms
thereof.

 

“Heinz
57 Center Mortgage Loan”: With respect to the Heinz 57 Center Whole Loan, the Mortgage Loan that is included in the
Trust (identified as Mortgage Loan No. 3 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and
is pari passu in right of payment with the Heinz 57 Center Pari Passu Companion Loan to the extent set forth in the Heinz
57 Center Intercreditor Agreement.

 

“Heinz
57 Center Mortgaged Property”: The Mortgaged Property that secures the Heinz 57 Center Whole Loan.

 

“Heinz
57 Center Pari Passu Companion Loan”: With respect to the Heinz 57 Center Whole Loan, the Companion Loan evidenced by
the related promissory note made by the related Mortgagor and secured by the Mortgage on the Heinz 57 Center Mortgaged Property,
which is not included in the Trust and which is pari passu in right of payment to the Heinz 57 Center Mortgage Loan to
the extent set forth in the related Mortgage Loan documents and as provided in the Heinz 57 Center Intercreditor Agreement.

 

“Heinz
57 Center Whole Loan”: The Heinz 57 Center Mortgage Loan, together with the Heinz 57 Center Pari Passu Companion Loan,
each of which is secured by the same Mortgage on the Heinz 57 Center Mortgaged Property. References herein to the Heinz 57 Center
Whole Loan shall be construed to refer to the aggregate indebtedness under the Heinz 57 Center Mortgage Loan and the Heinz 57
Center Pari Passu Companion Loan.

 

    	-52-

    	 

    

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of
the Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in
fact independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Directing Certificateholder, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together
with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer and all Affiliates thereof,
(ii) does not have any material direct financial interest in or any material indirect financial interest in any of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the
Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage
Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof and (iii) is not connected with
the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other
Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that
a Person shall not fail to be Independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the
Special Servicer, the Directing Certificateholder, the Companion Holders or any Affiliate thereof merely because such Person is
the beneficial owner of 1% or less of any Class of securities issued by the Trustee, the Certificate Administrator, the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder,
the Companion Holders or any Affiliate thereof, as the case may be, so long as such ownership constitutes less than 1% of the
total assets of such Person. For the avoidance of doubt, the exception in the proviso above for ownership of 1% or less of any
Class of Certificates shall not apply with respect to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust
within the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership
test set forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any
Class of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall
be at no expense to the Trustee, the Certificate Administrator, the Master Servicer, any Companion Holder or the Trust, delivered
to the Trustee, any Companion Holder, the Certificate Administrator and the Master Servicer), so long as the Trust does not receive
or derive any income from such Person and provided that the relationship between such Person and the Trust is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that the Master Servicer or the Special
Servicer shall not be considered to be an Independent Contractor under the definition in this clause (i) unless an
Opinion of Counsel has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other
Person (including the Master Servicer and the Special Servicer) upon receipt by the Trustee, the Certificate Administrator, the
Operating Advisor and the Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor or the Trust, to the effect that the taking of any action in respect
of any REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken
by an Independent Contractor

 

    	-53-

    	 

    

 

 will not cause such REO Property to cease to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code or cause any income realized in respect of such REO Property to fail to qualify
as Rents from Real Property.

 

“Initial
Cure Period”: As defined in Section 2.03(b).

 

“Initial
Purchasers”: J.P. Morgan Securities LLC and Barclays Capital Inc.

 

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

 

“Initial
Sub-Servicer”: With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with the Master Servicer
as of the Closing Date, the Sub-Servicer under any such Sub-Servicing Agreement. As of the Closing Date, each entity listed on
Exhibit FF is an Initial Sub-Servicer.

 

“Initial
Sub-Servicing Agreement”: Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”: As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”: An institutional investor which is an “accredited investor” within the meaning of
paragraphs (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity owners
come within such paragraphs.

 

“Insurance
and Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the Master Servicer or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth
in the related Intercreditor Agreement) and the REMIC Provisions.

 

“Insurance
Consultant Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage
Loan Seller or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all
Insurance Policies covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each
such provider and the amount of coverage and any applicable deductible.

  

“Insurance
Policy”: With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other
insurance policy that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

    	-54-

    	 

    

 

“Intercreditor
Agreement”: Each of the 32 Avenue of the Americas Intercreditor Agreement, the 7700 Parmer Intercreditor Agreement,
the Heinz 57 Center Intercreditor Agreement, The 9 Intercreditor Agreement, the First National Building Intercreditor Agreement,
the DoubleTree Anaheim – Orange County Intercreditor Agreement and any intercreditor agreement entered into in connection
with the issuance to the direct or indirect equity holders in the Mortgagor of any existing mezzanine indebtedness or any future
mezzanine indebtedness permitted under the related Mortgage Loan documents.

 

“Interest
Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates, is equal to interest for
the related Interest Accrual Period accrued at the Pass-Through Rate for such Class of Certificates on the Certificate Balance
or Notional Amount, as applicable, for such Class immediately prior to that Distribution Date. Calculations of interest for each
Interest Accrual Period will be made on 30/360 basis.

 

“Interest
Accrual Period”: For each Distribution Date, the calendar month prior to the month in which that Distribution Date occurs.

 

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

 

For
purposes of clause (B) above, the Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated
to each Class of Regular Certificates, in an amount equal to the product of (i) the amount of such Excess Prepayment
Interest Shortfall and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class for such Distribution
Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of Regular Certificates,
for such Distribution Date. 

 

“Interest
Reserve Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate
Administrator pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association,
as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1,
Interest Reserve Account”, into which the amounts set forth in Section 3.21 shall be deposited directly and
which must be an Eligible Account or subaccount of an Eligible Account.

 

“Interest
Shortfall”: With respect to any Distribution Date for any Class of Regular Certificates, the sum of (a) the portion
of the Interest Distribution Amount for such Class remaining unpaid as of the close of business on the preceding Distribution
Date, and (b) to the extent permitted by applicable law, (i) other than in the case of Class X Certificates, one
month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class for the current Distribution
Date and (ii) in the case of the Class X Certificates, one-month’s interest on that amount remaining unpaid at
the Weighted Average Net Mortgage Rate for such Distribution Date.

 

    	-55-

    	 

    

 

“Interested
Person”: As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, any
sponsor, any Borrower Party, any Independent Contractor engaged by the Special Servicer, or any known Affiliate of any of the
preceding entities. With respect to a Whole Loan if it is a Defaulted Loan, the Depositor, the Master Servicer, the Special Servicer
(or any Independent Contractor engaged by such Special Servicer), or the trustee for the securitization of a Companion Loan, and
each related Companion Holder or its representative, any holder of a related mezzanine loan, or any known Affiliate of any such
party described above.

 

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

 

“Investment
Account”: As defined in Section 3.06(a).

 

“Investment
Representation Letter”: As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor-Based
Exemption”: Any of PTCE 84-14 (for transactions by independent “qualified professional asset managers”),
PTCE 91-38 (for transactions by bank collective investment funds), PTCE 90-1 (for transactions by insurance company pooled separate
accounts), PTCE 95-60 (for transactions by insurance company general accounts) or PTCE 96-23 (for transactions effected by “in-house
asset managers”) or a similar exemption under Similar Law.

 

“Investor
Certification”: A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit
P-1B, Exhibit P-1C and Exhibit P-1D to this Agreement or in the form of an electronic certification contained
on the Certificate Administrator’s Website (which may be a click-through confirmation), representing (i) that such
Person executing the certificate is a Certificateholder, the Directing Certificateholder (to the extent such Person is not a Certificateholder),
a beneficial owner of a Certificate, a prospective purchaser of a Certificate or a Companion Holder (or any investment advisor
or manager of the foregoing), (ii) that either (a) such Person is not a Borrower Party, in which case such Person shall have
access to all the reports and information made available to Certificateholders via the Certificate Administrator’s Website
hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person is the Directing Certificateholder or
a Controlling Class Certificateholder, such Person shall have access to all the reports and information made available to Certificateholders
via the Certificate Administrator’s Website hereunder other than any Excluded Information as set forth herein, or (2) if
such Person is not the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall only receive access
to the Distribution Date Statements prepared by the Certificate Administrator, (iii) that such Person has received a copy
of the final Prospectus and (iv) such Person agrees to keep any Privileged Information confidential and will not violate
any securities laws; provided, however, that any Excluded Controlling Class Holder (i) shall be permitted to
obtain in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded Controlling
Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such

 

    	-56-

    	 

    

 

Excluded
Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website)
and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information
with respect to any related Excluded Controlling Class Loan.

 

“Investor
Q&A Forum”: As defined in Section 4.07(a).

 

“Investor
Registry”: As defined in Section 4.07(b).

 

“JPMBB
Commercial Mortgage Securities Trust 2015-C32 Pooling and Servicing Agreement”: The pooling and servicing agreement,
dated as of October 1, 2015, among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National
Association, as master servicer, LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate
administrator, Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance LLC, as senior trust advisor, as
from time to time amended, supplemented or modified relating to the issuance of the JPMBB Commercial Mortgage Securities Trust
2015-C32, Commercial Mortgage Pass-Through Certificates, Series 2015-C32.

 

“JPMBB
Commercial Mortgage Securities Trust 2015-C33 Pooling and Servicing Agreement”: The pooling and servicing agreement,
dated as of November 1, 2015, among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National
Association, as master servicer, Torchlight Loan Services, LLC, as special servicer, Wells Fargo Bank, National Association, as
certificate administrator, Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance LLC, as senior trust
advisor, as from time to time amended, supplemented or modified relating to the issuance of the JPMBB Commercial Mortgage Securities
Trust 2015-C33, Commercial Mortgage Pass-Through Certificates, Series 2015-C33.

 

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

 

“Late
Collections”: With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to
the related Determination Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which
represent late payments or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion
Loan, as applicable (without regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to
the immediately preceding Determination Date and not previously recovered. With respect to any REO Loan, all amounts received
in connection with the related REO Property prior to the related Determination Date, whether as Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenues or otherwise, which represent late collections of principal or interest due or deemed due in
respect of such REO Loan or the predecessor Mortgage Loan, Whole Loan or Companion Loan, as

 

    	-57-

    	 

    

 

 applicable (without regard to any
acceleration of amounts due under the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default),
on a Due Date prior to the immediately preceding Determination Date and not previously recovered. The term “Late Collections”
shall specifically exclude Penalty Charges. With respect to any Whole Loan, as used in this Agreement, Late Collections shall
refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable,
pursuant to the terms of the related Intercreditor Agreement.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to
such Mortgage Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to Section 6
of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by the Special Servicer, or by any
Companion Holder or any mezzanine lender (as applicable) pursuant to Section 3.16 (and the related Intercreditor Agreement,
as applicable); (v) such Mortgage Loan is purchased by the Special Servicer, the Master Servicer, the Holders of the majority
of the Controlling Class or the Holders of the Class R Certificates pursuant to Section 9.01 or acquired by the Sole
Certificateholder in exchange for its Certificates pursuant to Section 9.01; or (vi) such Mortgage Loan is sold
by the Special Servicer pursuant to the terms of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Special
Servicer in connection with a liquidation of any Specially Serviced Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses, committee or
referee fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (A) with respect to each Specially Serviced Loan or REO Property (except
with respect to a Non-Serviced Mortgaged Property) as to which the Special Servicer receives (i) a full, partial or discounted
payoff from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds with respect to
the related Mortgage Loan (including the related Companion Loan, if applicable), or REO Property (in any case, other than amounts
for which a Workout Fee has been paid, or will be payable), equal to the product of the Liquidation Fee Rate and the proceeds
of such full, partial or discounted payoff or other partial payment or the Liquidation Proceeds or Insurance and Condemnation
Proceeds (net of the related costs and expenses associated with the related liquidation) related to such liquidated Specially
Serviced Loan or REO Property, as the case may be, and (B) with respect to each Mortgage Loan (and any related Serviced Companion
Loan) as to which the Special Servicer obtains any payment or Loss of Value Payment from the applicable Mortgage Loan Seller in
connection with the repurchase of such Mortgage Loan in accordance with Section 2.03(l), equal to the product of the
Liquidation Fee Rate and the related payment or Loss of Value Payment (exclusive of default interest); provided, however,
that no Liquidation Fee shall be payable with respect to (a) the purchase of any Specially Serviced Loan by the Special Servicer
or any Affiliate thereof (except if such Affiliate purchaser is the Directing Certificateholder or any Affiliate thereof; provided,
however, that prior to a Control Termination Event, if the Directing Certificateholder or an Affiliate thereof, purchases
any Specially Serviced Loan within ninety (90) days after the Special Servicer delivers to the Directing Certificateholder

 

    	-58-

    	 

    

 

for
its approval the initial Asset Status Report with respect to such Specially Serviced Loan, the Special Servicer will not be entitled
to a Liquidation Fee in connection with such purchase by the Directing Certificateholder or its Affiliates), (b) any event
described in clause (iv) of the definition of “Liquidation Proceeds” (or any substitution in lieu of a
repurchase) so long as such repurchase or substitution occurs prior to the termination of the Extended Cure Period, (c) any
event described in clauses (v), (vi) and (vii) of the definition of “Liquidation Proceeds”,
as long as, with respect to a purchase pursuant to clause (vi) of the definition of “Liquidation Proceeds”,
a purchase occurs within ninety (90) days following the date that the first purchase option trigger occurs resulting in such purchase
option holder’s purchase option becoming exercisable during that period prior to such Mortgage Loan becoming a Corrected
Loan pursuant to the related Intercreditor Agreement, (d) with respect to a Serviced Companion Loan, (x) a repurchase
of such Serviced Companion Loan by the applicable Mortgage Loan Seller for a breach of a representation or warranty or for a defective
or deficient mortgage loan documentation under an Other Pooling and Servicing Agreement within the time period (or extension thereof)
provided for such repurchase of such repurchase occurs prior to the termination of the extended resolution period provided therein
or (y) a purchase of such Serviced Companion Loan by any applicable party to the Other Pooling and Servicing Agreement pursuant
to a clean-up call or similar liquidation of the Other Securitization; or (e) if a Mortgage Loan or Serviced Whole Loan becomes
a Specially Serviced Loan solely because of a Servicing Transfer Event described in clause (i) or (ii) of the
definition of “Servicing Transfer Event”, Liquidation Proceeds are received within ninety (90) days following the
related Maturity Date as a result of such Mortgage Loan or Serviced Whole Loan being refinanced or otherwise repaid in full (but,
in the event that a Liquidation Fee is not payable due to the application of any of clauses (a) through (e) above,
the Special Servicer may still collect and retain a Liquidation Fee and similar fees from the related Mortgagor to the extent
provided for in, or not prohibited by, the related loan documents); provided that the Liquidation Fee with respect to any
Specially Serviced Loan will be reduced by the amount of any Excess Modification Fees paid by or on behalf of the related Mortgagor
with respect to the related Mortgage Loan and any related Companion Loan, as applicable, or REO Property and received by the Special
Servicer as compensation within the prior twelve (12) months, but only to the extent those fees have not previously been deducted
from a Workout Fee or Liquidation Fee. No Liquidation Fee shall be payable in connection with a Loss of Value Payment by a Mortgage
Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within ninety (90) days of receipt of notice
of a breach (and giving effect to an extension period of 90 days).

 

“Liquidation
Fee Rate”: A rate equal to 1.00% with respect to any Specially Serviced Loan (and each related Serviced Companion Loan)
and REO Property; provided that if such rate would result in an aggregate Liquidation Fee of less than $25,000, then the
Liquidation Fee Rate will be equal to such higher rate as would result in an aggregate Liquidation Fee equal to $25,000.

 

“Liquidation
Proceeds”: Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: (i) the
liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a Defaulted Loan
or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive
of any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions
of the related Mortgage Note and

 

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Mortgage;
(ii) the realization upon any deficiency judgment obtained against a Mortgagor; (iii) any sale of (A) a Specially
Serviced Loan pursuant to Section 3.16(a) or (B) any REO Property pursuant to Section 3.16(b); (iv) the
repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller pursuant to Section 6 of the related Mortgage Loan Purchase
Agreement; (v) the purchase of a Mortgage Loan or REO Property by the Holders of the majority of the Controlling Class, the
Special Servicer, the Master Servicer or the Holders of the Class R Certificates pursuant to Section 9.01; (vi) the
purchase of a Mortgage Loan or an REO Property by (a) the applicable Subordinate Companion Holder or (b) the related mezzanine
lender pursuant to Section 3.16 and the related Intercreditor Agreement; or (vii) the transfer of any Loss of
Value Payments from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.05(g) of
this Agreement (provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the
Special Servicer in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed
to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss
of Value Payment is made by the applicable Mortgage Loan Seller). With respect to any Whole Loan, as used in this Agreement, Liquidation
Proceeds shall refer to such portion of Liquidation Proceeds to the extent allocable to the related Mortgage Loan or related Companion
Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

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

 

“Loss
of Value Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(i) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

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

 

“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary Statement hereto,
and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of
the Class of Related Certificates on the Distribution Date immediately prior to such date of determination (determined as adjusted
pursuant to Section 1.02(iii)), and as set forth in Section 4.01(c)).

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB,
Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LNR Uncertificated
Interests.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising a portion of the Trust Fund, which consist of the Mortgage Loans (exclusive
of Excess Interest) and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof, in the case
of any Serviced Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect to a Non-Serviced Whole
Loan, such amounts as shall from time to time be held in the Collection Account (other than with respect to any Companion Loan),
the related portion of the

 

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REO
Account, if any, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Lower-Tier REMIC Distribution Account, and
all other properties included in the Trust Fund that are not in the Upper-Tier REMIC or the Grantor Trust, except for the Loss
of Value Reserve Fund.

 

“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall
initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1,
Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Lower-Tier REMIC Distribution Account”. Any such account,
accounts or sub-accounts shall be an Eligible Account.

 

“LTV
Ratio”: With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the
numerator of which is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments
on such Mortgage Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: As defined in Section 6.08(a).

 

“Master
Servicer”: With respect to each of the Mortgage Loans, Wells Fargo Bank, National Association, and its successors in
interest and assigns, or any successor appointed as allowed herein.

 

“Master
Servicer Decision”: As defined in Section 3.18(m).

 

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

 

“Material
Defect”: With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach, as the
case may be, materially and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property or
the interests of the Trustee or any Certificateholder therein or causes such Mortgage Loan to be other than a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury regulations Section
1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage.

 

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

 

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

 

“Merger
Notice”: As defined in Section 6.03(b).

 

“Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loans, any
and all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term
of the Mortgage Loan documents and/or related Serviced Companion Loan documents (as evidenced by a signed writing) agreed to by
the Master Servicer or the Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent
fees, defeasance fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

 

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

 

“Mortgage”:
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien (except in the case of Mortgage Loan No. 5 identified as “The 9”,
for which the mortgage is a second priority lien) on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage
File”: With respect to each Mortgage Loan or Companion Loan, if applicable, but subject to Section 2.01,
collectively the following documents:

 

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

 

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

 

(iii)        an
original assignment of the Mortgage in favor of the Trustee or in blank and (subject to the completion of certain missing recording
information and, if applicable, the assignee’s name) in recordable form (or, if the related Mortgage Loan Seller is responsible
for the recordation of that assignment, a copy thereof certified to be the copy of such assignment submitted or to be submitted
for recording);

 

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

 

(v)         an
original assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the
Trustee or in blank and (subject to the completion of certain missing recording information and, if applicable, the assignee’s
name) in recordable form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy
thereof certified to be the copy of such assignment submitted or to be submitted for recording);

 

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

 

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

 

(viii)      the
original or a copy of the policy or certificate of lender’s title insurance issued on the date of the origination of such
Mortgage Loan, or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version
of the policy that has been executed by an authorized representative of the title company or an agreement to provide the same
pursuant to binding escrow instructions executed by an authorized representative of the title company) to issue such title insurance
policy;

 

(ix)        any
filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements, related amendments and continuation
statements in the possession of the applicable Mortgage Loan Seller;

 

(x)         an
original assignment in favor of the Trustee of any financing statement executed and filed in favor of the applicable Mortgage
Loan Seller in the relevant jurisdiction (or, if the related Mortgage Loan Seller is responsible for the filing of that assignment,
a copy thereof certified to be the copy of such assignment submitted or to be submitted for recording);

 

(xi)        the
original or a copy of any intercreditor agreement relating to existing debt of the borrower, including any Intercreditor Agreement
relating to a Serviced Whole Loan;

 

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

 

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(xiii)       the
original or a copy of any ground lease, ground lessor estoppel, environmental insurance policy, environmental indemnity or guaranty
relating to a Mortgage Loan or a Serviced Whole Loan;

 

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

 

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

 

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

 

(xvii)     the
original or a copy of any related mezzanine intercreditor agreement;

 

(xviii)    the
original or a copy of all related environmental insurance policies; and

 

 (xix)        a
list related to such Mortgage Loan indicating the related Mortgage Loan documents
included in the related Mortgage File as of the Closing Date (the “Mortgage Loan Checklist”);

 

provided, however,
that (a) whenever the term “Mortgage File” is used to refer to documents held by the Custodian, such term
shall not be deemed to include such documents and instruments required to be included therein unless they are
actually received by the Custodian, (b) if there exists with respect to any Crossed Mortgage Loan Group only one
original or certified copy of any document referred to in the definition of “Mortgage File” covering all of the
Mortgage Loans in such Crossed Mortgage Loan Group, then the inclusion of such original or certified copy in the Mortgage
File for any of the Mortgage Loans constituting such Crossed Mortgage Loan Group shall be deemed the inclusion of such
original or certified copy in the Mortgage File for each such Mortgage Loan, (c) to the extent that this Agreement
refers to a “Mortgage File” for a Companion Loan, such “Mortgage File” shall be construed to mean the
Mortgage File for the related Mortgage Loan (except that references to the Mortgage Note for a Companion Loan otherwise
described above shall be construed to instead refer to a photocopy of such Mortgage Note), (d) with respect to any
Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation of any assignment of Mortgage, any
separate assignment of Assignment of Leases and any assignment of any UCC Financing Statement in the name of the Trustee
shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such
instrument and the benefits intended to be provided to them by such instrument, it being acknowledged that (i) the Trustee
shall hold such record title for the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion
Holder(s) collectively and

 

    	-64-

    	 

    

 

 (ii) any efforts undertaken by the Trustee, the Master Servicer, or the Special Servicer on its
behalf to enforce or obtain the benefits of such instrument shall be construed to be so undertaken by Trustee, the Master Servicer
or the Special Servicer for the benefit of the Trust as the holder of the applicable Mortgage Loan and the related Companion Holder(s)
collectively, (e) in connection with any Non-Serviced Mortgage Loan, the preceding document delivery requirements will be
met by the delivery by the applicable Mortgage Loan Seller of copies of the documents specified above (other than the Mortgage
Note and intervening endorsements evidencing such Mortgage Loan, with respect to which the original shall be required) including
a copy of the Mortgage securing the applicable Mortgage Loan and any assignments or other transfer documents referred to in clauses
(iii), (v), (vi), (vii), (ix) and (x) above as being in favor of the Trustee shall instead
be in favor of the applicable Non-Serviced Trustee and need only be in such form as was delivered to the applicable Non-Serviced
Trustee or a custodian on its behalf, and (f) in connection with any Non-Serviced Mortgage Loan, any and all document delivery
requirements as regards the related Mortgage File (or any portion thereof) set forth herein or in the related Mortgage Loan Purchase
Agreement will also be satisfied by the delivery, in compliance with the terms of the related Non-Serviced PSA, by the applicable
Mortgage Loan Seller of the documents specified above (other than the Mortgage Note and intervening endorsements evidencing such
Mortgage Loan) to the custodian under the related Non-Serviced PSA (in such form as was delivered to the custodian under the related
Non-Serviced PSA).

 

“Mortgage
Loan”: Each of the mortgage loans (other than the Crossed Underlying Loans of a Crossed Mortgage Loan Group, it being
understood that for the purposes of this Agreement each Crossed Mortgage Loan Group shall be treated as one Mortgage Loan) transferred
and assigned to the Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage
Loan” includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related
agreements.

 

“Mortgage
Loan Checklist”: A list related to each Mortgage Loan indicating the related Mortgage Loan documents included in the
related Mortgage File as of the Closing Date.

 

“Mortgage
Loan Purchase Agreement”: Each agreement between the Depositor and each Mortgage Loan Seller, relating to the transfer
of all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage
Loan Schedule”: The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust Fund,
attached hereto as Exhibit B, which list sets forth the following information with respect to each Mortgage Loan so
transferred:

 

(i)            the
loan identification number (as specified in Annex A-1 to the Prospectus);

 

(ii)           the
Mortgagor’s name;

 

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

 

(iv)          the
Mortgage Rate in effect at origination;

 

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(v)           the
Net Mortgage Rate in effect at the Cut-off Date;

 

(vi)          the
original principal balance;

 

(vii)         the
Cut-off Date Balance;

 

(viii)        the
(a) original term to stated maturity, (b) remaining term to stated maturity and (c) Maturity Date;

 

(ix)          the
original and remaining amortization terms;

 

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

 

(xi)          the
applicable Servicing Fee Rate;

 

(xii)         whether
the Mortgage Loan is a 30/360 Mortgage Loan or an Actual/360 Mortgage Loan;

 

(xiii)        whether
such Mortgage Loan is secured by the related Mortgagor’s interest in a ground lease;

 

(xiv)        identifying
any Mortgage Loans with which such Mortgage Loan is cross-defaulted or cross-collateralized;

 

(xv)         the
originator of the related Mortgage Loan and the Mortgage Loan Seller;

 

(xvi)        whether
the related Mortgage Loan has a guarantor;

 

(xvii)       whether
the related Mortgage Loan is secured by a letter of credit;

 

(xviii)      amount
of any reserve or escrowed funds that were deposited at origination and any ongoing periodic deposit requirements;

 

(xix)         number
of grace days;

 

(xx)          whether
a cash management agreement or lock-box agreement is in place;

 

(xxi)         the
general property type of the related Mortgaged Property;

 

(xxii)        whether
the related Mortgage Loan permits defeasance;

 

(xxiii)       the
interest accrual period;

 

(xxiv)      Anticipated
Repayment Date, if applicable;

 

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

 

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(xxvi)      the
number of units, rooms, pads or square feet with respect to each Mortgaged Property.

 

Such
Mortgage Loan Schedule shall also set forth the aggregate of the amounts described under clause (vii) above for all
of the Mortgage Loans. Such list may be in the form of more than one list, collectively setting forth all of the information required.

 

“Mortgage
Loan Seller”: Each of (i) JPMorgan Chase Bank, National Association, a national banking association, or its successor
in interest, (ii) SMF II, a Delaware limited liability company, or its successor in interest, (iii) Barclays Bank PLC,
a public limited company registered in England and Wales, or its successor in interest and (iv) RCMC, a Delaware corporation,
or its successor in interest. For the avoidance of doubt, any reference herein to the “Mortgage Loan Seller” as it
relates to SMF II in connection with any obligations thereof shall also be a reference to Starwood to the extent that Starwood
has, in accordance with the related Mortgage Loan Purchase Agreement, agreed to cause SMF II to take any actions thereunder or,
to the extent assigned to the Trustee, Starwood otherwise has obligations under the related Mortgage Loan Purchase Agreement.
For the avoidance of doubt, any reference herein to the “Mortgage Loan Seller” as it relates to RCMC in connection
with any obligations thereof shall also be a reference to RTI to the extent that RTI has, in accordance with the related Mortgage
Loan Purchase Agreement, agreed to cause RCMC to take any actions thereunder or, to the extent assigned to the Trustee, RTI otherwise
has obligations under the related Mortgage Loan Purchase Agreement.

 

“Mortgage
Note”: The original executed note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan,
as the case may be, together with any rider, addendum or amendment thereto.

 

“Mortgage
Rate”: With respect to: (i) any Mortgage Loan (including any Non-Serviced Mortgage Loan) or related Serviced Pari
Passu Companion Loan on or prior to its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default)
to accrue on such Mortgage Loan or related Serviced Pari Passu Companion Loan from time to time in accordance with the related
Mortgage Note and applicable law; or (ii) any Mortgage Loan or related Serviced Pari Passu Companion Loan after its Maturity
Date, the annual rate described in clause (i) above determined without regard to the passage of such Maturity Date.
For the avoidance of doubt, the Mortgage Rate of any ARD Loan shall not be construed to include the related Excess Rate.

 

“Mortgaged
Property”: The real property subject to the lien of a Mortgage.

 

“Mortgagor”:
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor
individually and collectively, as the context may require.

 

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“Net
Investment Earnings”: With respect to the Collection Accounts, the Servicing Accounts or the REO Account or Companion
Distribution Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date,
the amount, if any, by which the aggregate of all interest and other income realized during such period on funds relating to the
Trust Fund held in such account, exceeds the aggregate of all losses, if any, incurred during such period in connection with the
investment of such funds in accordance with Section 3.06.

 

“Net
Investment Loss”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution
Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date, the amount by
which the aggregate of all losses, if any, incurred during such period in connection with the investment of funds relating to
the Trust held in such account in accordance with Section 3.06, exceeds the aggregate of all interest and other income
realized during such period on such funds.

 

“Net
Mortgage Rate”: With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) or any REO Loan (other than
the portion of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal to the
related Mortgage Rate then in effect (without regard to any increase in the interest rate of any ARD Loan after its respective
Anticipated Repayment Date), minus the related Administrative Cost Rate; provided, however, that for purposes
of calculating Pass-Through Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage Loan will be determined without
regard to any modification, waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer
or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the Mortgagor; provided,
further, that for any Mortgage Loan that does not accrue interest on the basis of a 360-day year consisting of twelve 30-day
months, then, solely for purposes of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage
Rate of such Mortgage Loan or for any one-month period preceding a related Due Date will be the annualized rate at which interest
would have to accrue in respect of such Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in order
to produce the aggregate amount of interest actually accrued in respect of such Mortgage Loan during such one-month period at
the related Net Mortgage Rate; provided, further, that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage
Rate for the one-month period (A) preceding the Due Dates that occur in January and February in any year which is not a leap
year or preceding the Due Date that occurs in February in any year which is a leap year (in either case, unless the related Distribution
Date is the final Distribution Date), will be determined exclusive of any Withheld Amounts, and (B) preceding the Due Date
in March (or February, if the related Distribution Date is the final Distribution Date), will be determined inclusive of the amounts
withheld in the immediately preceding January and February, if applicable. With respect to any REO Loan, the Net Mortgage Rate
shall be calculated as described above, determined as if the predecessor Mortgage Loan had remained outstanding.

 

“Net
Operating Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating
Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time
to time endorsed and put forth by the CREFC®.

 

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“New
Lease”: Any lease of REO Property entered into at the direction of the Special Servicer on behalf of the Trust, including
any lease renewed, modified or extended on behalf of the Trust, if the Trust has the right to renegotiate the terms of such lease.

 

“Non-Book
Entry Certificates”: As defined in Section 5.02(c).

 

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

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan
(including any Non-Serviced Mortgage Loan) or REO Loan (other than an portion of an REO Loan related to a Companion Loan)
which, in the reasonable judgment of the Master Servicer or the Trustee, as the case may be, will not be ultimately
recoverable, together with any accrued and unpaid interest thereon at the Reimbursement Rate, from Late Collections or any
other recovery on or in respect of such Mortgage Loan or REO Loan; provided, however, that the Special Servicer
may, at its option (with respect to any Specially Serviced Loan and, prior to the occurrence of a Consultation Termination
Event (other than with respect to any Excluded Loan), in consultation with the Directing Certificateholder), make a
determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is a
Nonrecoverable P&I Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any
Other Servicer) and with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer and
Non-Serviced Special Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information
Provider notice of such determination. Any such determination may be conclusively relied upon by, but shall not be binding
upon, the Master Servicer and the Trustee, provided, however, that the Special Servicer shall have no such
obligation to make an affirmative determination that any P&I Advance is or would be recoverable and in the absence of a
determination by the Special Servicer that such P&I Advance is or would be a Nonrecoverable P&I Advance, such
decision shall remain with the Master Servicer or Trustee, as applicable. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed P&I Advance is a Nonrecoverable P&I Advance, the
Master Servicer and the Trustee shall have the right to make its own subsequent determination that any remaining portion of
any such previously made or proposed P&I Advance is a Nonrecoverable P&I Advance. With respect to any Non-Serviced
Whole Loan, if any Non-Serviced Master Servicer or Non-Serviced Special Servicer, as applicable,
in connection with a securitization of the related Non-Serviced Companion Loan determines that a P&I Advance with respect
to the related Non-Serviced Companion Loan, if made, would be a Nonrecoverable P&I Advance, such determination shall not
be binding on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to the related
Non-Serviced Mortgage Loan. Similarly, with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer or the
Special Servicer determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be
a Nonrecoverable P&I Advance,
such determination shall not be binding on the related Non-Serviced Master Servicer and related Non-Serviced Trustee as it relates
to any proposed P&I Advance with respect to the related Non-Serviced Companion Loan (unless the related Non-Serviced PSA provides
otherwise). In making such recoverability determination, the Master Servicer, Special Servicer or Trustee, as applicable, shall
be entitled (a) to consider (among other things) (i) the obligations

 

    	-69-

    	 

    

 

 of the Mortgagor under the terms of the related
Mortgage Loan or Companion Loan, as applicable, as it may have been modified and (ii) the related Mortgaged Properties in
their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business judgment
in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility and effects of future adverse change
with respect to such Mortgaged Properties, (b) to estimate and consider (consistent with the Servicing Standard in the case
of the Master Servicer and the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its
capacity as Trustee) (among other things) future expenses, (c) to estimate and consider (consistent with the Servicing Standard
in the case of the Master Servicer and the Special Servicer or in its good faith business judgment in the case of the Trustee,
solely in its capacity as Trustee) (among other things) the timing of recoveries and (d) to give due regard to the existence
of any Nonrecoverable Advances which, at the time of such consideration, the recovery of which are being deferred or delayed by
the Master Servicer or the Trustee, in light of the fact that related proceeds are a source of recovery not only for the Advance
under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any Person, in
considering whether a P&I Advance is a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any
outstanding Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the reimbursement
of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee because there
is insufficient principal available for such recovery, in light of the fact that proceeds on the related Mortgage Loan are a source
of recovery not only for the P&I Advance under consideration, but also as a potential source of reimbursement of such Nonrecoverable
Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. In addition, any such Person may
update or change its recoverability determinations at any time (but not reverse any other Person’s determination that an
Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in the case of the Master Servicer or in its
good faith business judgment in the case of the Trustee (solely in its capacity as Trustee), may obtain at the expense of the
Trust any reasonably required analysis, Appraisals or market value estimates or other information for making a recoverability
determination (and, upon the reasonable request by the Trustee, Master Servicer or Special Servicer, as applicable, the Master
Servicer and the Special Servicer shall deliver any relevant Appraisals or market value estimates in its possession to the requesting
party for such purpose). Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s determination
as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. The determination by
the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable P&I Advance has been made
or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any updated or changed recoverability
determination, shall be evidenced by an Officer’s Certificate delivered by either the Special Servicer or the Master Servicer
to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder (but only prior to the occurrence
of a Consultation Termination Event and only with respect to any Mortgage Loan other than an Excluded Loan) (and, in the case
of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer) and the
Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate
Administrator (and, in the case of a Serviced Mortgage Loan, any Other Servicer). The Officer’s Certificate

 

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 shall set forth
such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or the Trustee, as
applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, related income and
expense statements, rent rolls, occupancy status, property inspections and any other information used by the Master Servicer,
the Special Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal of the
related Mortgage Loan or the related Mortgaged Property). The Trustee shall be entitled to conclusively rely on the Master Servicer’s
or Special Servicer’s determination that a P&I Advance is or would be nonrecoverable, and the Master Servicer shall
be entitled to conclusively rely on the Special Servicer’s determination that a P&I Advance is or would be nonrecoverable.
In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall take into account the cross-collateralization
of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan), Whole Loan or REO Property which, in the reasonable judgment of the Master Servicer, the Special
Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together with any accrued and unpaid interest
thereon, at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan, Whole
Loan or REO Property. In making such recoverability determination, such Person shall be entitled (a) to consider (among other
things) (i) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable,
as it may have been modified and (ii) the related Mortgaged Properties in their “as-is” or then-current conditions
and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as
Trustee) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (b) to
estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in
its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses,
(c) to estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the
timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such
consideration, the recovery of which are being deferred or delayed by the Master Servicer or the Trustee because there is insufficient
principal available for such reimbursement, in light of the fact that related proceeds are a source of recovery not only for the
Advance under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any Person,
in considering whether a Servicing Advance is a Nonrecoverable Servicing Advance, shall be entitled to give due regard to the
existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement
of which, at the time of such consideration, is being deferred or delayed by the Master Servicer, in light of the fact that proceeds
on the related Mortgage Loan are a source of recovery not only for the Servicing Advance under consideration, but also as a potential
source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred
or delayed. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any
other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with

 

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the Servicing Standard, in the case of the Master Servicer or in its good faith business judgment in the case of the Trustee
(solely in its capacity as Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals or
market value estimates or other information for making a recoverability determination (and, upon the reasonable request by
the Trustee, Master Servicer or Special Servicer, as applicable, the Master Servicer and the Special Servicer shall deliver
any relevant Appraisals or market value estimates in its possession to the requesting party for such purpose). Absent bad
faith, the Master Servicer’s, Special Servicer’s or the Trustee’s determination as to the recoverability of
any Servicing Advance shall be conclusive and binding on the Certificateholders. The determination by the Master Servicer,
the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable Servicing Advance has been made or that any
proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, or any updated or changed
recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either of the Special
Servicer or Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder
(but only prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan other than
an Excluded Loan) (and in the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the
case of the Special Servicer) and the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Certificate Administrator (and in the case of a Serviced Mortgage Loan, any Other
Servicer); provided, however, that the Special Servicer may, at its option (with respect to any
Specially Serviced Loan and, prior to the occurrence of a Consultation Termination Event (other than with respect to any
Excluded Loan), in consultation with the Directing Certificateholder) make a determination in accordance with the Servicing
Standard, that any Servicing Advance previously made or proposed to be made is a Nonrecoverable Servicing Advance and shall
deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any Other Servicer), the Certificate
Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider notice of such determination. Any such
determination may be conclusively relied upon by, but shall not be binding upon, the Master Servicer and the Trustee, provided, however,
that the Special Servicer shall have no such obligation to make an affirmative determination that any Servicing Advance is or
would be recoverable and in the absence of a determination by the Special Servicer that such Servicing Advance is or would be
a Nonrecoverable Servicing Advance, such decision shall remain with the Master Servicer or the Trustee, as applicable. If the
Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance
is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own
subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance is a
Nonrecoverable Servicing Advance. The Officer’s Certificate shall set forth such determination of nonrecoverability and
the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such
determination (which shall be accompanied by, to the extent available, related income and expense statements, rent rolls,
occupancy status, property inspections and any other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination and shall include
any existing Appraisal with respect to the related Mortgage Loan, Serviced Companion Loan or related Mortgaged Property). The
Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession
regarding the Specially Serviced Loans and REO Properties as such party

 

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 required to make Servicing Advances may reasonably request
for purposes of making recoverability determinations. The Trustee shall be entitled to conclusively rely on the Master Servicer’s
or Special Servicer’s determination that a Servicing Advance is or would be nonrecoverable, and the Master Servicer shall
be entitled to conclusively rely on the Special Servicer’s determination that a Servicing Advance is or would be nonrecoverable.
Notwithstanding anything herein to the contrary, if the Special Servicer requests that the Master Servicer make a Servicing Advance,
the Master Servicer may conclusively rely on such request as evidence that such advance is not a Nonrecoverable Servicing Advance;
provided, however, the Special Servicer shall not be entitled to make such a request more frequently than once per
calendar month with respect to Servicing Advances other than emergency advances (although such request may relate to more than
one Servicing Advance). In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall
take into account the cross-collateralization of the related cross-collateralized Mortgage Loan. The determination as to the recoverability
of any Servicing Advance previously made or proposed to be made in respect of a Non-Serviced Whole Loan shall be made by the related
Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced Trustee, as the case may be, pursuant to the related
Non-Serviced PSA.

 

“Non-Registered
Certificate”: Unless and until registered under the Securities Act, any Class X-E, Class E, Class F, Class G, Class
NR or Class R Certificate.

 

“Non-Serviced
Asset Representations Reviewer”: The “Asset Representations Reviewer” under a Non-Serviced PSA.

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under a Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”: Each of the 32 Avenue of the Americas Pari Passu Companion Loans, the First National Building Pari
Passu Companion Loan and the DoubleTree Anaheim – Orange County Pari Passu Companion Loan.

 

“Non-Serviced
Depositor”: The “Depositor” under a Non-Serviced PSA.

 

“Non-Serviced
Gain-on-Sale Proceeds”: Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage Loan
pursuant to the related Non-Serviced PSA.

 

“Non-Serviced
Intercreditor Agreement”: Each of the 32 Avenue of the Americas Intercreditor Agreement, the First National Building
Intercreditor Agreement and the DoubleTree Anaheim – Orange County Intercreditor Agreement.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan”: Each of the 32 Avenue of the Americas Mortgage Loan, the First National Building Mortgage Loan and the
DoubleTree Anaheim – Orange County Mortgage Loan.

 

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“Non-Serviced
Mortgaged Property”: Each of the 32 Avenue of the Americas Mortgaged Property, the First National Building Mortgaged
Property and the DoubleTree Anaheim – Orange County Mortgaged Property.

 

“Non-Serviced
Operating Advisor”: The “Operating Advisor” under a Non-Serviced PSA.

 

“Non-Serviced
PSA”: With respect to (i) the First National Building Whole Loan, the JPMBB Commercial Mortgage Securities Trust
2015-C32 Pooling and Servicing Agreement, and (ii) each of the 32 Avenue of the Americas Whole Loan and the DoubleTree Anaheim
– Orange County Whole Loan, the JPMBB Commercial Mortgage Securities Trust 2015-C33 Pooling and Servicing Agreement.

 

“Non-Serviced
Special Servicer”: The “Special Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Trust”: The “Trust” formed under a Non-Serviced PSA.

 

“Non-Serviced
Trustee”: The “Trustee” under a Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”: Each of the 32 Avenue of the Americas Whole Loan, the First National Building Whole Loan and the DoubleTree
Anaheim – Orange County Whole Loan.

 

“Non-Serviced
Whole Loan Controlling Holder”: The “directing holder” or similarly defined party under a Non-Serviced PSA.

 

“Non-Specially
Serviced Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan that is not a
Specially Serviced Loan.

 

“Non-U.S.
Beneficial Ownership Certification”: As defined in Section 5.03(f).

 

“Non-U.S.
Tax Person”: Any person other than a U.S. Tax Person.

 

“Non-Waiving
Successor”: As defined in Section 3.23(l).

 

“Notional
Amount”: In the case of the Class X-A Certificates, the Class X-A Notional Amount; in the case of the Class X-B Certificates,
the Class X-B Notional Amount; in the case of the Class X-C Certificates, the Class X-C Notional Amount; in the case of the Class
X-D Certificates, the Class X-D Notional Amount; and in the case of the Class X-E Certificates, the Class X-E Notional Amount.

 

“NRSRO”:
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agencies.

 

“NRSRO
Certification”: A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO or (b) provided
electronically and executed by such NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s
Website, in

 

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either
case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement or that such
NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the
Exchange Act, that such NRSRO has access to the Depositor’s 17g-5 website and that such NRSRO will keep such information
confidential, except to the extent such information has been made available to the general public. Each NRSRO shall be deemed
to recertify to the foregoing each time it accesses the 17g-5 Information Provider’s Website.

 

“OCC”:
Office of the Comptroller of the Currency.

 

“Offered
Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A, Class X-B, Class X-C,
Class X-D, Class A-S, Class B, Class C and Class D Certificates.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer or any Additional
Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator, as the case may be.

 

“Offshore
Transaction”: Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“Operating
Advisor”: Pentalpha Surveillance LLC, a Delaware limited liability company, and its successors in interest and assigns,
or any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”: As defined in Section 3.26(c).

 

“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and
performed its duties with respect to such Major Decision equal to $10,000 or such lesser amount as the related Mortgagor agrees
to pay with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), payable pursuant to Section 3.05
of this Agreement; provided that no such fee shall be payable unless specifically paid by the related Mortgagor as
a separately identifiable fee (provided, however, that to the extent such fee is incurred after the outstanding
Certificate Balances of the Class F, Class G and Class NR Certificates have been reduced to zero as a result of the allocation
of Realized Losses to such Certificates, such fee shall be payable in full to the Operating Advisor as a Trust Fund expense pursuant
to Section 3.05); provided, further, that the Operating Advisor may in its sole discretion reduce the
Operating Advisor Consulting Fee with respect to any Major Decision; provided, further, that the Master Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related
Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard (provided that
the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor
prior to any such waiver or reduction).

 

“Operating
Advisor Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts
or additional Trust Fund expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating Advisor
Fee and the Operating Advisor Consulting Fee).

 

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“Operating
Advisor Fee”: With respect to each Mortgage Loan, REO Loan and Non-Serviced Mortgage Loan (but not any Companion Loan),
the fee payable to the Operating Advisor pursuant to Section 3.26(i).

 

“Operating
Advisor Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per
annum rate of 0.00315%.

 

“Operating
Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best
interest of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the
holders of the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted a
single lender), and not to any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise
of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that
the Operating Advisor or any of its Affiliates may have with any of the underlying Mortgagors, the Mortgage Loan Sellers, the
Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder, any
Certificateholder or any of their Affiliates.

 

“Operating
Advisor Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(a)          any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the holders
of Certificates having greater than 25% of the aggregate Voting Rights, provided that any such failure which is not curable
within such thirty (30) day period, the Operating Advisor will have an additional cure period of thirty (30) days to effect such
cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided the Trustee and
the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and is continuing
to pursue, such cure;

 

(b)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure continues unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is
given to the Operating Advisor by any party to this Agreement;

 

(c)          any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement;

 

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(d)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding up or liquidation of its affairs, shall have been entered against the operating advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(e)          the
Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
operating advisor or of or relating to all or substantially all of its property; or

 

(f)          the
Operating Advisor admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations.

 

“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered
to the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification of
any Trust REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as
a grantor trust, or (d) the resignation of the Master Servicer, the Special Servicer or the Depositor pursuant to Section 6.05,
must be an opinion of counsel who is in fact Independent of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer.

 

“Original
Certificate Balance”: With respect to any Class of Principal Balance Certificates, the initial aggregate principal amount
thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original
Lower-Tier Principal Amount”: With respect to any Class of Lower-Tier Regular Interest, the initial principal amount
thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original
Notional Amount”: With respect to the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-C Notional
Amount, the Class X-D Notional Amount, and the Class X-E Notional Amount, the applicable initial Notional Amount thereof as of
the Closing Date, as specified in the Preliminary Statement.

 

“Other
Certificate Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other
Depositor”: Any depositor under an Other Pooling and Servicing Agreement.

 

    	-77-

    	 

    

 

“Other
Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include any
Serviced Companion Loan.

 

“Other
Securitization”: As defined in Section 11.06.

 

“Other
Servicer”: Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other
Trustee”: Any trustee under an Other Pooling and Servicing Agreement.

 

“Ownership
Interest”: As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any
other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I
Advance”: As to any Mortgage Loan or REO Loan (but not any related Companion Loan), any advance made by the Master
Servicer or the Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I
Advance Determination Date”: With respect to any Distribution Date, the close of business on the related Determination
Date.

 

“Pass-Through
Rate”: Any of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate, the
Class A-4 Pass-Through Rate, the Class A-5 Pass-Through Rate, the Class A-SB Pass-Through Rate, the Class A-S Pass-Through Rate,
the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class E Pass-Through Rate, the
Class F Pass-Through Rate, the Class G Pass-Through Rate, the Class NR Pass-Through Rate, the Class X-A Pass-Through Rate, the
Class X-B Pass-Through Rate, the Class X-C Pass-Through Rate, the Class X-D Pass-Through Rate or the Class X-E Pass-Through Rate,
as the case may be.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty
Charges”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan (or
any successor REO Loan), any amounts actually collected thereon (or, in the case of a Serviced Companion Loan (or any successor
REO Loan thereto) that is part of a Serviced Whole Loan, actually collected on such Serviced Whole Loan and allocated and paid
on such Serviced Companion Loan (or any successor REO Loan) in accordance with the related Intercreditor Agreement) that represent
late payment charges or Default Interest, other than a Prepayment Premium, a Yield Maintenance Charge or any Excess Interest.

 

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

 

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“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

“Periodic
Payment”: With respect to any Mortgage Loan or the related Companion Loan, the scheduled monthly payment of principal
and/or interest (other than Excess Interest) on such Mortgage Loan or Companion Loan, including any Balloon Payment, which is
payable (as the terms of the applicable Mortgage Loan or Companion Loan may be changed or modified in connection with a bankruptcy
or similar proceedings involving the related Mortgagor or by reason of a modification, extension, waiver or amendment granted
or agreed to pursuant to the terms hereof) by a Mortgagor from time to time under the related Mortgage Note and applicable law,
without regard to any acceleration of principal of such Mortgage Loan or Companion Loan by reason of default thereunder and without
regard to any Excess Interest.

 

“Permitted
Investments”: Any one or more of the following obligations or securities (including obligations or securities of the
Certificate Administrator, or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator, if otherwise
qualifying hereunder), regardless of whether issued by the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, or any of their respective Affiliates and having the required ratings, if any, provided for in
this definition and which shall not be subject to liquidation prior to maturity:

 

(i)          direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed
by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition;
provided that any obligation of, or guarantee by, Fannie Mae or Freddie Mac, other than an unsecured senior debt obligation
of Fannie Mae or Freddie Mac, shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal
or qualification of the then-current rating assigned by each Rating Agency to any Certificate (or, insofar as there is then outstanding
any class of Serviced Companion Loan Securities that are then rated by such rating agency, such class of securities) as evidenced
in writing;

 

(ii)         time
deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the date
of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or organized
under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state
banking authorities (A) in the case of such investments with maturities of thirty (30) days or less, the short-term debt
obligations of which are rated in the highest short-term rating category by Moody’s or the long-term debt obligations of
which are rated at least “A2” by Moody’s, (B) in the case of such investments with maturities of three
(3) months or less, but more than thirty (30) days, the short-term obligations of which are rated in the highest short-term rating
category by Moody’s and the long-term obligations of which are rated at least “A1” by

 

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 Moody’s, (C) in
the case of such investments with maturities of six (6) months or less, but more than three (3) months, the short-term obligations
of which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which are rated
at least “Aa3” by Moody’s, (D) in the case of such investments with maturities of more than six (6) months,
the short-term obligations of which are rated in the highest short-term rating category by Moody’s and the long-term obligations
of which are rated “Aaa” by Moody’s (or, in each case, if permitted by the related Mortgage Loan, if not rated
by Moody’s, otherwise acceptable to Moody’s, as confirmed in writing that such investment would not, in and of itself,
result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates), (E) for maturities
of less than three (3) months, a short-term rating of “R-1(high)” by DBRS (if then rated by DBRS and, if not so rated,
by two other NRSROs (which may be Moody’s and/or Fitch)), (F) for maturities greater than three (3) months, a long-term
rating of “AAA” by DBRS (if then rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s
and/or Fitch)) and (G) the commercial paper or other short- term debt obligations of such depository institution or trust
company are rated in the highest rating categories of each Rating Agency or such other rating as would not result in the downgrading,
withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Class of Certificates (or, insofar
as there is then outstanding any class of Serviced Companion Loan Securities that is then rated by such rating agency, such class
of securities) as evidenced in writing;

 

(iii)        repurchase
agreements or obligations with respect to any security described in clause (i) above where such security has a remaining
maturity of one year or less and where such repurchase obligation has been entered into with a depository institution or trust
company (acting as principal) described in clause (ii) above;

 

(iv)       debt
obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which mature in one (1) year or less from the date of acquisition, which debt obligations are
rated in the highest rating categories of each Rating Agency (in the case of DBRS, if then rated by DBRS and, if not so rated,
by two other NRSROs (which may be Moody’s and/or Fitch)), if the obligations mature within 60 days; provided, however,
that securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein will
cause the then outstanding principal amount of securities issued by such corporation and held in the accounts established hereunder
to exceed 10% of the sum of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in
such accounts;

 

(v)         commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations) of any corporation or other
entity organized under the laws of the United States or any state thereof payable on demand or on a specified date maturing in
one (1) year or less from the date of

 

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acquisition thereof and which is rated in the highest rating category of each Rating Agency
(in the case of DBRS, if then rated by DBRS and, if not so rated, by two other NRSROs (which may be Moody’s and/or Fitch));

 

(vi)        money
market funds, rated in the highest rating categories of each Rating Agency (if so rated by each such Rating Agency (and if not
rated by any such Rating Agency, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Fitch, KBRA,
DBRS, Moody’s and/or S&P)) and the highest money market fund category by Moody’s (or, if not rated by Moody’s,
otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation relating to the Certificates), which
may include the investments referred to in clause (i) hereof if so qualified that (a) have substantially all
of their assets invested continuously in the types of investments referred to in clause (i) above and (b) have
net assets of not less than $5,000,000,000;

 

(vii)       any
other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more of
the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi)
above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings
set forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security
or investment and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25); and

 

(viii)      any
other demand, money market or time deposit, obligation, security or investment not listed in clauses (i) –
(vi) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency;

 

provided,
however, that each Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6)
of the Code, and that (a) it shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change
and (b) any such investment that provides for a variable rate of interest must have an interest rate that is tied to a single
interest rate index plus a fixed spread, if any, and move proportionately with such index; and provided, further,
however, that no such instrument shall be a Permitted Investment (a) if such instrument evidences principal and interest
payments derived from obligations underlying such instrument and the interest payments with respect to such instrument provide
a yield to maturity at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations
or (b) if such instrument may be redeemed at a price below the purchase price; and provided, further, however,
that no amount beneficially owned by any Trust REMIC (even if not yet deposited in the Trust) may be invested in investments (other
than money market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion
of Counsel, at its own expense, to the effect that such investment will not adversely

 

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affect
the status of any Trust REMIC. Permitted Investments that are subject to prepayment or call may not be purchased at a price in
excess of par.

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title agency fees,
insurance commissions or fees and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to any Mortgage Loan and Serviced Companion Loan (including any related
REO Property) in accordance with this Agreement.

 

“Permitted
Transferee”: Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other Person
so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person
or the Person requesting the transfer) to the effect that the transfer of an Ownership Interest in any Class R Certificate to
such Person will not cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a
Person that is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests are (or under the partnership
agreement are permitted to be) owned, directly or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S.
Tax Person or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate is attributable to a foreign
permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S.
Tax Person.

 

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

 

“Plan”:
As defined in Section 5.03(m).

 

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

 

“Prepayment
Assumption”: A “constant prepayment rate” of 0% used for determining the accrual of original issue discount
and market discount, if any, and the amortization premium, if any, on the Certificates for federal income tax purposes; provided
that it is assumed that each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Mortgage Loan or Serviced Whole Loan that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was
applied to such 
Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date and prior to the following Determination Date,
the amount of interest (net of the related Servicing Fees and any Excess Interest), to the extent collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per
annum equal to the sum of (x) the related Net Mortgage Rate for such Mortgage Loan or Serviced Whole Loan, as applicable,
and (y) the Certificate Administrator Fee Rate, Operating Advisor Fee Rate and Asset Representations Reviewer Fee Rate, on
the amount of such Principal Prepayment from such Due Date to, but not including, the date of such

 

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prepayment (or any later date through
which interest accrues). Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls or required
to be paid as Compensating Interest Payments) collected on the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and
any related Serviced Companion Loan, will be retained by the Master Servicer as additional servicing compensation.

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Mortgage Loan or Serviced Whole Loan that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Determination Date (or, with respect to each Mortgage
Loan or Serviced Companion Loan, as applicable, with a Due Date occurring after the related Determination Date, the related Due
Date) and prior to the following Due Date, the amount of interest (net of the related Servicing Fees and any Excess Interest),
to the extent not collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued at a rate per annum equal to the sum of (x) the related Net Mortgage Rate for
such Mortgage Loan or Serviced Whole Loan, as applicable and (y) the Certificate Administrator Fee Rate, Operating Advisor
Fee Rate and Asset Representations Reviewer Fee Rate, on the amount of such Principal Prepayment during the period commencing
on the date as of which such Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, and
ending on such following Due Date. With respect to the AB Whole Loan, any Prepayment Interest Shortfall for any Distribution Date
shall be allocated first to the related AB Subordinate Companion Loan.

 

“Prepayment
Premium”: With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a borrower in connection with a principal prepayment on, or other early collection
of principal of, that Mortgage Loan or any successor REO Mortgage Loan with respect thereto (including any payoff of a Mortgage
Loan by a mezzanine lender on behalf of the subject borrower if and as set forth in the related intercreditor agreement).

 

“Primary
Collateral”: With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly
securing such Crossed Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed
upon by exercise of the cross-collateralization provisions of such Crossed Underlying Loan.

 

“Primary
Servicing Fee”: The monthly fee payable by the Master Servicer solely from the Servicing Fee to each Initial Sub-Servicer,
which monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such Initial Sub-Servicer.

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of the New York City edition
of The Wall Street Journal (or, if such section or publication is no longer available, such other comparable publication
as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the
“Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable
discretion) as may be in effect from time to time.

 

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“Principal
Balance Certificates”: Each of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class
B, Class C, Class D, Class E, Class F, Class G and Class NR Certificates.

 

“Principal
Distribution Amount”: With respect to any Distribution Date and the Principal Balance Certificates, an amount equal
to the sum of the following amounts: (a) the Principal Shortfall for such Distribution Date, (b) the Scheduled Principal
Distribution Amount for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for such Distribution
Date; provided that the Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero,
by the amount of any reimbursements of (A) Nonrecoverable Advances (including any servicing advance with respect to any Non-Serviced
Mortgage Loan under the related Non-Serviced PSA reimbursed out of general collections on the Mortgage Loans), with interest on
such Nonrecoverable Advances at the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage
Loans in a period during which such principal collections would have otherwise been included in the Principal Distribution Amount
for such Distribution Date and (B) Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on
the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Principal Distribution
Amount for such Distribution Date (provided that, in the case of clauses (A) and (B) above, if any of
the amounts that were reimbursed from principal collections on the Mortgage Loans (including REO Loans) are subsequently recovered
on the related Mortgage Loan (or REO Loan), such recovery will increase the Principal Distribution Amount for the Distribution
Date related to the period in which such recovery occurs).

 

“Principal
Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan that is received in advance of its scheduled
Due Date as a result of such prepayment.

 

“Principal
Shortfall”: For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans, the amount,
if any, by which (a) the related Principal Distribution Amount for the preceding Distribution Date, exceeds (b) the
aggregate amount actually distributed on the preceding Distribution Date in respect of such Principal Distribution Amount. The
Principal Shortfall for the initial Distribution Date will be zero.

 

“Privileged
Communications”: Any correspondence between the Directing Certificateholder and the Special Servicer referred to in
clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder and the Special Servicer related to
any Specially Serviced Loan (other than with respect to any Excluded Loan) or the exercise of the Directing Certificateholder’s
consent or consultation rights under this Agreement, (ii) strategically sensitive information (including information contained
within any Asset Status Report) that the Special Servicer has reasonably determined could compromise the Trust’s position
in any ongoing or future negotiations with the related Mortgagor or other interested party and (iii) information subject
to attorney-client privilege. The Master Servicer, the Special Servicer, the Operating Advisor and the Asset

 

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 Representations Reviewer
shall be entitled to rely on any identification of materials as “attorney-client privileged” without liability for
any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary
for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or
other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise
subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as evidenced
by an opinion of counsel (which will be an additional expense of the Trust) delivered to each of the Master Servicer, the Special
Servicer, the Directing Certificateholder (other than with respect to any Excluded Loan), the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee), required by law, rule, regulation, order, judgment or decree to disclose
such information.

 

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

 

Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special
Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly
provide any information related to any Excluded Special Servicer Loan to (A) the related Borrower Party, (B) any of
the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any investment in the
related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct
or indirect

 

    	-85-

    	 

    

 

ownership
interest in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and
procedures in place in order to comply with the obligations described in clause (i) above; provided, further,
that nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to
restrict the Special Servicer’s access to any information on the Master Servicer’s Internet website or the Certificate
Administrator’s Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the
Special Servicer accesses any Excluded Special Servicer Information relating to the Excluded Special Servicer Loans; provided,
further, however, that any Excluded Controlling Class Holder shall be permitted to obtain in accordance with Section 4.02(f)
of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded
Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling
Class Holder via the Certificate Administrator’s Website).

 

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

 

“Prohibited
Prepayment”: As defined in the definition of Compensating Interest Payments.

 

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

 

“Prospectus”:
The Prospectus, dated December 16, 2015.

 

“PSA
Party Repurchase Request”: As defined in Section 2.03(k)(ii).

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Purchase
Price”: With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the
final paragraph hereof, any related Companion Loan) to be purchased pursuant to (A) Section 6 of the related Mortgage
Loan Purchase Agreement by the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01,
a price, without duplication, equal to:

 

(i)          the
outstanding principal balance of such Mortgage Loan (or any related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)) as of the date of purchase; plus

 

(ii)         all
accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)), at the related Mortgage Rate in effect from time to time
(excluding any portion of such interest that represents Default Interest or Excess Interest on the ARD Loan), to, but not including,
the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase; plus

 

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(iii)        all
related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate, Special
Servicing Fees (whether paid or unpaid) and any other additional Trust Fund expenses (except for Liquidation Fees) in respect
of such Mortgage Loan (or related REO Loan (including for such purpose, to the extent required pursuant to the final paragraph
hereof, the related Companion Loan)), if any; plus

 

(iv)        if
such Mortgage Loan (or related REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant to
Section 6 of the applicable Mortgage Loan Purchase Agreement, all reasonable out-of-pocket expenses reasonably incurred
or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, Asset Representations
Reviewer or the Trustee in respect of the omission, breach or defect giving rise to the repurchase or substitution obligation,
including any Asset Representations Reviewer Asset Review Fee to the extent not previously paid by the related Mortgage Loan Seller
and any expenses arising out of the enforcement of the repurchase or substitution obligation, including, without limitation, legal
fees and expenses and any additional Trust Fund expenses relating to such Mortgage Loan (or related REO Loan); provided,
however, that such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners
in instituting an Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s
or Certificate Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(k)
hereof; plus

 

(v)         Liquidation
Fees, if any, payable with respect to such Mortgage Loan (or related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)) (which will not include any Liquidation Fees if such repurchase
occurs prior to the expiration of the Extended Cure Period).

 

Solely
with respect to any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price”
shall mean the amount calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for
such purposes, the Mortgage Loan and the related Companion Loan, as applicable. With respect to any REO Property to be sold pursuant
to Section 3.16(b), “Purchase Price” shall mean the amount calculated in accordance with the preceding
sentence in respect of the related REO Loan (including any related Companion Loan). With respect to any sale pursuant to Section 3.16(a)(ii)
or Section 3.16(e) or for purposes of calculating any Gain-on-Sale Proceeds, the “Purchase Price”
shall be allocated between the related Mortgage Loan and Companion Loan, as applicable, in accordance with, and shall be equal
to the amount provided pursuant to, the provisions of the related Intercreditor Agreement. Notwithstanding the foregoing, with
respect to any repurchase pursuant to subclause (A) and subclause (C) hereof, the “Purchase Price”
shall not include any amounts payable in respect of any related Companion Loan.

 

“Qualified
Institutional Buyer”: A “qualified institutional buyer” as defined in Rule 144A under the Act.

 

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“Qualified
Insurer”: (i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or
bonding company qualified to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength
rating of at least: (a) “A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at
least two NRSROs (which may include Fitch and/or DBRS) or (B) one NRSRO (which may include Fitch or DBRS) and A.M. Best Company,
Inc.), (b) “A(low)” by DBRS (or, if not rated by DBRS, at least an equivalent rating as that listed above by
one other nationally recognized insurance rating organization (which may include Moody’s or Fitch)) and (c) “A”
by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent rating as “A-” by one other nationally
recognized insurance rating organization (which may include Moody’s or DBRS)) and (ii) with respect to the fidelity
bond and errors and omissions insurance policy required to be maintained pursuant to Section 3.07(c), except as otherwise
permitted by Section 3.07(c), an insurance company that has a claims paying ability (or the obligations which are
guaranteed or backed by a company having such claims paying ability) with at least one of the following ratings: (a) “A3”
by Moody’s, (b) “A-” by S&P, (c) “A” by Fitch, (d) “A-:X” by A.M.
Best Company, Inc. or (e) “A(low)” by DBRS, or, in the case of clauses (i) or (ii), any other
insurer acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation.

 

“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to special servicers contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations
Reviewer or an Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the
Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement,
and (y) for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement
Special Servicer to become the Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor
other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such party
be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its
appointment as successor special servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders,
(vi) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination,
(vii) currently has a special servicer rating of at least “CSS3” from Fitch and (viii) is not a special
servicer that has been cited by DBRS as having servicing concerns as the sole or material factor in any qualification, downgrade
or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in a transaction serviced by the applicable servicer prior to the time of determination.

  

“Qualified Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect
to the Whole Loans, for which no substitution will be permitted) replacing a removed Mortgage Loan that must, on the date of substitution:
(i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during
or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the removed Mortgage
Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a Mortgage Rate not less than
the Mortgage Rate of the

 

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removed
Mortgage Loan; (iii) have the same Due Date as and Grace Period no longer than that of the removed Mortgage Loan; (iv) accrue
interest on the same basis as the removed Mortgage Loan (for example, on the basis of a 360 day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than two (2) years less than, the
remaining term to stated maturity of the removed Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or
less than the lesser of the loan-to-value ratio for the removed Mortgage Loan as of the Closing Date and 75%, in each case using
the “value” for the Mortgaged Property as determined using an Appraisal; (vii) comply as of the date of substitution
in all material respects with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement;
(viii) have an environmental report that indicates no material adverse environmental conditions with respect to the related
Mortgaged Property and which will be delivered as a part of the related Mortgage File; (ix) have a then-current debt service
coverage ratio at least equal to the greater of the original debt service coverage ratio of the removed Mortgage Loan as of the
Closing Date and 1.25x; (x) constitute a “qualified replacement mortgage” within the meaning of Section 860G(a)(4)
of the Code as evidenced by an Opinion of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not
have a maturity date or an amortization period that extends to a date that is after the date two (2) years prior to the Rated
Final Distribution Date; (xii) have comparable prepayment restrictions to those of the removed Mortgage Loan; (xiii) not
be substituted for a removed Mortgage Loan unless the Trustee and the Certificate Administrator have received Rating Agency Confirmation
from each Rating Agency (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage
Loan Seller); (xiv) have been approved, so long as a Control Termination Event has not occurred and is not continuing and
the affected Mortgage Loan is not an Excluded Loan, by the Directing Certificateholder; (xv) prohibit defeasance within two (2)
years of the Closing Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in the termination of
the REMIC status of either of the REMICs established under this Agreement or the imposition of tax on either of such REMICs other
than a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion
of Counsel; (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance
with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be
current in the payment of all scheduled payments of principal and interest then due. In the event that more than one mortgage
loan is substituted for a removed Mortgage Loan, then the amounts described in clause (i) shall be determined on the
basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan shall individually satisfy
each of the requirements specified in clauses (ii) through (xviii); provided that the rates described
in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be
determined on a weighted average basis; provided, further, that no individual Mortgage Rate (net of the Servicing
Fee Rate, the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate and the Asset
Representations Reviewer Fee Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on, or subject to a
cap equal to, the Weighted Average Net Mortgage Rate) of any Class of Principal Balance Certificates having a Certificate Balance
then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan, the applicable Mortgage
Loan Seller shall certify that the Qualified Substitute Mortgage Loan meets all of the requirements of the above definition and
shall send such certification to the

 

    	-89-

    	 

    

 

 Trustee, the Certificate Administrator and, prior to the occurrence of a Consultation Termination
Event, the Directing Certificateholder.

 

“RAC
No-Response Scenario”: As defined in Section 3.25(a).

 

“RAC
Requesting Party”: As defined in Section 3.25(a).

 

“Rated
Final Distribution Date”: As to each Class of Certificates, the Distribution Date in January 2049.

 

“Rating
Agency”: Each of Moody’s, Fitch and DBRS or their successors in interest. If no such rating agency nor any successor
thereof remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating
agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer, and specific ratings of Moody’s, Fitch and
DBRS herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated
by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from each Rating Agency with respect to such matter.

 

“Rating
Agency Inquiry”: As defined in Section 4.07(c).

 

“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 4.07(c).

 

“RCMC”:
Redwood Commercial Mortgage Corporation, and its successors in interest.

 

“Realized
Loss”: As defined in Section 4.04(a).

 

“Record
Date”: With respect to any Distribution Date, the last Business Day of the month immediately preceding the month in
which such Distribution Date occurs.

 

“Regular
Certificates”: Any of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A, Class X-B, Class
X-C, Class X-D, Class X-E, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class NR Certificates.

 

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

 

    	-90-

    	 

    

 

“Regulation
AB Companion Loan Securitization”: As defined in Section 11.15(a).

 

“Regulation AB
Servicing Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved
in, or responsible for, the administration and servicing of the Mortgage Loans or Companion Loans, or this Agreement and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the
Trustee and/or the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from
time to time be amended.

 

“Regulation D”:
Regulation D under the Act.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation S
Book-Entry Certificates”: The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Non-Registered Certificates
deposited with the Certificate Administrator as custodian for the Depository.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section 3.03(d)
and P&I Advances in accordance with Section 4.03(d), which rate per annum shall equal the Prime Rate.

 

“Related
Certificates” and “Related Lower-Tier Regular Interests”: For each of the following Classes of Certificates,
the related Class of Lower-Tier Regular Interests; and for each of the following Classes of Lower-Tier Regular Interests, the
related Class of Certificates, as applicable, set forth below:

 

	Related
                                         Certificates

        
	 	Related

                                         Lower-Tier Regular Interest

        

	Class
    A-1 Certificates	 	Class
    LA1 Uncertificated Interest
	Class
    A-2 Certificates	 	Class
    LA2 Uncertificated Interest
	Class
    A-3 Certificates	 	Class
    LA3 Uncertificated Interest
	Class
    A-4 Certificates	 	Class
    LA4 Uncertificated Interest
	Class
    A-5 Certificates	 	Class
    LA5 Uncertificated Interest
	Class
    A-SB Certificates	 	Class
    LASB Uncertificated Interest
	Class
    A-S Certificates	 	Class
    LAS Uncertificated Interest
	Class
    B Certificates	 	Class
    LB Uncertificated Interest
	Class
    C Certificates	 	Class
    LC Uncertificated Interest
	Class
    D Certificates	 	Class
    LD Uncertificated Interest
	Class
    E Certificates	 	Class
    LE Uncertificated Interest
	Class
    F Certificates	 	Class
    LF Uncertificated Interest
	Class
    G Certificates	 	Class
    LG Uncertificated Interest
	Class
    NR Certificates	 	Class
    LNR Uncertificated Interest

 

    	-91-

    	 

    

 

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

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit AA attached
hereto. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect
to a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable
to the Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC
Administrator”: The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Sections 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and
final Treasury Regulations (or proposed regulations that would apply by reason of their proposed effective date to the extent
not inconsistent with temporary or final regulations) and any rulings or announcements promulgated thereunder, as the foregoing
may be in effect from time to time.

 

“Master
Servicer Remittance Date”: The Business Day immediately preceding each Distribution Date.

 

“Rents
from Real Property”: With respect to any REO Property, gross income of the character described in Section 856(d)
of the Code.

 

“REO
Account”: A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.14(b)
on behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan, for the benefit
of the related Serviced Companion Noteholder, which shall initially be entitled “Midland Loan Services, a Division of PNC
Bank, National Association, or the applicable successor special servicer, as Special Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of registered holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1,
Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, REO Account”. Any such account or accounts shall be an Eligible
Account.

 

“REO
Acquisition”: The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO
Disposition”: The sale or other disposition of the REO Property pursuant to Section 3.16.

 

    	-92-

    	 

    

 

“REO
Extension”: As defined in Section 3.14(a).

 

“REO
Loan”: Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as applicable),
deemed for purposes hereof to be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding
for so long as the applicable portion of the related REO Property (or beneficial interest therein, in the case of a Non-Serviced
Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor, and otherwise
has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including, without limitation,
with respect to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions to be applied without
regard to the default on such predecessor Mortgage Loan or Companion Loan, if applicable). Each REO Loan shall be deemed to have
an initial outstanding principal balance and Stated Principal Balance equal to the outstanding principal balance and Stated Principal
Balance, respectively, of its predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition.
All amounts due and owing in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the
related REO Acquisition, including, without limitation, accrued and unpaid interest, shall continue to be due and owing in respect
of a REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor Mortgage
Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, any unpaid
Special Servicing Fees and Servicing Fees, additional Trust Fund expenses and any unreimbursed Advances, together with any interest
accrued and payable to the Master Servicer or the Trustee, as applicable, in respect of such Advances in accordance with Section 3.03(d)
or Section 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect
of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable Advances with respect to such REO Loan, in each case, that
were paid from collections on the related Mortgage Loans and resulted in principal distributed to the Certificateholders being
reduced as a result of the first proviso in the definition of “Principal Distribution Amount” shall be deemed outstanding
until recovered. Notwithstanding anything to the contrary, with respect to each Serviced Whole Loan, no amounts relating to the
related REO Property or REO Loan allocable to the related Serviced Pari Passu Companion Loan will be available for amounts due
to the Certificateholders or to reimburse the Trust, other than in the limited circumstances related to Servicing Advances, indemnification
payments, Special Servicing Fees and other reimbursable expenses related to such Serviced Whole Loan incurred with respect to
such Serviced Whole Loan, in accordance with Section 3.05(a) or with respect to an AB Subordinate Companion Loan,
as set forth in the related Intercreditor Agreement.

 

“REO
Property”: A Mortgaged Property acquired by the Special Servicer on behalf of, and in the name of, the Trustee or a
nominee thereof for the benefit of the Certificateholders (and the related Companion Holder, subject to the related Intercreditor
Agreement, with respect to a Mortgaged Property securing a Serviced Whole Loan) to the extent set forth herein and the Trustee
(as holder of the Lower-Tier Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in a
Non-Serviced Mortgaged Property acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the

 

    	-93-

    	 

    

 

applicable
Non-Serviced Trustee or a nominee thereof for the benefit of the certificateholders under the applicable Non-Serviced Trust) through
foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection with the
default or imminent default of a Mortgage Loan. References herein to the Special Servicer acquiring, maintaining, managing, inspecting,
insuring, selling or reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with respect to an “REO
Property”, shall not include the Trust’s beneficial interest in a Non-Serviced Mortgaged Property. For the avoidance
of doubt, REO Property, to the extent allocable to a Companion Loan, shall not be an asset of the Trust Fund, any Trust REMIC
or the Grantor Trust.

 

“REO
Revenues”: All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

“Reporting
Servicer”: The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Custodian or any Servicing Function Participant engaged by such parties, as the case may be.

 

“Repurchase
Request”: As defined in Section 2.03(k)(ii).

 

“Repurchase
Request Recipient”: As defined in Section 2.02(g).

 

“Request
for Release”: A release signed by a Servicing Officer of the Master Servicer or the Special Servicer, as applicable,
in the form of Exhibit E attached hereto.

 

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

 

“Requesting
Holders”: As defined in Section 4.05(b).

 

“Residual
Ownership Interest”: Any record or beneficial interest in the Class R Certificates.

 

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

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related Mortgage
Loan has been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been
substituted for the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable
Mortgage Loan Seller has made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Master
Servicer or the Special Servicer, as applicable, on behalf of the Trust, and the related Mortgage Loan Seller that settles the
related Mortgage Loan Seller’s obligations under the related Mortgage Loan Purchase Agreement, or (vi) the related
Mortgage Loan is no longer property of the Trust as a result of a sale or other disposition in accordance with this Agreement.

 

    	-94-

    	 

    

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with
direct responsibility for the administration of this Agreement and, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) the
Certificate Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility for the administration
of this Agreement and, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate
Administrator because of such officer’s knowledge of and familiarity with the particular subject.

 

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

 

“Retained
Fee Rate”: An amount equal to 0.00250% per annum with respect to each Mortgage Loan.

 

“Review
Materials”: As defined in Section 12.01(b).

 

“Review
Package”: A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

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

 

“RTI”:
Redwood Trust, Inc., and its successors in interest.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Book-Entry Certificate”: With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A,
a single, permanent Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“S&P”:
Standard & Poor’s Ratings Services, and its successors in interest. If neither S&P nor any successor remains in
existence, “S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other
comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate
Administrator, the Master Servicer, the Directing Certificateholder and the Special Servicer and specific ratings of S&P herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Sarbanes-Oxley
Certification”: As defined in Section 11.05(a)(iv).

 

    	-95-

    	 

    

 

“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all Periodic Payments (excluding Balloon Payments) due in respect of such Mortgage Loans during
or, if and to the extent not previously received or advanced pursuant to Section 4.03 in respect of a preceding Distribution
Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled
Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid
by the Mortgagor as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period
ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent
received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date) or (ii) advanced
by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 in respect of such Distribution Date,
and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination
Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination
Date, the related Due Date or last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of
the Business Day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a)
above.

 

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

 

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

 

“Security
Agreement”: With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained in
the related Mortgage or executed separately, creating in favor of the holder of such Mortgage a security interest in the personal
property constituting security for repayment of such Mortgage Loan.

 

“Senior
Certificate”: Any Class A Certificate (other than the Class A-S Certificates) or Class X Certificate.

 

“Service(s)”
or “Servicing”:  In accordance with Regulation AB, the act of servicing and administering the Mortgage
Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the
definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements
set forth in Item 1108 of Regulation AB.  For clarification purposes, any uncapitalized occurrence of this term
shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Serviced
AB Whole Loan”: For the avoidance of doubt, there is no Serviced AB Whole Loan under this Agreement.

 

“Serviced
Companion Loan”: Each of (a) the 7700 Parmer Pari Passu Companion Loans, (b) the Heinz 57 Center Pari Passu Companion
Loan, (c) The 9 Pari Passu Companion

 

    	-96-

    	 

    

  

Loan
and (d) any AB Subordinate Companion Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced
Companion Loan Securities”: Any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion
Loan.

 

“Serviced
Companion Noteholder”: Each of the holders of (a) the 7700 Parmer Pari Passu Companion Loans, (b) the Heinz 57
Center Pari Passu Companion Loan, (c) The 9 Pari Passu Companion Loan and (d) any AB Subordinate Companion Loan related
to a Serviced AB Whole Loan, as applicable.

 

“Serviced
Mortgage Loan”: Each of (a) the 7700 Parmer Mortgage Loan, (b) the Heinz 57 Center Mortgage Loan, (c) The
9 Mortgage Loan and (d) any AB Mortgage Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced
Pari Passu Companion Loan”: Each of (a) the 7700 Parmer Pari Passu Companion Loans, (b) the Heinz 57 Center Pari
Passu Companion Loan and (c) The 9 Pari Passu Companion Loan.

 

“Serviced
Pari Passu Mortgage Loan”: Each of (a) the 7700 Parmer Mortgage Loan, (b) the Heinz 57 Center Mortgage Loan and
(c) The 9 Mortgage Loan.

 

“Serviced
Pari Passu Whole Loan”: Each of (a) the 7700 Parmer Whole Loan, (b) the Heinz 57 Center Whole Loan and (c) The
9 Whole Loan.

 

“Serviced
REO Loan”:  Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

 “Serviced
REO Property”:  Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced
Securitized Companion Loan”: Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long as
each such Companion Loan is included in a Regulation AB Companion Loan Securitization.

 

“Serviced
Whole Loan”: Each of (a) the 7700 Parmer Whole Loan, (b) the Heinz 57 Center Whole Loan, (c) The 9 Mortgage
Loan and (d) any Serviced AB Whole Loan, as applicable.

 

“Serviced
Whole Loan Controlling Holder”: The “Controlling Noteholder” or similar term identified in the Intercreditor
Agreement related to a Serviced Whole Loan.

 

“Serviced
Whole Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced
Companion Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified,
the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization,
the earlier of (A) Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination
date” set forth in the related

 

    	-97-

    	 

    

 

Other
Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor Agreement; provided, however,
that, unless otherwise required under the related Intercreditor Agreement, no remittance is required to be made until two (2)
Business Days after receipt of the related Periodic Payment with respect to the related Serviced Whole Loan.

 

“Servicer
Termination Event”: One or more of the events described in Section 7.01(a).

 

“Servicing
Account”: The account or accounts created and maintained pursuant to Section 3.03(a).

 

“Servicing
Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses (including
attorneys’ fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer,
Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a
Mortgage Loan (and in the case of a Serviced Mortgage Loan, the related Serviced Companion Loan), other than a Non-Serviced
Mortgage Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default
is reasonably foreseeable or (b) an REO Property, including, in the case of each of such clause (a) and clause (b),
but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.03(c),
(ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and
Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi)
of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a
Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of
any REO Property and (y) any amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing
Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office
space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and
expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property.
None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise
of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this
Agreement.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended
from time to time and which as of the Closing Date are listed on Exhibit AA hereto.

 

“Servicing
Fee”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan), Serviced Companion Loan and any
REO Loan, the fee payable to the Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing
Fee Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per
annum rate equal to the rate set forth on the Mortgage Loan Schedule under the heading “Servicing Fee Rate”, in
each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or REO Loan in the same manner in
which interest is calculated in respect of such loans. With respect to the 7700 Parmer

 

    	-98-

    	 

    

 

Pari
Passu Companion Loans, the “Servicing Fee Rate” shall be a per annum rate equal to 0.00750%. With respect to
the Heinz 57 Center Pari Passu Companion Loan, the “Servicing Fee Rate” shall be a per annum rate equal to
0.04250%. With respect to The 9 Pari Passu Companion Loan, the “Servicing Fee Rate” shall be a per annum rate
equal to 0.03250%.

 

“Servicing
File”: A photocopy of all items required to be included in the Mortgage File, together with each of the following, to
the extent such items were actually delivered to the related Mortgage Loan Seller, with respect to a Mortgage Loan and (to the
extent that the identified documents existed on or before the Closing Date and the applicable reference to Servicing File relates
to any period after the Closing Date) delivered by the related Mortgage Loan Seller, to the Master Servicer: (i) a copy of
any engineering reports or property condition reports; (ii) other than with respect to a hotel property (except with respect
to tenanted commercial space within a hotel property), copies of a rent roll and, for any office, retail, industrial or warehouse
property, a copy of all leases and estoppels and subordination and non-disturbance agreements delivered to the related Mortgage
Loan Seller; (iii) copies of related financial statements or operating statements; (iv) all legal opinions (excluding
attorney-client communications between the related Mortgage Loan Seller, and its counsel that are privileged communications or
constitute legal or other due diligence analyses), Mortgagor’s certificates and certificates of hazard insurance and/or
hazard insurance policies or other applicable insurance policies, if any, delivered in connection with the closing of the related
Mortgage Loan; (v) a copy of the Appraisal for the related Mortgaged Property(ies); (vi) the documents that were delivered
by or on behalf of the Mortgagor, which documents were required to be delivered in connection with the closing of the related
Mortgage Loan; (vii) for any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the
lease; and (viii) a copy of all environmental reports that were received by the applicable Mortgage Loan Seller relating
to the relevant Mortgaged Property.

 

“Servicing
Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator, that is performing activities
that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5% or less of the Mortgage
Loans by unpaid principal balance as of any date of determination in accordance with Article XI or (ii) the Depositor
reasonably determines that a Master Servicer or the Special Servicer may, for the purposes of the Exchange Act reporting requirements
pursuant to applicable Commission guidance, take responsibility for the assessment of compliance with the Servicing Criteria of
such Person. The Servicing Function Participants as of the Closing Date are listed on Exhibit GG hereto. Exhibit GG
shall be updated and provided to the Depositor and the Certificate Administrator in accordance with Section 11.10(c).

 

“Servicing
Officer”: Any officer and/or employee of the Master Servicer, the Special Servicer or any Additional Servicer involved
in, or responsible for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name and specimen
signature appear on a list of servicing officers furnished by the Master Servicer, the Special Servicer or any Additional Servicer
to the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor on the Closing Date as such list may be
amended from time to time thereafter.

 

    	-99-

    	 

    

 

“Servicing
Standard”: As defined in Section 3.01(a).

 

“Servicing
Transfer Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Companion Loan,
the occurrence of any of the following events:

 

(i)     with
respect to a Mortgage Loan or Companion Loan that is not a Balloon Mortgage Loan, (a) a payment default shall have occurred
at its original Maturity Date, or (b) if the original Maturity Date of such Mortgage Loan or Companion Loan has been extended
as provided herein, a payment default shall have occurred at such extended Maturity Date; or

 

(ii)     with
respect to each Mortgage Loan or Companion Loan that is a Balloon Mortgage Loan, the Balloon Payment is delinquent and the related
Mortgagor has not provided the Master Servicer or the Special Servicer, within sixty (60) days after the related Maturity Date,
with a written and fully executed commitment or otherwise binding application (subject only to customary final closing conditions)
for refinancing, from an acceptable lender, reasonably satisfactory in form and substance to the Special Servicer (and the party
receiving such commitment shall promptly forward a copy of such commitment or application to the Master Servicer or the Special
Servicer, as applicable, if it is not evident that a copy has been delivered to such other party), which provides that such refinancing
will occur within one hundred twenty (120) days of such related Maturity Date, provided that the Mortgage Loan and any
related Companion Loan will become a Specially Serviced Loan immediately if the related Mortgagor fails to diligently pursue such
financing or to pay any Assumed Scheduled Payment on the related Due Date (subject to any applicable Grace Period) at any time
before the refinancing or, if such refinancing does not occur, the related Mortgage Loan and any related Companion Loan will become
a Specially Serviced Loan at the end of such 120-day period (or for such shorter period beyond the date on which that Balloon
Payment was due within which the refinancing is scheduled to occur pursuant to the commitment for refinancing or on which such
commitment terminates); or

 

(iii)     any
Periodic Payment (other than a Balloon Payment) is more than sixty (60) days delinquent (unless, in the case of a Mortgage Loan
with mezzanine debt, prior to such Periodic Payment becoming more than sixty (60) days delinquent the holders of the related Companion
Loan or the holders of related mezzanine debt, as applicable, cures such delinquency, subject to the terms and provisions of the
related Intercreditor Agreement); or

 

(iv)     the
Master Servicer makes a judgment, or receives from the Special Servicer a written determination of the Special Servicer (with
respect to any Mortgage Loan other than an Excluded Loan, with the consent, prior to the occurrence and continuance of any Control
Termination Event, of the Directing Certificateholder, in the case of the Special Servicer), that a payment default is

 

    	-100-

    	 

    

 

imminent
or reasonably foreseeable and is not likely to be cured by the related Mortgagor within sixty (60) days; or

 

(v)     a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, is entered against the related Mortgagor; provided that if such decree or order is discharged
or stayed within sixty (60) days of being entered, or if, as to a bankruptcy, the automatic stay is lifted within sixty (60) days
of a filing for relief or the case is dismissed, upon such discharge, stay, lifting or dismissal such Mortgage Loan (and any related
Companion Loan, as applicable), shall no longer be a Specially Serviced Loan (and no Special Servicing Fees, Workout Fees or Liquidation
Fees will be payable with respect thereto and any such fees actually paid shall be reimbursed to the Trust Fund by the Special
Servicer); or

 

(vi)     the
related Mortgagor shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all
or substantially all of its property; or

 

(vii)     the
related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or

 

(viii)   a
default of which the Master Servicer or the Special Servicer, as applicable, has notice (other than a failure by such Mortgagor
to pay principal or interest) and which the Master Servicer or Special Servicer (in the case of the Special Servicer, with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with
the consent of the Directing Certificateholder) determines in its good faith reasonable judgment may materially and adversely
affect the interests of the Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced
Companion Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Companion
Loans), if applicable, has occurred and remained unremedied for the applicable Grace Period specified in the related Mortgage
Loan or related Companion Loan documents, other than the failure to maintain terrorism insurance if such failure constitutes an
Acceptable Insurance Default (or if no Grace Period is specified for those defaults which are capable of cure, sixty (60) days);
or

 

(ix)     the
Master Servicer or Special Servicer has received notice of the foreclosure or proposed foreclosure of any lien other than the
Mortgage on the related Mortgaged Property; or

 

    	-101-

    	 

    

 

(x)      the
Master Servicer or Special Servicer (in the case of the Special Servicer, with respect to any Mortgage Loan other than an Excluded
Loan, prior to the occurrence and continuance of any Control Termination Event, with the consent of the Directing Certificateholder)
determines that (i) a payment default (other than as described in clause (iv) above) under a Mortgage Loan or
related Companion Loan is imminent or reasonably foreseeable, (ii) such default will materially impair the value of the corresponding
Mortgaged Property as security for the Mortgage Loan and related Companion Loan (if any) or otherwise materially adversely affect
the interests of Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion
Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans), and
(iii) the default will continue unremedied for the applicable cure period under the terms of the Mortgage Loan or related
Companion Loan, as applicable, or, if no cure period is specified and the default is capable of being cured, for thirty (30) days
(provided that such 30-day grace period does not apply to a default that gives rise to immediate acceleration without application
of a grace period under the terms of the Mortgage Loan or related Companion Loan, as applicable; provided that any determination
that a Servicing Transfer Event has occurred under this clause (x) with respect to any Mortgage Loan or related Companion
Loan, solely by reason of the failure (or imminent failure) of the related Mortgagor to maintain or cause to be maintained insurance
coverage against damages or losses arising from acts of terrorism may only be made by the Special Servicer (and with respect to
any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with
the consent of the Directing Certificateholder);

 

provided
that any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Loan
shall be a Specially Serviced Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan. If any
Serviced Companion Loan becomes a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a Specially Serviced
Loan. If any Serviced Mortgage Loan becomes a Specially Serviced Loan, the related Serviced Companion Loan shall also become a
Specially Serviced Loan. With respect to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing Transfer Event”
shall be as defined in the related Non-Serviced PSA.

 

“Significant
Obligor”: As defined in Section 11.16.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the
related Mortgage Loan documents. The parties to this Agreement acknowledge that that in the event the Mortgaged Property securing
the related Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB)
with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements
are required to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating
income information,

 

    	-102-

    	 

    

  

for
(A) the 7700 Parmer Pari Passu Companion Loans, twenty (20) days following the end of each fiscal quarter, (B) the Heinz
57 Center Pari Passu Companion Loans, thirty (30) days following the end of each fiscal quarter, and (C) The 9 Parmer Pari
Passu Companion Loans, twenty (20) days following the end of each fiscal quarter, in each case, subject to the terms of the related
loan agreement.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar
Law”: As defined in Section 5.03(m).

 

“SMF
II”: Starwood Mortgage Funding II LLC, a Delaware limited liability company, and its successors in interest.

 

“Sole
Certificateholder”: Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or
a Holder of a Definitive Certificate holding 100% of the then-outstanding Class F, Class G and Class NR Certificates; provided,
however, that the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class
A-S, Class B, Class C, Class D and Class E Certificates have been retired.

 

“Special
Notice”: As defined in Section 5.06.

 

“Special
Servicer”: With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded
Special Servicer Loan) and the Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association and
its successors in interest and assigns, or any successor special servicer appointed as herein provided and (ii) any Excluded
Special Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 7.01(g), as applicable
and as the context may require.

 

“Special
Servicing Fee”: With respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan),
the fee payable to the Special Servicer pursuant to Section 3.11(b).

 

“Special
Servicing Fee Rate”: With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage
Loan) on a loan-by-loan basis, 0.25% per annum computed on the basis of the Stated Principal Balance of the related
Mortgage Loan and Companion Loan (including any REO Loan), as applicable, in the same manner as interest is calculated on the
Specially Serviced Loans.

 

“Specially
Serviced Loan”: As defined in Section 3.01(a).

 

“Startup
Day”: The day designated as such in Section 10.01(b).

 

“Starwood”:
Starwood Mortgage Capital LLC, a Delaware limited liability company, or its successors in interest.

 

“Stated
Principal Balance”: With respect to any Mortgage Loan, as of any date of determination, an amount equal to (x) the
unpaid principal balance as of the Cut-off Date of such

 

    	-103-

    	 

    

 

Mortgage
Loan (or in the case of a Qualified Substitute Mortgage Loan, as of the date it is added to the trust) after application of all
payments of principal due during or prior to the month of substitution, whether or not those payments have been received) minus
(y) the sum of:

 

(i)     the
principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, the Due Date in the related month of substitution), to the extent received from the Mortgagor or advanced by the
Master Servicer;

 

(ii)     all
Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, the Due Date in the related month of substitution);

 

(iii)     the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan and Liquidation
Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage
Loan, the Due Date in the related month of substitution); and

 

(iv)     any
reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification of
such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection Period
for the most recent Distribution Date.

 

With
respect to any REO Loan that is a successor to a Mortgage Loan, as of any date of determination, an amount equal to (x) the
Stated Principal Balance of the predecessor Mortgage Loan as of the date of the related REO Acquisition, minus (y) the
sum of:

 

(i)     the
principal portion of any P&I Advance made with respect to such REO Loan; and

 

(ii)     the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage Loan),
Liquidation Proceeds and REO Revenues received with respect to such REO Loan.

 

A
Mortgage Loan or an REO Loan that is a successor to a Mortgage Loan shall be deemed to be part of the Trust Fund and to have an
outstanding Stated Principal Balance until the Distribution Date on which the payments or other proceeds, if any, received in
connection with a Liquidation Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection
with such Liquidation Event, would have been) distributed to Certificateholders.

 

With
respect to each Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance
of such Companion Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall be
the sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan on such date.

 

    	-104-

    	 

    

 

With
respect to any REO Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance
shall equal (x) the Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition,
minus (y) the principal portion of any amounts allocable to the related Companion Loan in accordance with the related
Intercreditor Agreement.

 

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

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master
Servicer, the Special Servicer, the Operating Advisor, an Additional Servicer or a Sub-Servicer.

 

“Subordinate
Certificate”: Any Class A-S, Class B, Class C, Class D, Class E, Class F, Class G and Class NR Certificate.

 

“Subordinate
Companion Holder”: The holder of any of the AB Subordinate Companion Loans.

 

“Sub-Servicer”:
Any Person that Services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the
material Servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under
this Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b) hereof, an amount equal to
the excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the
Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal
and interest due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans
are substituted (at the same time by the same Mortgage Loan Seller) for one or more removed Mortgage Loans, the Substitution Shortfall
Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage
Loan(s) being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

“Surviving
Entity”: As defined in Section 6.03(b).

 

“Tax
Returns”: The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate Mortgage
Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
Taxable

 

    	-105-

    	 

    

 

Income
or Net Loss Allocation, or any successor forms, to be filed on behalf of each Trust REMIC due to its respective classification
as a REMIC under the REMIC Provisions and (ii) Internal Revenue Service Form 1041 or Internal Revenue Service Form 1099,
as applicable, or any successor forms to be filed on behalf of the Grantor Trust, together with any and all other information,
reports or returns that may be required to be furnished to the Certificateholders or filed with the Internal Revenue Service or
any other governmental taxing authority under any applicable provisions of federal tax law or Applicable State and Local Tax Law.

 

“Temporary
Regulation S Book-Entry Certificate”: As defined in Section 5.02(a).

 

“Test”:
As defined in Section 12.01(b)(iv).

 

“The
9 Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 29, 2015, by and between the holder
of The 9 Pari Passu Companion Loan and the holder of The 9 Mortgage Loan, relating to the relative rights of such holders of The
9 Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“The
9 Mortgage Loan”: With respect to The 9 Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage
Loan No. 5 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and is pari passu in right
of payment with The 9 Pari Passu Companion Loan to the extent set forth in The 9 Intercreditor Agreement.

 

“The
9 Mortgaged Property”: The Mortgaged Property that secures The 9 Whole Loan.

 

“The
9 Pari Passu Companion Loan”: With respect to The 9 Whole Loan, the Companion Loan evidenced by the related promissory
note made by the related Mortgagor and secured by the Mortgage on The 9 Mortgaged Property, which is not included in the Trust
and which is pari passu in right of payment to The 9 Mortgage Loan to the extent set forth in the related Mortgage Loan
documents and as provided in The 9 Intercreditor Agreement.

 

“The
9 Whole Loan”: The 9 Mortgage Loan, together with The 9 Pari Passu Companion Loan, each of which is secured by the same
Mortgage on The 9 Mortgaged Property. References herein to The 9 Whole Loan shall be construed to refer to the aggregate indebtedness
under The 9 Mortgage Loan and The 9 Pari Passu Companion Loan.

 

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transferable
Servicing Interest”: The amount by which the Servicing Fee otherwise payable to the Master Servicer hereunder exceeds
the sum of (i) the Primary Servicing Fee and (ii) the amount of the Servicing Fee calculated using the Retained Fee
Rate, which is subject to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.

 

“Transferee”:
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(n)(ii).

 

    	-106-

    	 

    

 

“Transferor”:
Any Person who is disposing by Transfer any Ownership Interest in a Certificate.

 

“Transferor
Letter”: As defined in Section 5.03(n)(ii).

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named: “JPMCC Commercial Mortgage Securities
Trust 2015-JP1”.

 

“Trust
Fund”: The corpus of the Trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage
Loans as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan replacing a removed
Mortgage Loan), together with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests
of the related Serviced Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled payments on
or collections in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution); (iii) any REO Property (to the extent of the Trust’s interest therein)
or the Trust’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related
Non-Serviced PSA; (iv) all revenues received in respect of any REO Property (to the extent of the Trust’s interest
therein); (v) the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and
any proceeds thereof (to the extent of the Trust’s interest therein); (vi) any Assignment of Leases and any security
agreements (to the extent of the Trust’s interest therein); (vii) any letters of credit, indemnities, guaranties or
lease enhancement policies given as additional security for any related Mortgage Loans (to the extent of the Trust’s interest
therein); (viii) all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the
Trust’s interest therein), amounts on deposit in the Collection Account (to the extent of the Trust’s interest therein),
the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Gain-on-Sale
Reserve Account) and any REO Account (to the extent of the Trust’s interest in such REO Account), including any reinvestment
income, as applicable; (ix) any Environmental Indemnity Agreements (to the extent of the Trust’s interest therein);
(x) the rights and remedies of the Depositor under each Mortgage Loan Purchase Agreement (to the extent transferred to the
Trustee); (xi) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in
respect of the Class X-C Certificates; (xii) the Lower-Tier Regular Interests; and (xiii)  the proceeds of the
foregoing (other than any interest earned on deposits in the lock-box accounts, cash collateral accounts, escrow accounts and
any reserve accounts, to the extent such interest belongs to the related Mortgagor).

  

“Trust
REMIC”: as defined in the Preliminary Statement.

 

“Trustee”:
Wilmington Trust, National Association, or its successor in interest, in its capacity as trustee and its successors in interest,
or any successor trustee appointed as herein provided.

 

    	-107-

    	 

    

 

“Trustee
Fee”: The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which
fee is included as part of the Certificate Administrator Fee. No portion of the Trustee Fee shall be calculated by reference to
any Companion Loan or the Stated Principal Balance of any Companion Loan. The Trustee Fee shall be equal to $210 per month and
shall be paid as a portion of the Certificate Administrator Fee.

 

“UCC”:
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC
Financing Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Underwriters”:
J.P. Morgan Securities LLC, Barclays Capital Inc., Drexel Hamilton, LLC and Academy Securities, Inc.

 

“Uninsured
Cause”: Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is
not fully reimbursable by the hazard insurance policies or flood insurance policies required to be maintained pursuant to Section 3.07.

 

“United
States Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person
that made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement
Amount pursuant to subsections (iii) and (iv) of Section 3.05(a) but that has not been
recovered from the Mortgagor
or otherwise from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance
was made.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal
portions of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing Fees, Liquidation Fees, accrued
interest on Advances and other additional expenses of the Trust incurred in connection with the related Mortgage Loan) and, if
applicable, REO Revenues received with respect to such Mortgage Loan and any REO Loans on or prior to the related Determination
Date, but in each case only to the extent that such principal portion represents a recovery of principal for which no advance
was previously made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Upper-Tier
REMIC”: One of the two separate REMICs comprising the Trust, the assets of which consist of the Lower-Tier Regular Interests,
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date with respect to the Class
X-C Certificates, and such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

 

“Upper-Tier
REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created
and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for
the

 

    	-108-

    	 

    

 

Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered holders of JPMCC Commercial Mortgage Securities Trust
2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Upper-Tier REMIC Distribution Account”. Any such
account or accounts shall be an Eligible Account.

 

“U.S.
Dollars” or “$”: Lawful money of the United States of America.

 

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

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times
during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows:
(i) 2% in the case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as
of the date of determination) and (ii) in the case of any Principal Balance Certificates, a percentage equal to the product
of 98% and a fraction, the numerator of which is equal to the Certificate Balance (and solely in connection with any vote for
purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(d), the Operating Advisor
pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section 12.05, taking into
account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant
to Section 4.05(a) hereof) of such Class, in each case, determined as of the Distribution Date immediately preceding
such time, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote
for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(d), the Operating Advisor
pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section 12.05, taking into
account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant
to Section 4.05(a) hereof) of the Principal Balance Certificates, each determined as of the Distribution Date immediately
preceding such time. None of the Class R Certificates shall be entitled to any Voting Rights.

 

“Weighted
Average Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage
Rates of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection Period,
weighted on the basis of their respective Stated Principal Balances as of the first day of such Collection Period (after giving
effect to any payments received during any applicable Grace Period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22)
or successor provisions.

 

    	-109-

    	 

    

 

“WHFIT
Regulations”: Treasury Regulations Section 1.671-5, as amended or successor provisions.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole
Loan”: Any of (i) The 32 Avenue of the Americas Whole Loan, (ii) the 7700 Parmer Whole Loan, (iii) the
Heinz 57 Center Whole Loan, (iv) The 9 Whole Loan, (v) the First National Building Whole Loan and (vi) the DoubleTree
Anaheim – Orange County Whole Loan.

 

“Withheld
Amounts”: As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such
Mortgage Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its
modified terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such
Advances, to the extent that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person
who made such Advance on or before the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount
of such Advance (and accrued and unpaid interest thereon) becomes an obligation of the related Mortgagor to pay such amount
under the terms of the modified loan documents. That any amount constitutes all or a portion of any Workout-Delayed
Reimbursement Amount shall not in any manner
limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

“Workout
Fee”: The fee paid to the Special Servicer with respect to each Corrected Loan in accordance with Section 3.11(c).

 

“Workout
Fee Rate”: With respect to each Corrected Loan, a fee of 1.00% of each collection (other than Penalty Charges and Excess
Interest) of interest and principal (other than any amount for which a Liquidation Fee would be paid), including (i) Periodic
Payments, (ii) Balloon Payments, (iii) Principal Prepayments and (iv) payments (other than those included in clause (i)
or (ii) of this definition) at maturity or on the Anticipated Repayment Date, received
on each Corrected Loan for so long as it remains a Corrected Loan.

 

“Yield
Maintenance Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable,
as the context requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of,
a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that
reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the
minimum amount that such Yield Maintenance Charge may be.

 

“YM
Group”: YM Group A, YM Group B, YM Group C, YM Group D or YM Group E, as applicable.

 

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“YM
Group A”: Collectively, the Class A Certificates and the Class X-A Certificates.

 

“YM
Group B”: Collectively, the Class B Certificates and the Class X-B Certificates.

 

“YM
Group C”: Collectively, the Class C Certificates and the Class X-C Certificates.

 

“YM
Group D”: Collectively, the Class D Certificates and the Class X-D Certificates.

 

“YM
Group E”: Collectively, the Class E Certificates and the Class X-E Certificates.

 

Section 1.02     Certain
Calculations. Unless otherwise specified herein, for purposes of determining amounts with respect to the Certificates and
the rights and obligations of the parties hereto, the following provisions shall apply:

 

(i)     All
calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on
the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)     Any
Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer
or the Special Servicer; provided, however, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with
the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal
balance of such Mortgage Loan on which interest accrues.

 

(iii)     Any
reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer
to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a) any
distributions made on such Distribution Date pursuant to Section 4.01(a), (b) and (c), (b) any
Realized Losses allocated to such Class of Principal Balance Certificates on that Distribution Date pursuant to Section 4.04,
and (c) any recoveries on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously
reimbursed from principal collections on the related Mortgage Loans, that resulted in a reduction of the Principal Distribution
Amount, which recoveries are allocated to such Class of Principal Balance Certificates, and added to the Certificate Balance pursuant
to Section 4.04(a).

 

(iv)     Unless
otherwise specifically provided for herein, all net present value calculations and determinations made with respect to a Mortgage
Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing
Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal
and interest payments on a

 

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Mortgage Loan or Serviced Companion Loan, as applicable, or sale of a Defaulted Loan, by the Special
Servicer, the highest of (x) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates
the market rate that would be obtainable by the related Mortgagor on similar non-defaulted debt of such Mortgagor as of such date
of determination, (y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan, as applicable, based
on its outstanding principal balance and (z) the yield on 10-year U.S. treasuries as of such date of determination, and (b) for
all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal (or
update of such Appraisal) of the related Mortgaged Property.

 

(v)     Any
reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall
be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor
Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement
refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following
application of trust fund expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu,
to the Trust and Serviced Pari Passu Companion Loan in accordance with the respective Stated Principal Balances of the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan or (ii) with respect to any AB Whole Loan, first,
to the related AB Subordinate Companion Loan and then, to the Trust.

 

[End
of Article I]

 

Article II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans. (a)  The Depositor, concurrently with the execution and delivery hereof, does hereby establish
a trust, appoint the Trustee as trustee of the trust, assign, sell, transfer and convey to the Trustee, in trust, without recourse,
for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests) all the right, title
and interest of the Depositor, including any security interest therein for the benefit of the Depositor, in, to and under (i) the
Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(g)
and 5(h)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14,
15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, Sections 20 and 21 of the Mortgage Loan Purchase Agreement
among the Depositor, SMF II and Starwood, and Sections 20 and 21 of the Mortgage Loan Purchase Agreement among the Depositor,
RTI and RCMC, (iii) the Intercreditor Agreements, (iv) $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date with respect to the Class X-C Certificates, and (v) all other assets included or
to be included in the Trust Fund. Such assignment includes all interest and principal received or receivable on or with respect
to the Mortgage Loans (in each case, other than (i) payments of principal and interest due and payable on the Mortgage Loans
on or before the Cut-off Date; (ii) prepayments of principal collected on or before the Cut-off Date; and (iii) with
respect to those Mortgage Loans that were closed in December 2015 but have their

 

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first
Due Date in January 2016, any interest amounts relating to the period prior to the Cut-off Date). The transfer of the Mortgage
Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 13.07, is intended
by the parties to constitute a sale. In connection with the assignment to the Trustee of Sections 1, 2, 3, 4, 5 (excluding
Section 5(d), 5(g) and 5(h)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f),
6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, Sections 20 and 21 of the Mortgage Loan
Purchase Agreement among the Depositor, SMF II and Starwood, and Sections 20 and 21 of the Mortgage Loan Purchase Agreement among
the Depositor, RTI and RCMC, it is intended that the Trustee get the benefit of Sections 10, 11 and 14 thereof in connection
with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to make available to the
Trustee the benefits of Sections 10, 11 and 14 in connection therewith.

 

(b)     In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and
hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase
Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Custodian (or with respect to letters
of credit, the Master Servicer), on or before the Closing Date, the Mortgage File for each Mortgage Loan so assigned, with copies
to the Master Servicer (except, in the case of Serviced Mortgage Loans, for letters of credit). If the applicable Mortgage Loan
Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, the delivery requirements
of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied
upon such Mortgage Loan Seller’s delivery of a copy or duplicate original of such Mortgage Note, together with an affidavit
certifying that the original thereof has been lost or destroyed and indemnifying the Trustee and the Trust. If the applicable
Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or instruments
referred to in clauses (ii), (iv), (vii), and (ix) of the definition of “Mortgage File”
(or, if applicable, a copy thereof) with evidence of filing or recording thereon (if intended to be recorded or filed), solely
because of a delay caused by the public filing or recording office where such document or instrument has been delivered, or will
be delivered within ten (10) Business Days of the Closing Date, for filing or recordation, the delivery requirements of the applicable
Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied on a provisional
basis as of the Closing Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall
be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or
instrument (certified by the applicable public filing or recording office, the applicable title insurance company or the applicable
Mortgage Loan Seller to be a true and complete copy of the original thereof submitted or to be submitted for filing or recording)
is delivered to the Custodian on or before the Closing Date, and either the original of such non-delivered document or instrument,
or a photocopy thereof (certified by the appropriate county recorder’s office or the applicable title insurance company,
in the case of the documents and/or instruments referred to in clause (ii) of the definition of “Mortgage File”,
to be a true and complete copy of the original thereof submitted for recording), with evidence of filing or recording thereon,
is delivered to the Custodian within one hundred-eighty (180) days of the Closing Date (or within such longer period, not to exceed
eighteen (18) months, after the Closing Date as the Custodian shall consent to as long as the applicable Mortgage Loan Seller
is, as certified in writing to the Trustee and the Custodian no

 

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less
often than every ninety (90) days following such 180–day period after the Closing Date, attempting in good faith to obtain
from the appropriate public filing office or county recorder’s office such original or photocopy). If the applicable Mortgage
Loan Seller is required to, but cannot, deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or
instruments referred to in clauses (ii), (iv), (vii), and (ix) (or, if applicable, a copy thereof)
of the definition of “Mortgage File,” with evidence of filing or recording thereon, for any other reason, including,
without limitation, that such non-delivered document or instrument has been lost or destroyed, the delivery requirements of the
applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied as to
such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included
in the Mortgage File, if a photocopy of such non-delivered document or instrument (with evidence of filing or recording thereon
and certified in the case of the documents and/or instruments referred to in clause (ii) of the definition of “Mortgage
File” by the appropriate county recorder’s office or the applicable title insurance company to be a true and complete
copy of the original thereof submitted for recording) is delivered to the Custodian on or before the Closing Date. Neither the
Trustee nor any Custodian shall in any way be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with
the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b). If, on the Closing
Date as to any Mortgage Loan, subject to the next sentence, the applicable Mortgage Loan Seller is required to, but cannot, deliver
(in complete and recordable form or form suitable for filing or recording, if
applicable) any one of the assignments in favor of the Trustee referred to in clause (iii), clause (v)
(to the extent not already assigned pursuant to clause (iii)), clause (x) (to the extent not already assigned
pursuant to clause (iii)) or clause (ix) of the definition of “Mortgage File” solely because
of the unavailability of filing or recording information as to any existing document or instrument, such Mortgage Loan Seller
may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b)
with respect to such assignment by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment
of such Mortgage Loan substantially in the form of Exhibit H; provided that all required original assignments
with respect to such Mortgage Loan (in fully complete and recordable form or form suitable for filing or recording, if applicable)
are delivered to the Custodian within one hundred-eighty (180) days after the Closing Date (or within such longer period, not
to exceed eighteen (18) months, which the Custodian shall consent to so long as the applicable Mortgage Loan Seller is, as certified
in writing to the Trustee and the Custodian no less often than every ninety (90) days following such 180–day period after
the Closing Date, attempting in good faith to obtain from the appropriate public filing office or county recorder’s office
the applicable filing or recording information as to the related document or instrument); and provided, further,
that in the case of a Non-Serviced Mortgage Loan, the delivery of any such assignments shall be subject to clause (e)
of the final proviso to the definition of “Mortgage File” herein. If, in accordance with the related Mortgage
Loan Purchase Agreement and consistent with Section 2.01(c) of this Agreement, as to any Mortgage Loan, the related
Mortgage Loan Seller or its agent is responsible for recording or filing, as applicable, any one of the assignments in favor of
the Trustee referred to in clause (iii), clause (v) (to the extent not already assigned pursuant to clause (iii))
or clause (ix) of the definition of “Mortgage File”, such Mortgage Loan Seller may provisionally satisfy
the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b) with respect to
such assignment by delivering to the Custodian with respect to such Mortgage Loan on

 

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the
Closing Date a copy of such assignment in the form sent for recording or filing or (except for recording or filing
information not yet available) to be sent for recording or filing; provided that an original or copy of such
assignment (with evidence of recording or filing, as applicable, indicated thereon) shall be delivered to the Custodian as
contemplated by Section 2.01(c) of this Agreement. Notwithstanding anything herein to the contrary, with respect
to letters of credit referred to in clause (xii) of the definition of “Mortgage File” and relating to
a Serviced Mortgage Loan, the applicable Mortgage Loan Seller shall deliver the original to the Master Servicer (which letter
of credit shall be titled in the name of, or assigned to, “Wells Fargo Bank, National Association, as Master Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of registered holders of JPMCC Commercial
Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1”, and a copy to the
Custodian or, if such original has been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect a
reissuance, assignment or amendment of such letter of credit (changing the beneficiary thereof to the Master Servicer (in
care of the Trustee, as titled above) that may be required in order for the Master Servicer to draw on such letter of credit
on behalf of the Trust in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents) and the
applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan
Purchase Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof
to the Custodian together with an officer’s certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered
to the issuing bank for reissuance or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s)
of credit pursuant to this Section 2.01(b), one of which shall be delivered to the Custodian on the Closing Date.
If a letter of credit referred to in the previous sentence is not in a form that would allow the Master Servicer to draw on such
letter of credit on behalf of the Trust in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents,
the applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment
or amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of
credit for processing) to the Custodian within thirty (30) days of the Closing Date. If not otherwise paid by the related Mortgagor,
the applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit required in order
for the Master Servicer to draw on such letter(s) of credit on behalf of the Trust and shall cooperate with the reasonable requests
of the Master Servicer in connection with effectuating a draw under any such letter of credit prior to the date such letter of
credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trust.

 

(c)     Pursuant
to each Mortgage Loan Purchase Agreement, except in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller
is required at its sole cost and expense, to itself, or to engage a third party to, put each Assignment of Mortgage, each assignment
of Assignment of Leases and each assignment of each UCC Financing Statement (collectively, the “Assignments”
and, individually, “Assignment”) relating to the Mortgage Loans conveyed by it under the applicable Mortgage
Loan Purchase Agreement in proper form for filing or recording, as applicable, and to submit such Assignments for filing or recording,
as the case may be, in the applicable public filing or recording office. On the Closing Date, the Mortgage Loan Sellers may deliver
one (1) omnibus assignment for all such Mortgage Loans as provided in Section 2.01(b). Except under the circumstances
provided for in the last sentence of this subsection (c) and except in the case of a Non-Serviced Mortgage Loan, the
related

 

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Mortgage
Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will, promptly (and in any event within
one hundred twenty (120) days after the later of the Closing Date and the related Mortgage Loan Seller’s actual receipt
of the related documents and the necessary recording and filing information) cause to be submitted for recording or filing, as
the case may be, in the appropriate public office for real property records or UCC Financing Statements, as appropriate, each
Assignment. Each such Assignment submitted for recording shall reflect that it (or a file copy thereof in the case of a UCC Assignment)
should be returned by the public recording office to the Custodian or its designee following recording or filing (or to the related
Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian or its designee). Any
such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be deemed a part thereof,
and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to be delivered to the Custodian
to be included as part of the related Mortgage File within thirty (30) days after receipt. If any such document or instrument
is determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction in which it is to be recorded
or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be, because of a defect therein,
on or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller or its designee shall prepare,
at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter the related Mortgage Loan Seller
or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause the same to be duly recorded or filed, as appropriate. If, by the first anniversary of the Closing Date, the Custodian has not received
confirmation of the recording or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage Loan
Seller who may then pursue such confirmation itself or request that the Custodian pursue such confirmation at the related Mortgage
Loan Seller’s expense, and upon such a request and provision for payment of such expenses satisfactory to the Custodian,
the Custodian, at the expense of the applicable Mortgage Loan Seller, shall cause a search of the land records of each applicable
jurisdiction and of the records of the offices of the applicable Secretary of State for confirmation that the Assignment appears
in such records and retain a copy of such confirmation in the related Mortgage File. In the event that confirmation of the recording
or filing of an Assignment cannot be obtained, the Custodian or the related Mortgage Loan Seller, as applicable, shall promptly
inform the other and the Custodian shall provide such Mortgage Loan Seller with a copy of the Assignment and request the preparation
of a new Assignment. The related Mortgage Loan Seller shall pay the expenses for the preparation of replacement Assignments for
any Assignments which, having been properly submitted for filing or recording to the appropriate governmental office by the Custodian,
fail to appear of record and must be resubmitted. Notwithstanding the foregoing, there shall be no requirement to record any assignment
to the Trustee referred to in clause (iii) or (v) of the definition of “Mortgage File,” or to file
any UCC-3 to the Trustee referred to in clause (ix) of the definition of “Mortgage File,” in those jurisdictions
where, in the written opinion of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller) acceptable
to the Depositor and the Trustee, such recordation and/or filing is not required to protect the Trustee’s interest in the
related Mortgage Loan, against sale, further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer or the Depositor.

 

(d)     All
documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to the Mortgage
Loans (including, in each case, financial

 

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statements,
operating statements and any other information provided by the respective Mortgagor from time to time, but excluding the applicable
Mortgage Loan Seller’s internal communications (including such communications between such Mortgage Loan Seller and its
Affiliates) and underwriting analysis (including documents prepared by the applicable Mortgage Loan Seller or any of its Affiliates
for such purposes), draft documents, attorney-client communications that are privileged communications or constitute legal or
other due diligence analyses and credit underwriting or due diligence analyses or data) that (i) are not required to be a
part of a Mortgage File in accordance with the definition thereof and (ii) are reasonably necessary for the servicing of
each such Mortgage Loan, together with copies of all documents in each Mortgage File, shall be delivered by the Depositor or the
applicable Mortgage Loan Seller to the Master Servicer within five (5) Business Days after the Closing Date and shall be held
by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders (and as holder of the Lower-Tier
Regular Interests) and, if applicable, on behalf of the related Companion Holder. Such documents and records shall be any documents
and records (with the exception of any items excluded under the immediately preceding sentence) that would otherwise be a part
of the Servicing File.

 

(e)     In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver to
the Trustee and the Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original counterpart
of each of the Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification, on the Closing
Date.

 

(f)     The
Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within three
(3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds on deposit in escrow accounts
maintained with respect to the Mortgage Loans transferred by such Mortgage Loan Seller, whether such accounts are held in the
name of the applicable Mortgage Loan Seller or any other name, to be transferred to the Master Servicer (or a Sub-Servicer) for
deposit into Servicing Accounts.

 

(g)     With
respect to the Mortgage Loans secured by the Mortgaged Properties identified as “The 9”, “Holiday Inn Baltimore
Inner Harbor”, “DoubleTree Tulsa Warren Place”, “DoubleTree Anaheim – Orange County”,
“Courtyard by Marriott McDonough”, “Hampton Inn College Park”, “Fairfield Inn & Suites Smithfield”,
“Hyatt Place Houston”, “Holiday Inn Express & Suites Indianapolis East” and “Holiday Inn Express
& Suites West Coxsackie” on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related
comfort letter in favor of the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to
transfer or assign any related comfort letter to the Trust or otherwise have a new comfort letter issued in the name of the Trust,
the related Mortgage Loan Seller or its designee will be required to provide any such required notice or make any such required
request to the related franchisor (with a copy of such notice or request to the Master Servicer) within forty-five (45) days of
the Closing Date (or any shorter period if required by the applicable comfort letter), and the Master Servicer shall use reasonable
efforts in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any
such new document or acknowledgement as may be contemplated under the existing comfort letter).

 

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(h)     Each
Mortgage Loan Purchase Agreement shall provide that within sixty (60) days of the Closing Date, each Mortgage Loan Seller shall
deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence
Files to the Intralinks Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than sixty
(60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide to each of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations
Reviewer and the Operating Advisor an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that
the electronic copies of the documents and information uploaded to the Intralinks Site constitute all documents and information
required under the definition of “Diligence File” (the “Diligence File Certification”).

 

Section 2.02     Acceptance
by Trustee. (a)  The Trustee, by the execution and delivery of this Agreement (1) acknowledges receipt by it
or a Custodian on its behalf, subject to the provisions of Section 2.01, in good faith and without notice of any adverse
claim, of the applicable documents specified in clause (i) of the definition of “Mortgage File” with respect
to each Mortgage Loan and of all other assets included in the Trust Fund and (2) declares (a) that it or a Custodian
on its behalf holds and will hold such documents and the other documents delivered or caused to be delivered by the Mortgage Loan
Sellers that constitute the Mortgage Files in the name of the Trust for the benefit of all present and future Certificateholders,
and (b) that it holds and will hold such other assets included in the Trust Fund, in trust for the exclusive use and benefit
of all present and future Certificateholders and, with respect to any original document in the Mortgage File for a Serviced Whole
Loan, for any present or future Companion Holder (and for the benefit of the Trustee as holder of the Lower-Tier Regular Interests),
as applicable. If any Mortgage Loan Seller is unable to deliver or cause the delivery of any original Mortgage Note, such Mortgage
Loan Seller may deliver a copy of such Mortgage Note, together with a signed lost note affidavit and appropriate indemnity and
shall thereby be deemed to have satisfied the document delivery requirements of Section 2.01 and of this Section 2.02.

 

(b)     Within
sixty (60) days of the Closing Date, the Custodian shall review the Mortgage Loan documents delivered or caused to be delivered
by the Mortgage Loan Sellers constituting the Mortgage Files and, promptly following such review (but in no event later than sixty
(60) days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify in writing to each
of the Rating Agencies, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder (so long as
no Consultation Termination Event shall have occurred and be continuing and only with respect to Mortgage Loans other than any
Excluded Loan), the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Operating Advisor and the
applicable Mortgage Loan Seller (as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
in full) that, except as specifically identified in any exception report annexed to such writing (the “Custodial Exception
Report”), (i) subject to the final proviso of the definition of “Mortgage File” herein and Section 2.01 hereof, all documents specified in clauses (i) through (v), (viii), (ix), (xi),
(xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit and the required
Officer’s Certificate), if any, of the definition of “Mortgage File”, as applicable, are in its possession,
(ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian
and appear regular on their face and appear to

 

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be
executed and to relate to such Mortgage Loan, and (iii) based on such examination and only as to the foregoing documents,
the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv), (vi)
and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct. With respect to each Mortgage Loan
listed on the Custodial Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature
of such exception (in the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items
required to be in the Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller but
are out for filing or recording and have not been returned by the filing office or the recorder’s office).

 

(c)     The
Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first
anniversary of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to
each of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing
Certificateholder and the applicable Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule
(other than any related Mortgage Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically
identified in any exception report annexed to such writing) that, (i) subject to the final proviso of the definition of
“Mortgage File” herein and Section 2.01 hereof, all documents specified in clauses (i)
through (v), (viii), (ix), (xi), (xii) and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its possession,
(ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian
and appear regular on their face and appear to be executed and relate to such Mortgage Loan and (iii) based on such examination
and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to the items specified
in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct.

 

(d)     Notwithstanding
anything contained in this Section 2.02 and Section 2.03(b) to the contrary, in the case of a Material
Defect in any of the documents specified in clauses (ii) through (v), (vii), (viii) and (ix)
in the definition of “Mortgage File”, which Material Defect results solely from a delay in the return of the related
documents from the applicable filing or recording office and gives rise to a repurchase or substitution obligation on the part
of the related Mortgage Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement,
the Directing Certificateholder, in its sole judgment, may (other than with respect to any Excluded Loan and, with respect to
any other Mortgage Loan, only prior to the occurrence and continuance of a Control Termination Event), and the Special Servicer
may, in accordance with the Servicing Standard, after the occurrence and during the continuance of a Control Termination Event,
permit the related Mortgage Loan Seller in lieu of repurchasing or substituting for the related Mortgage Loan, to deposit with
the Master Servicer an amount, to be held in trust in a segregated Eligible Account (which may be a sub-account of the Collection
Account), equal to 25% of the Stated Principal Balance of the related Mortgage Loan (in the alternative, the related Mortgage
Loan Seller may deliver to the Master Servicer a letter of credit in such amount, with a copy to the Custodian). Such funds or
letter of credit, as applicable, shall be held by the Master Servicer (i) until the date on which the Custodian determines
and notifies the Master Servicer that such Material Defect has been cured or the related Mortgage Loan is no longer part of the
Trust Fund, at which time the Master Servicer shall return such funds (or letter of credit) to the related Mortgage Loan Seller,
or

 

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(ii) until
same are applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable) as set forth below in this Section 2.02(d)
in the event of a repurchase or substitution by the related Mortgage Loan Seller. Notwithstanding the two immediately preceding
sentences, if the Master Servicer or the Special Servicer certifies to the Trustee, the Certificate Administrator and the Custodian
that it has determined in the exercise of its reasonable judgment that the document with respect to which such Material Defect
exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the
validity or priority of any lien on collateral securing the related Mortgage Loan or for any immediate significant servicing obligation,
the related Mortgage Loan Seller shall be required to repurchase or substitute for the related Mortgage Loan in accordance with,
and to the extent required by, the terms and conditions of Section 2.03(b) and Section 6 of the related Mortgage
Loan Purchase Agreement; provided, however, that such Mortgage Loan Seller shall not be required to repurchase the
Mortgage Loan for a period of ninety (90) days after receipt of a notice to repurchase (together with any applicable extension
period) if it is attempting to recover the document from the applicable filing or recording office and provides an officer’s
certificate setting forth what actions such Mortgage Loan Seller is pursuing in connection with such recovery. In the event of
a repurchase or substitution, upon the date of such repurchase or substitution, and in the event that the related Mortgage Loan
Seller has delivered a letter of credit to the Master Servicer in accordance with this Section 2.02(d),
the Master Servicer shall, to the extent necessary, draw on the letter of credit and deposit the proceeds of such draw, into the
Collection Account to be applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable, in which event, the
amount of such funds or proceeds that exceed the Substitution Shortfall Amount shall be returned to the related Mortgage Loan
Seller) in accordance with Section 2.03(b). All such funds deposited in the Collection Account shall be invested in
Permitted Investments, at the direction and for the benefit of the related Mortgage Loan Seller. Such funds shall be treated as
an “outside reserve fund” under the REMIC Provisions, which, together with any reimbursement from the Lower-Tier REMIC,
is beneficially owned by the related Mortgage Loan Seller for federal income tax purposes, which Mortgage Loan Seller shall remain
liable for any taxes payable on income or gain with respect thereto.

 

(e)     It
is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine whether
any of the documents specified in clauses (vi), (vii) and (xii) through (xviii) of the definition
of “Mortgage File” exist or are required to be delivered by the Depositor, the Mortgage Loan Sellers or any other
Person (unless identified on the Mortgage Loan Checklist) or (ii) to inspect, review or examine any of the documents, instruments,
certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are genuine, enforceable,
duly authorized, sufficient to perfect and maintain the perfection of a security interest or appropriate for the represented purpose
or that they are other than what they purport to be on their face and, with respect to the documents specified in clause (viii) of the definition of the “Mortgage File”, whether the insurance is effective as of the date of the recordation,
whether all endorsements or riders issued are included in the file or if the policy has not been issued whether any acceptable
replacement document has been dated the date of the related Mortgage Loan funding. Further, with respect to the UCC Financing
Statements referenced in the Mortgage File, absent actual knowledge to the contrary or copies of UCC Financing Statements delivered
to the Custodian as part of the Mortgage File

 

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indicating
otherwise, the Custodian may assume, for the purposes of the filings and the certification to be delivered in accordance with
this Section 2.02 that the related Mortgage File should include one state level UCC Financing Statement filing for
each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor, except to the
extent multiple Mortgagors are named as debtors in the same UCC Financing Statement filing), or if the Custodian has received
notice that a particular UCC Financing Statement was filed as a fixture filing, that the related Mortgage File should include
only a local UCC Financing Statement filing for each Mortgaged Property (or with respect to any Mortgage Loan) that has two or
more Mortgagors, for each Mortgagor, except to the extent multiple Mortgagors are named as debtors in the same UCC Financing Statement
filing). The assignments of the UCC Financing Statements to be assigned to the Trust will be delivered on the new national forms
(or on such other form as may be acceptable for filing or recording in the applicable jurisdiction) and in a format suitable for
filing or recording, as applicable, and will be filed or recorded in the jurisdiction(s) where such UCC Financing Statements were
originally filed or recorded, as indicated in the documents provided, and in accordance with then-current laws.

 

(f)     If,
in the process of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any document or documents
constituting a part of a Mortgage File (1) not to have been properly executed, (2) subject to the timing
requirements of Sections 2.01(b) and 2.01(c), not to have been delivered, (3) to contain information that does not conform in any material respect
with the corresponding information set forth in the Mortgage Loan Schedule or (4) to be defective on its face (each, a “Defect”
in the related Mortgage File), the Custodian shall promptly so notify the Depositor, the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Directing Certificateholder, the applicable Mortgage Loan Seller (and in no event
later than ninety (90) days after the Closing Date and every calendar quarter thereafter until all Defects are corrected) by providing
a Custodial Exception Report setting forth for each affected Mortgage Loan, with particularity, the nature of such Defect (in
a form reasonably acceptable to the Custodian and such Mortgage Loan Seller and separating items required to be in the Mortgage
File but never delivered from items which were delivered by such Mortgage Loan Seller but are out for recording or filing and
have not been returned by the recorder’s office or filing office).

 

Contemporaneously
with its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of
attorney substantially in the form of Exhibit D to the applicable Mortgage Loan Purchase Agreement to the applicable
party(ies) thereto that permits such party(ies) to take such other action as is necessary to effect the delivery, assignment
and/or recordation of any documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned
or recorded at the time required for enforcement by the Trust Fund, subject to any limitations set forth in the related
Mortgage Loan Purchase Agreement. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of
its respective Mortgage Loan documents until the assignment and recordation of all such Mortgage Loan documents has been
completed.

 

(g)     If
the Master Servicer or the Special Servicer (i) receives a Repurchase Request or any other request from any Person for a
Mortgage Loan Seller to repurchase a Mortgage Loan because of an alleged Defect or Breach (together with a Repurchase Request,
a

 

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“15Ga-1
Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable, to the extent it receives such 15Ga-1
Repurchase Request, the “Repurchase Request Recipient” with respect to such 15Ga-1 Repurchase Request); or
(ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase Request or any rejection
of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the Master Servicer or Special Servicer by another
party hereto), then the Repurchase Request Recipient shall deliver notice (which may be by electronic format so long as a “backup”
hard copy of such notice is also delivered on or prior to the next Business Day) of such 15Ga-1 Repurchase Request or withdrawal
or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1 Notice”) to the applicable Mortgage Loan Seller
(other than in the case of a rejection by such Mortgage Loan Seller) and the Depositor, in each case within ten (10) Business
Days from such Repurchase Request Recipient’s receipt thereof.

 

Each
15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Request is received
by the Repurchase Request Recipient or the date any withdrawal of the Repurchase Request is received by the Repurchase Request
Recipient, as applicable, (iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and
(iv) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request.

 

A
Repurchase Request Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. The Mortgage Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice
provided pursuant to this Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor or
their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB
and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Repurchase Request
Recipient and (B) no information provided pursuant to this Section 2.02(g) by a Repurchase Request Recipient,
shall be deemed to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have
with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject
of a 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian receives a Repurchase Request, such party shall promptly forward or otherwise provide written notice of such
Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced Loan, or to the Special Servicer, if relating
to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence: “This is
a ‘Repurchase Request’ under Section 2.02 of the Pooling and Servicing Agreement relating to the JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 requiring action
by you as the ‘Repurchase Request Recipient’ thereunder.” Upon receipt of such Repurchase Request by the Master
Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient in respect
of such Repurchase Request, and such party shall comply with the procedures set forth in this Section 2.02(g) with
respect to such Repurchase Request. In no event shall the Custodian, by virtue of this provision, be required to provide any notice
other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

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If
the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives notice or has knowledge of a withdrawal or a rejection of a Repurchase Request of which notice has been previously received
or given, and such notice was not received from or copied to the Master Servicer or the Special Servicer, then such party shall
give notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as applicable. Any such notice received
by the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian shall
also be provided to the Depositor and, in the case of a withdrawal notice, to the applicable Mortgage Loan Seller.

 

In
the event that a Mortgage Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Master Servicer
(with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans) shall promptly notify
the Depositor of such repurchase or replacement.

 

Section 2.03     Representations,
Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects
in Mortgage Files and Breaches of Representations and Warranties. (a)  The Depositor hereby represents and warrants
that:

 

(i)     The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and
the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement
by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby,
including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this
Agreement;

 

(ii)     Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
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);

 

(iii)     The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required
for the execution, delivery and performance by the Depositor of this Agreement;

 

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(iv)     There
is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court
or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the
Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)     The
Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage
Loans have been validly transferred to the Trust.

 

(b)     After
its receipt of a Repurchase Request, the Master Servicer (if the related Mortgage Loan is a Non-Specially Serviced Loan) or the
Special Servicer (if the related Mortgage Loan is a Specially Serviced Loan), as applicable, shall request in writing that the
applicable Mortgage Loan Seller, not later than ninety (90) days following the earlier of (i) such Mortgage Loan Seller’s
discovery of any Material Defect, (ii) such Mortgage Loan Seller’s receipt of notice of any Material Defect from any
party to this Agreement or (iii) in the case of a Material Defect relating to a Mortgage Loan not being a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury Regulations
Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage, (x) the discovery
of any Material Defect by any party to this Agreement or (y) receipt of a notice of any Material Defect by the applicable
Mortgage Loan Seller (such 90-day period, the “Initial Cure Period”), (A) cure such Material Defect in
all material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related reasonable additional
expenses of the Trust reasonably incurred by any party to this Agreement, (B) repurchase the affected Mortgage Loan or REO
Loan (excluding any related Serviced Companion Loan, if applicable), at the applicable Purchase Price and in conformity with the
applicable Mortgage Loan Purchase Agreement and this Agreement or (C) substitute a Qualified Substitute Mortgage Loan (other
than with respect to the Whole Loans, for which no substitution will be permitted) for such affected Mortgage Loan or REO Loan
(excluding any related Serviced Companion Loan, if applicable) (provided that in no event shall any such substitution occur
on or after the second anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account, any
Substitution Shortfall Amount in connection therewith and in conformity with the applicable Mortgage Loan Purchase Agreement and
this Agreement; provided, however, that except with respect to a Material Defect resulting solely from the failure
by the Mortgage Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s title insurance required
pursuant to clause (viii) of the definition of Mortgage File by a date not later than eighteen (18) months following
the Closing Date, if such Material Defect is capable of being cured but is not cured within the Initial Cure Period, and the applicable
Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect within the Initial Cure
Period, the applicable Mortgage Loan Seller shall have an additional ninety (90) days commencing immediately upon the expiration
of the Initial Cure Period (such additional ninety (90) day period, the “Extended Cure Period”) to complete
such cure (or, failing such cure, to repurchase the related Mortgage Loan or REO Loan (excluding any related Serviced Companion
Loan, if applicable) or substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, for which
no substitution will be permitted)) and provided, further, that with respect to such Extended Cure Period the applicable
Mortgage Loan Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator (who

 

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shall promptly deliver a copy of such
officer’s certificate to the 17g-5 Information Provider), the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer and (with respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence
of a Consultation Termination Event) the Directing Certificateholder, setting forth the reason such Material Defect is not capable
of being cured within the Initial Cure Period and what actions the applicable Mortgage Loan Seller is pursuing in connection with
the cure thereof and stating that the applicable Mortgage Loan Seller anticipates that such Material Defect will be cured within
the Extended Cure Period. Notwithstanding the foregoing, any Material Defect which causes any Mortgage Loan not to be a “qualified
mortgage” (within the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury Regulations
Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage) shall be deemed to materially
and adversely affect the interests of Certificateholders therein, and (subject to the applicable Mortgage Loan Seller’s
right to cure such Material Defect during the Initial Cure Period) such Mortgage Loan
shall be repurchased or substituted for without regard to the Extended Cure Period described in the preceding sentence. If the
affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage
Loan Seller are to be remitted by wire transfer to the Master Servicer for deposit into the Collection Account.

 

If
a Mortgage Loan Seller, in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage
Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Master
Servicer (in the case of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans) on behalf
of the Trust (and, with respect to any Mortgage Loan other than an Excluded Loan, with the consent of the Directing Certificateholder
if no Control Termination Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”)
with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve
Fund to be applied in accordance with Section 3.05(g) of this Agreement. The Special Servicer shall determine the
amount of any applicable Loss of Value Payment (with the consent of the Directing Certificateholder in respect of any Mortgage
Loan that is not an Excluded Loan and for so long as no Control Termination Event has occurred and is continuing) and, in the
case of any PSA Party Repurchase Request with respect to Non-Specially Serviced Loans prior to the occurrence of a Resolution
Failure, shall communicate such amount to the Master Servicer for its enforcement action with the applicable Mortgage Loan Seller.
In connection with any such determination with respect to any Non-Specially Serviced Loan, the Master Servicer shall promptly
provide the Special Servicer, but in any event within the time frame and in the manner provided in Section 3.19, with
the Servicing File to the extent set forth in Section 3.19 in order to permit the Special Servicer to calculate the
Loss of Value Payment as set forth in this Section 2.03(b). The Loss of Value Payment shall include the portion of
any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees and reimbursable
expenses of the Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan. If such Loss of Value Payment
is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders and the Trustee on their
behalf regarding any such Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material
Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Defect under any circumstances. This
paragraph is intended to apply only to a mutual agreement or settlement

 

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between
the applicable Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, on behalf of the Trust, provided
that (i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller
or the Master Servicer or the Special Servicer, as applicable, from exercising any of its rights related to a Material Defect
in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding
this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan), (ii) such Loss of Value Payment
shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a Material Defect as a result of a
Mortgage Loan not constituting a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without
regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified
mortgage) may not be cured by a Loss of Value Payment.

 

If
any Breach pertains to a representation or warranty that the related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Mortgagor to bear the costs and expenses associated with any particular action or matter under such Mortgage
Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may
be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for (i) the reasonable amount of
any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Trust that are incurred as a result of such Breach and have not been reimbursed by the related Mortgagor and (ii) the
amount of any fees and reimbursable expenses of the Asset Representations Reviewer attributable to the Asset Review of such Mortgage
Loan; provided, however, that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan
Seller shall have the option to either repurchase or substitute for the related Mortgage Loan as provided above or pay such costs
and expenses. Except as provided in the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall
remit the amount of such costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed
to have cured such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage
Loan Seller are subsequently obtained from the related Mortgagor, the portion of the cure payment made by the related Mortgage
Loan Seller equal to such fees or expenses obtained from the related Mortgagor shall promptly be returned to the related Mortgage
Loan Seller. Periodic Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date
in the month of substitution, and Periodic Payments due with respect to each Mortgage Loan being repurchased or replaced after
the related Cut-off Date and received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the
related date of repurchase or substitution, shall be part of the Trust Fund. Periodic Payments due with respect to each Qualified
Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Periodic Payments due
with respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or the Special Servicer on
behalf of the Trust after the related date of repurchase or substitution, shall not be part of the Trust Fund and are to be remitted
by the Master Servicer (or by the Special Servicer to the Master Servicer who shall then remit such funds) to the applicable Mortgage
Loan Seller effecting the related repurchase or substitution promptly following receipt. Notwithstanding anything contained in
this Agreement or the related Mortgage Loan Purchase Agreement, no delay in either the discovery of a Material Defect shall relieve
the applicable Mortgage Loan Seller of its obligation to repurchase if it is otherwise required to do so under the

 

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related Mortgage Loan Purchase Agreement
and/or this Article II unless (i) the related Mortgage Loan Seller did not otherwise discover or have knowledge
of such Material Defect and (ii) such delay is a result of the failure by a party to the applicable Mortgage Loan Purchase
Agreement, or this Agreement, to provide prompt notice as required by the terms of the applicable Mortgage Loan Purchase Agreement,
or this Agreement, after such party has actual knowledge of such Material Defect (knowledge shall not be deemed to exist by reason
of the Custodial Exception Report) and such delay precludes such Mortgage Loan Seller from curing such Material Defect. Notwithstanding
the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated
by a Mortgagor), healthcare facility, nursing home, assisted living facility, self-storage facility, theater or fitness center
(operated by a borrower), then the failure to deliver copies of the UCC Financing Statements with respect to such Mortgage Loan
shall not be a Material Defect.

 

(c)     Subject
to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further
subject to Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage
File to be deemed to have a “Defect” that constitutes a Material Defect and to be conclusively presumed to materially
and adversely affect the interests of Certificateholders in a Mortgage Loan (but solely with respect to clause (a))
and to be deemed to materially and adversely affect the interest of the Certificateholders in and the value of a Mortgage Loan:
(a) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File contains a signed lost
note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular on its face; (b) the absence from
the Mortgage File of the original signed Mortgage that appears to be regular on its face, unless there is included in the Mortgage
File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a certificate from the related
Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (c) the absence from the Mortgage
File of the item called for by clause (viii) of the definition of Mortgage File; (d) the absence from the Mortgage
File of any intervening assignments required to create a complete chain of assignments to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File either a copy of the assignment with evidence of recording thereon or a copy of
the intervening assignment and a certificate from the related Mortgage Loan Seller stating that the original intervening assignments
were sent for filing or recordation, as applicable; (e) the absence from the Mortgage File of any required letter of credit
(except as permitted under Section 2.01(b)); or (f) with respect to any related leasehold Mortgage Loan, the
absence from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided,
however, that no Defect (except the Defects previously described in subclauses (a) through (f) of this
Section 2.03(c)) shall be considered to materially and adversely affect the value of the related Mortgage Loan, the
value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect
to which the Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies
under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage
Loan, establishing the validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate
significant servicing obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan previously
described in subclauses (b) through (f) of this Section 2.03(c) shall be considered to materially
and adversely affect the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee
or Certificateholders unless the related

 

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Mortgage
Loan Seller, after receipt of notice of such Defect, fails to produce a copy of the document with respect to which the
Defect exists within a reasonable period after receiving such notice or otherwise establish that the original or copy, as
applicable, of such document has been delivered, in compliance with the terms of the related Non-Serviced PSA, to the
custodian under the related Non-Serviced PSA. Notwithstanding the foregoing, the delivery of executed escrow instructions or
a binding commitment to issue a lender’s title insurance policy, as provided in clause (viii) of the
definition of Mortgage File herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall not
be considered a Material Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not
later than eighteen (18) months following the Closing Date. Notwithstanding the foregoing, to the extent a Mortgage Loan
Seller has otherwise complied with its document delivery requirements under this Agreement and the related Mortgage Loan
Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant to Section 2.02 above of a document that is part of the Mortgage File
or a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian subsequently loses a document, the fact
that such document is lost may not be utilized as the basis for a claim of a Material Defect against a Mortgage Loan Seller pursuant
to Section 6(e) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03 and the Custodian shall
be liable for any such loss to the extent provided for in Section 8.01 hereof.

 

(d)     In
connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan contemplated by
this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special
Servicer shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer and the Special Servicer of a trust receipt executed by the applicable Mortgage Loan Seller
evidencing such repurchase or substitution, all portions of the Mortgage File and other documents pertaining to such Mortgage
Loan possessed by each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
(other than attorney-client communications that are privileged communications), and each document that constitutes a part of the
Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned, as the case may be to the applicable
Mortgage Loan Seller in the same manner as provided in Section 6 of the related Mortgage Loan Purchase Agreement and, if
applicable, the definition of “Mortgage File” herein, so as to vest in such Mortgage Loan Seller the legal and beneficial
ownership of such repurchased or substituted Mortgage Loan (including property acquired in respect thereof and proceeds of any
insurance policy with respect thereto) and the related Mortgage Loan documents.

 

(e)     Section 6(e)
of each of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders (subject to the
limitations on the rights of the Certificateholders under this Agreement), or the Trustee on behalf of the Certificateholders,
the Master Servicer or the Special Servicer with respect to any Material Defect; provided, however, that the foregoing
shall in no way limit the ability of the Master Servicer, Special Servicer or Trustee to take any action against Starwood Mortgage
Capital LLC or Redwood Trust Inc., as applicable, to the extent provided for pursuant to the related Mortgage Loan Purchase Agreement,
including, without limitation, pursuant to Sections 20 and 21 thereof.

 

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(f)     The
Master Servicer (in the case of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans)
shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests), enforce the
obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement. Such enforcement, including,
without limitation, the legal prosecution of claims, if any, shall be carried out in such form, to such extent and at such time
as the Master Servicer or the Special Servicer would require were it, in its individual capacity, the owner of the affected Mortgage
Loan(s). Any costs incurred by the Master Servicer or the Special Servicer with respect to the enforcement of the obligations
of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall, to the extent not recovered
from the applicable Mortgage Loan Seller, be deemed to be Servicing Advances to the extent not otherwise provided for herein.
The Master Servicer or the Special Servicer, as applicable, shall be reimbursed for the reasonable costs of such enforcement:
first, from a specific recovery, if any, of costs, expenses or attorneys’ fees against the applicable Mortgage Loan
Seller; second, pursuant to Section 3.05(a)(vii) herein out of the related Purchase Price, to the extent that
such expenses are a specific component thereof; and third, if at the conclusion of such enforcement action it is determined
that the amounts described in clauses first and second are insufficient, then pursuant to Section 3.05(a)(viii) herein out of general collections on the Mortgage Loans on deposit in the Collection Account. Any costs, expenses or attorneys’
fees related to a repurchase of a Companion Loan shall be paid pursuant to the related Intercreditor Agreement or pursuant to
the documents related to an Other Securitization, if applicable.

 

(g)     If
a Mortgage Loan Seller incurs any expense in connection with the curing of a Breach that constitutes a Material Defect, which
also constitutes a default under the related Mortgage Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have
a right, and shall be subrogated to the rights of the Trustee and the Trust under the Mortgage Loan to recover the amount of such
expenses from the related Mortgagor; provided, however, that such Mortgage Loan Seller’s rights pursuant to
this Section 2.03(g) shall be junior, subject and subordinate to the rights of the Trustee, the Certificate Administrator,
the Trust, the Master Servicer and the Special Servicer to recover amounts owed by the related Mortgagor under the terms of such
Mortgage Loan including, without limitation, the rights to recover unreimbursed Advances, accrued and unpaid interest on Advances
at the Reimbursement Rate, fees owed to the Special Servicer, and unpaid or unreimbursed expenses of the Trustee, the Certificate
Administrator, the Trust, the Master Servicer or the Special Servicer allocable to such Mortgage Loan. The Master Servicer or,
with respect to a Specially Serviced Loan, the Special Servicer, shall use reasonable efforts to recover such expenses for such
Mortgage Loan Seller to the extent consistent with the Servicing Standard, but taking into account the subordinate nature of the
reimbursement to the related Mortgage Loan Seller; provided, however, that the Master Servicer or, with respect
to a Specially Serviced Loan, the Special Servicer, determines in the exercise of its sole discretion consistent with the Servicing
Standard that such actions by it will not impair the Master Servicer’s and/or the Special Servicer’s collection or
recovery of principal, interest and other sums due with respect to the related Mortgage Loan that would otherwise be payable to
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders pursuant to the
terms of this Agreement; provided, further, that the Master Servicer or, with respect to a Specially Serviced Loan,
the Special Servicer, may waive the collection of amounts due on behalf of such Mortgage Loan Seller in its sole discretion in
accordance with the Servicing Standard.

 

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(h)     If
(i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this Section 2.03
and (ii) the applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying Loan
in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall be deemed
to constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group for purposes
of this paragraph, and the related Mortgage Loan Seller will be required to repurchase or substitute for such other Crossed Underlying
Loan(s) in the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such other Crossed Underlying
Loans satisfy the Crossed Underlying Loan Repurchase Criteria. In the event that the remaining Crossed Underlying Loans in such
Crossed Mortgage Loan Group satisfy the aforementioned criteria, the applicable Mortgage Loan Seller may elect either to repurchase
or substitute for only the affected Crossed Underlying Loan(s) as to which the related Material Defect exists or to repurchase
or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve or other cash collateral
or letters of credit securing the Crossed Underlying Loans shall be allocated among the related Crossed Underlying Loans in accordance
with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal
Balances. Except as provided in this Section 2.03(h) and Section 2.03(i), all other terms of the related
Mortgage Loans shall remain in full force and effect without any modification thereof.

 

(i)     Notwithstanding
the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the Depositor
may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be repurchased pursuant
to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage,
this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii) in
connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan Seller’s
expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection with such
partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications to
the Mortgage prepared and executed in connection with such partial release.

 

(j)     With
respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase or substitute
for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) while the Trustee continues to hold any
other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan Seller and the Master
Servicer or, with respect to a Specially Serviced Loan, the Special Servicer, on behalf of the Trustee, as assignee of the Depositor,
will, as set forth in the related Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against the other’s
Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its respective related
Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing the Mortgage Loans still held by the Trustee,
so long as such exercise does not materially impair the ability of the other party to exercise its remedies against its Primary
Collateral. If the exercise of the remedies by one party would materially impair the ability of the other party to exercise its
remedies with respect to the Primary Collateral securing the Crossed Underlying Loans held by such party, then both parties have
agreed in the related

 

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Mortgage
Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and securing the
relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase Agreement to remove the
threat of material impairment as a result of the exercise of remedies.

 

(k)     (i)  In
the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating
Advisor) that a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material
Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder
Repurchase Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Special
Servicer, which in turn shall promptly forward it to the related Mortgage Loan Seller and each other party to this Agreement and take the actions required under Section 2.03(b).
Subject to Section 2.03(l), the Special Servicer (the “Enforcing Servicer”) shall be the Enforcing
Party with respect to a Certificateholder Repurchase Request.

 

(ii)     In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating
Advisor (solely in its capacity as Operating Advisor) obtains knowledge of a Material Defect with respect to a Mortgage Loan,
that party shall deliver prompt written notice of such Material Defect to each other party to this Agreement identifying the applicable
Mortgage Loan and setting forth the basis for such allegation (an “PSA Party Repurchase Request” and, either
a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the “Repurchase Request”) and the
Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans)
will be required to promptly send the PSA Party Repurchase Request to the related Mortgage Loan Seller. Prior to the occurrence
of a Resolution Failure, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect
to Specially Serviced Loans) shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage
Loan Seller with respect to a PSA Party Repurchase Request. If a Resolution Failure occurs with respect to a PSA Party Repurchase
Request, the provisions described below under Section 2.03(l) shall apply.

 

(iii)     In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described in Section 2.03(l) below shall apply.
Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the
related Mortgage Loan Seller.

 

   (l)     (i)  Within
two (2) Business Days after a Resolution Failure occurs with respect to a PSA Party Repurchase Request related to a Non-Specially
Serviced Loan, the Master Servicer shall send a written notice (a “Master Servicer Proposed Course of Action Notice”)
to the Special Servicer, indicating the Master Servicer’s analysis and recommended course of action with respect to such
PSA Party Repurchase Request, along with the Servicing File for such Non-Specially Serviced Loan. Upon receipt of such Master
Servicer Proposed Course of

 

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Action
Notice and such Servicing File, the Special Servicer shall become the Enforcing Servicer with respect to such PSA Party Repurchase
Request.

 

After
a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was
initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a notice
(a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator who shall
make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request. If (a) the
Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further
action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting
Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter
to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of
action is to pursue further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase
Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree
with the dispute resolution method selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any,
or such other Certificateholder or Certificate Owner may deliver to the Enforcing Servicer a written notice (a “Preliminary
Dispute Resolution Election Notice”) within thirty (30) days from the date the Proposed Course of Action Notice is posted
on the Certificate Administrator’s Website (the “Dispute Resolution Cut-off Date”) indicating its intent
to exercise its right to refer the matter to either mediation or arbitration.

 

(ii)     If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against the related
Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Certificateholder pursuant to Section 6.08.

 

(iii)     Promptly
and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a)
the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses
(a) and (b), a “Requesting Certificateholder”), the Enforcing Servicer shall consult with each Requesting
Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding
arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution
Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the
claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no
later than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing

 

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Servicer shall be entitled to establish
procedures the Enforcing Servicer deems in good faith to be in accordance with the Servicing Standard relating to the timing and
extent of such consultations. No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a
Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right
to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)     If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)     If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there are more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing
Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder
or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party or that should have been known to such party with the exercise of reasonable diligence at
the time when the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website and (iii) if
the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause (ii),
then the Enforcing Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce the
Trust’s rights against the related Mortgage Loan Seller.

 

(vi)     Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the
Enforcing Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase
Request, or determines in accordance with the Servicing Standard that it is in

 

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the best interest of Certificateholders to commence
litigation with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)     In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described below.

 

(viii)     For
the avoidance of doubt, neither the Depositor, any Mortgage Loan Seller nor any of their respective Affiliates shall be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

    (m)     If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)     The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)     The
mediator shall be impartial, an attorney and have at least fifteen (15) years of experience in commercial litigation and either
commercial real estate finance or commercial mortgage-backed securitization matters or other complex commercial transactions and
who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a list of at
least ten potential mediators by the Mediation Services Provider each party will have the right to exercise two peremptory challenges
within fourteen (14) days and to rank the remaining potential mediators in order of preference. The Mediation Services Provider
shall select the mediator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
 possible.

 

(iii)     The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within ten (10)
Business Days of the selection of the mediator and to conclude the mediation within sixty (60) days thereafter.

 

(iv)     The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(n)     If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)     The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)     The
arbitrator shall be impartial, an attorney and have at least fifteen (15) years of experience in commercial litigation and either
commercial real estate finance or

 

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commercial mortgage-backed securitization matters or other complex commercial transactions and
who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list of at
least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within fourteen (14) days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services
Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties
to the extent possible.

 

(iii)     Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)     After
consulting with the parties at an organizational conference held not later than ten (10) Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties,
with the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority
to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal
Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing
and post hearing motions), and shall do so by reasoned decision on the motion of any party to the arbitration.

 

(v)     Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
shall be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good
faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably
and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions
(excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the
ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause
is shown that such additional discovery is reasonable and necessary.

 

(vi)     The
arbitrator shall make its final determination no later than thirty (30) days after the conclusion of the hearings and
submission of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the
related Mortgage Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or
award remedies not consistent with those agreements. The arbitrator shall not have the power to award punitive damages or
consequential damages in any arbitration conducted by them. Interest on any monetary award shall bear interest from the date
of the Final Dispute Resolution Election Notice at the Prime Rate. In its final determination, the arbitrator shall determine
and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of
the arbitration, and administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration
as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator shall be by a
reasoned decision in writing and counterpart copies shall be

 

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promptly delivered to the parties. The final determination of
the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)     By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)     No
person may bring a putative or certificated class action to arbitration.

 

    (o)     The
following provisions shall apply to both mediation and third-party arbitration:

 

(i)     Any
mediation or arbitration shall be held in New York, New York unless another location is agreed by all parties;

 

(ii)     If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District if such court shall have subject matter
jurisdiction, or if the Southern District has no jurisdiction, then the Supreme Court of the State of New York for the County
of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)     The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, shall be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information shall be kept strictly confidential and shall not be disclosed or shared
with any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law,
regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information
from a third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly
notify the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to
the production of its confidential information.

 

(iv)     In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party. All amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited
in the

 

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Collection Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event
a Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision
or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible
for any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)     In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses
allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the
mediation proceedings.

 

(vi)     The
Trust (or the Trustee or the Enforcing Servicer, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation
or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)     For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration affect in any manner the ability of the Enforcing Servicer to perform its obligations with respect
to a Mortgage Loan or the exercise of any rights of a Directing Certificateholder.

 

(viii)     Any
out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration shall be reimbursable
as Trust Fund expenses.

 

Section 2.04     Execution
of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee hereby acknowledges the assignment to it of the Mortgage
Loans and, subject to Section 2.01 and 2.02, the delivery to the Custodian of the Mortgage Files and a fully
executed original counterpart of each of the Mortgage Loan Purchase Agreements, together with the assignment to it of all of the
other assets included in the Lower-Tier REMIC and the Grantor Trust. Concurrently with such assignment and delivery, and in exchange
for the Mortgage Loans (other than Excess Interest) and the other assets comprising the Lower-Tier REMIC, receipt of which is
hereby acknowledged, (i) the Trustee acknowledges the issuance of the Lower-Tier Regular Interests and the Class LR
Interest to the Depositor; (ii) the Trustee acknowledges the creation of the Grantor Trust (as described in Section 2.05
below); (iii) the Trustee acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier
REMIC; and (iv) immediately thereafter, in exchange for the Lower-Tier Regular Interests and $100 deposit by the Depositor
in respect of the Class X-C Certificates, the Trustee acknowledges that it has caused the Certificate Administrator to issue the
Class UR Interest and has caused the Certificate Registrar to execute and caused the Authenticating Agent to authenticate
and to deliver to or upon the order of the Depositor, the Regular Certificates and the Class R Certificates, and the Depositor
hereby acknowledges the receipt by it or its designees, of such Certificates in authorized Denominations evidencing the entire
beneficial ownership of the

 

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Upper-Tier
REMIC (and, (i) in the case of the Class NR Certificates, the beneficial ownership of the Grantor Trust and (ii) in
the case of the Class R Certificates, the Class LR Interest and the Class UR Interest).

 

Section 2.05     Creation
of the Grantor Trust. The Class NR Certificates are hereby designated as undivided beneficial interests in the portion of
the Trust Fund consisting of the Class NR Specific Grantor Trust Assets, which portion shall be treated as a grantor trust
within the meaning of subpart E, part I of subchapter J of the Code.

 

[End
of Article II]

 

Article III

ADMINISTRATION AND

SERVICING OF THE TRUST FUND

 

Section 3.01     The
Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans,
the Serviced Companion Loans and REO Properties. (a) Each of the Master Servicer and Special Servicer shall diligently
service and administer the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loans and
the REO Properties (other than any REO Property related to a Non-Serviced Mortgage Loan) it
is obligated to service in accordance with applicable law, this Agreement and the Mortgage Loan documents on behalf of the Trust
and in the best interests of and for the benefit of the Certificateholders and, in the case of the Serviced Companion Loans, the
Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as a collective whole, taking into account
the subordinate or pari passu nature of such Companion Loans (as determined by the Master Servicer or Special Servicer,
as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement (and, with respect
to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related Intercreditor Agreement) and the terms
of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into account the subordinate or pari
passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the event of a conflict between this Agreement
and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided that in no event shall
the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with
the terms of any Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the case may be, to
violate the Servicing Standard or the REMIC Provisions. To the extent consistent with the foregoing, the Master Servicer and the
Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the Serviced Companion Loans
in accordance with the higher of the following standards of care: (1) in the same manner in which, and with the same care,
skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers
similar mortgage loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which the
Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by the Master
Servicer or the Special Servicer, as the case may be, with a view to (A) the timely recovery of all payments or principal
and interest under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO

 

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Property,
maximization of recovery of principal and interest on a net present value basis on such Mortgage Loans and any related
Serviced Companion Loans, and the best interests of the Trust and the Certificateholders (as a collective whole as if such
Certificateholders constituted a single lender) (and in the case of any Whole Loan, the best interests of the Trust, the
Certificateholders and any related Companion Holder (as a collective whole as if such Certificateholders and the holder or
holders of the related Companion Loan constituted a single lender), taking into account the subordinate or pari passu nature
of the related Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may be, in its
reasonable judgment, in either case giving
due consideration to the customary and usual standards of practice of prudent, institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any conflict of interest arising from: (i) any relationship
that the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer may have with any
Mortgagor or any Affiliate of such Mortgagor, any Mortgage Loan Seller or any other parties to this Agreement; (ii) the ownership
of any Certificate, Companion Loan, mezzanine loan, or subordinate debt relating to a Mortgage Loan by the Master Servicer, the
Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (iii) the obligation, if
any, of the Master Servicer to make Advances; (iv) the right of the Master Servicer’s or the Special Servicer’s,
as the case may be, or any of its Affiliates to receive compensation for its services and reimbursement for its costs hereunder
or with respect to any particular transaction; (v) the ownership, servicing or management for others of (a) any Non-Serviced
Mortgage Loan and any Non-Serviced Companion Loan or (b) any other mortgage loans, subordinate debt, mezzanine loans or properties
not covered by this Agreement or held by the Trust by the Master Servicer or the Special Servicer, as the case may be, or any
of its Affiliates; (vi) any debt that the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates,
has extended to any Mortgagor or an Affiliate of any Mortgagor (including, without limitation, any mezzanine financing); (vii) any
option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or the Special Servicer, as the case may
be, or any of its Affiliates, may have; and (viii) any obligation of the Master Servicer or the Special Servicer, or any
of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as a Mortgage Loan Seller (if the Master Servicer
or the Special Servicer or one of their respective Affiliates is a Mortgage Loan Seller) (the foregoing, collectively referred
to as the “Servicing Standard”).

 

The
Master Servicer and the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required
to be taken regarding the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without
limiting the foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer
(i) any Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which
a Servicing Transfer Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise
provided herein with respect to Non-Specially Serviced Loans in connection with any Major Decision and (ii) any REO Properties
(other than the Non-Serviced Mortgaged Properties); provided that the Master Servicer shall continue to receive payments
and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially
Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event
had occurred and with respect to the REO Properties (and the

 

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related
REO Loans) as if no REO Acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and
REO Properties as are specifically provided for herein; provided, further, however, that the Master Servicer
shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer
to provide sufficient information to the Master Servicer to comply with such duties or failure by the Special Servicer to otherwise
comply with its obligations hereunder. The Master Servicer, in its capacity as Master Servicer, shall not have any responsibility
for the performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this Agreement.  The
Special Servicer, in its capacity as Special Servicer,
shall not have any responsibility for the performance by the Master Servicer, in its capacity as Master Servicer, of its duties
under this Agreement. Each Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan shall continue
as such until satisfaction of the conditions specified in Section 3.19(a). Without limiting the foregoing, subject
to Section 3.19, the Master Servicer shall be obligated to service and administer any Non-Specially Serviced Loan
or related Serviced Companion Loan. The Special Servicer shall make the property inspections, use its reasonable efforts to collect
the financial statements, budgets, operating statements and rent rolls and forward to the Master Servicer the reports in respect
of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with Section 3.12. After
notification to the Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced Loan if efforts
by the Master Servicer to collect required financial information have been unsuccessful or any other issues remain unresolved.
Such contact shall be coordinated through and with the cooperation of the Master Servicer. No provision herein contained shall
be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability or recoverability
of payments on the Mortgage Loans or any related Serviced Companion Loan or be construed to impair or adversely affect any rights
or benefits provided by this Agreement to the Master Servicer or the Special Servicer (including with respect to Servicing Fees,
Special Servicing Fees or the right to be reimbursed for Advances and interest accrued thereon). Any provision in this Agreement
for any Advance by the Master Servicer or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders
and not as credit support or otherwise to impose on any such Person the risk of loss with respect to one or more of the Mortgage
Loans or any related Serviced Companion Loans. No provision hereof shall be construed to impose liability on the Master Servicer
or the Special Servicer for the reason that any recovery to the Certificateholders in respect of a Mortgage Loan at any time after
a determination of present value recovery is less than the amount reflected in such determination.

 

(b)     Subject
only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and of
the respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable, and
applicable law, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone or, in the
case of the Master Servicer, subject to Section 3.20, through one or more Sub-Servicers, to do or cause to be done
any and all things in connection with such servicing and administration for which it is responsible which it may deem necessary
or desirable. Without limiting the generality of the foregoing, each of the Master Servicer and the Special Servicer, in its own
name (or in the name of the Trustee and, if applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered
by the Trustee to execute and deliver, on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the
related Serviced Companion Noteholder) and the Trustee or any of them,

 

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with
respect to each Mortgage Loan and any related Serviced Companion Loan, it is obligated to service under this Agreement: (i) any
and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created
by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and related
collateral, and shall, from time to time, execute and/or deliver such financing statements, continuation statements and other
documents or instruments as necessary to maintain the lien created by the related Mortgage or other security document in the related
Mortgage File on the related Mortgaged Property and related collateral; (ii) subject to Sections 3.08, 3.18
and 6.08, any and all modifications, waivers,
amendments or consents to, under or with respect to any documents contained in the related Mortgage File; (iii) any and all
instruments of satisfaction or cancellation, pledge agreements and other documents in connection with a defeasance, or of partial
or full release or discharge, and all other comparable instruments; and (iv) any or all complaints or other pleadings to
initiate and/or to terminate any action, suit or proceeding on behalf of the Trust (in their representative capacities (except
as set forth below in this paragraph). The Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer
(with respect to Specially Serviced Loans) shall provide to the Mortgagor related to such Mortgage Loans that it is servicing
any reports required to be provided to them pursuant to the related Mortgage Loan documents. Subject to Section 3.10,
the Trustee shall (i) on the Closing Date, furnish to the Master Servicer and the Special Servicer original powers of attorney
in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and (ii) upon request, furnish, or cause
to be furnished, to the Master Servicer or the Special Servicer any powers of attorney substantially in the form of Exhibit R-1
or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the Trustee and the Master
Servicer or the Special Servicer, as applicable) and other documents necessary or appropriate to enable the Master Servicer or
the Special Servicer, as the case may be, to carry out its servicing and administrative duties hereunder; provided, however,
that the Trustee shall not be held responsible or liable for any acts of the Master Servicer or the Special Servicer, or for any
negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer. Notwithstanding
anything contained herein to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall not, without
the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without
indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited
by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited,
in the manner required by such jurisdiction (provided that the Master Servicer or Special Servicer, as applicable, shall
then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit or proceeding
(or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable,
made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to
obtain the Trustee’s consent or indicate the Master Servicer’s or Special Servicer’s, as applicable, representative
capacity)) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be required to be registered
to do business in any state.

 

(c)     To
the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion Loan documents
(including any related Intercreditor Agreement) to exercise its discretion with respect to any action which requires

 

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Rating
Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer
shall require the costs of such Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms of the
related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the Mortgagor to
bear the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan
Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
the Master Servicer shall not waive the requirement that such costs and expenses be borne by the related Mortgagor. To the
extent that the terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement)
are silent as to who bears the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of
Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
the Master Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses. The Master Servicer
shall not be responsible for the payment of such costs and expenses out of pocket other than as a Servicing
Advance.

 

(d)     The
relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended by the parties
to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)     The
Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents,
and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)     Within
sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents) after the
later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable Mortgage
Loan Seller pursuant to the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each Mortgage
Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer (in care of the Trustee,
as titled in Section 2.01(b)) for the benefit of the Certificateholders and any related Companion Holders shall be
the beneficiary under each such letter of credit and (y) the Master Servicer shall notify each lessor under a Ground Lease
for each Mortgage Loan identified as subject to a leasehold interest on the Mortgage Loan Schedule, that the Trust is the leasehold
mortgagee and that the Master Servicer or the Special Servicer shall service the related Mortgage Loan for the benefit of the
Certificateholders. If a letter of credit is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller
has notified the provider of such letter of credit pursuant to clause (x) of the immediately preceding sentence,

 

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such
Mortgage Loan Seller shall cooperate with the reasonable requests of the Master Servicer or Special Servicer in connection with
making a draw under such letter of credit. If the Mortgage Loan documents do not require the related Mortgagor to pay any costs
and expenses relating to any modifications to or assignment of the related letter of credit, then the applicable Mortgage Loan
Seller shall pay such costs and expenses as and to the extent required under the applicable Mortgage Loan Purchase Agreement.
If the Mortgage Loan documents require the related Mortgagor to pay any costs and expenses relating to any modifications to the
related letter of credit, and such Mortgagor fails to pay such costs and expenses after the Master Servicer has exercised reasonable
efforts to collect such costs and expenses from such Mortgagor, then the Master Servicer shall give the applicable Mortgage Loan
Seller notice of such failure and the amount of costs and expenses, and such Mortgage Loan Seller shall pay such costs and expenses
as and to the extent required under the applicable Mortgage Loan Purchase Agreement. The costs and expenses of any modifications
to Ground Leases shall be paid by the related Mortgagor. Neither the Master Servicer nor the Special Servicer shall have any liability
for the failure of any Mortgage Loan Seller to perform its obligations under the related Mortgage Loan Purchase Agreement.

 

(g)     Notwithstanding
anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make an Advance with respect
to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer included in the Trust
Fund.

 

(h)     Servicing
and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related Intercreditor Agreement
for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund or for such longer
period as is contemplated by the related Intercreditor Agreement and as any amounts payable by the related Companion Holder to
or for the benefit of the Trust or any party hereto, or payable to the related Companion Holder, in accordance with the related
Intercreditor Agreement remain due and owing.

 

(i)      The
Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or Serviced Whole
Loan, that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section 3.19,
use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the extent the
Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant to
any such Intercreditor Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement
shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to
any Serviced Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan,
in accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari
Passu Companion Loan or (ii) with respect to any AB Whole Loan, first, by the related AB Subordinate Companion Loan
and then, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan (if any), in accordance
with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan.

 

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(j)      Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the related Intercreditor
Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with respect to making
Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as a separate servicing
agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged that neither the Master
Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party); provided that,
other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect to claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses incurred in connection with a legal claim or action resulting from an action or inaction taken or not taken while
the related Serviced Mortgage Loan was part of the Trust Fund), no costs, expenses, losses or fees accruing with respect to such
Serviced Whole Loan on and after the date the related Serviced Mortgage Loan is no longer part of the Trust Fund shall be payable
out of the Trust Fund and the Master Servicer shall have no obligation to make any Advance on or after the date such Serviced
Mortgage Loan ceases to be part of the Trust Fund; provided, however, that if, in the case of any Serviced Pari
Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization, then for so long as
a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into, the Master Servicer
shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced Whole Loan within three
(3) Business Days of determining that such an Advance is necessary or being notified that such an Advance is necessary, or in
the case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect
to Servicing Advances made by any Other Servicer as contemplated in the proviso to the preceding sentence, the Master Servicer
shall, from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO
Properties) received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same manner and on
the same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)     Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Intercreditor Agreement and
the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under the related
Non-Serviced PSA. The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan)
under the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA.

 

(l)      The
parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the
related Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced
Special Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced
Companion Loan is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the related

 

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Non-Serviced
Mortgage Loan is included in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor Agreement, the related
Non-Serviced Whole Loan shall continue to be serviced in accordance with the related Non-Serviced PSA, until such time as a new
servicing agreement has been agreed to by the parties to the related Non-Serviced Intercreditor Agreement in accordance with the
provisions of such agreement and confirmation has been obtained from the Rating Agencies that such new servicing agreement would
not result in a downgrade, qualification or withdrawal of the then current ratings of any Class of Certificates then outstanding.

 

(m)    Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement. The Master Servicer
(or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent
with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced Mortgage Loan)
under the related Intercreditor Agreement. In the event of any conflict between this Agreement and the related Intercreditor Agreement,
the provisions of the related Intercreditor Agreement shall control.

 

(n)     In
connection with the securitization of any of (a) the 7700 Parmer Pari Passu Companion Loans, (b) the Heinz 57 Center Pari
Passu Companion Loan and (c) The 9 Pari Passu Companion Loan, while it is a Serviced Companion Loan, upon the request of
(and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master Servicer, the Special
Servicer (if such Serviced Companion Loan is a Specially Serviced Loan) and the Trustee, as applicable, shall use reasonable efforts
to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information relating
to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate, for inclusion
in any disclosure document(s) relating to such Other Securitization.

 

Section 3.02     Collection
of Mortgage Loan Payments. (a)  Each of the Master Servicer and the Special Servicer shall make reasonable efforts
to collect all payments called for under the terms and provisions of the Mortgage Loans and the Companion Loans it is obligated
to service hereunder, and shall follow such collection procedures as are consistent with this Agreement (including, without limitation,
the Servicing Standard); provided that with respect to each Mortgage Loan that has an Anticipated Repayment Date, so long
as the related Mortgagor is in compliance with each provision of the related Mortgage Loan documents, the Master Servicer and
the Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment
of Excess Interest, other than requests for collection, until the Maturity Date of the related Mortgage Loan or until the outstanding
principal balance of such Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full);
provided, further, that the Master Servicer or Special Servicer, as the case may be, may take action to enforce
the Trust’s right to apply excess cash flow to principal in accordance with the terms of the Mortgage Loan documents. The
Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with any
delinquent payment on a Mortgage Loan or Companion Loan that it is obligated to service

 

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hereunder
three (3) times during any period of twenty-four (24) consecutive months with respect to any Mortgage Loan or Serviced Companion
Loan; provided that the Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty
Charge in connection with any delinquent payment on a Mortgage Loan or Companion Loan one additional time in such 24-month period
so long as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred and remains
unreimbursed to the Trust with respect to such Mortgage Loan or Companion Loan. Any additional waivers during such 24-month period
with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master Servicer or Special Servicer,
as applicable, has, prior to the occurrence of a Consultation Termination Event, given notice of a proposed waiver to the Directing Certificateholder
and, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder has consented to
such additional waiver (provided that if the Master Servicer or Special Servicer, as applicable, fails to receive a response
to such notice from the Directing Certificateholder in writing within five (5) days of giving such notice, then the Directing
Certificateholder shall be deemed to have consented to such proposed waiver); provided, further, that after the
occurrence and during the continuance of a Control Termination Event, the Master Servicer or Special Servicer, as applicable,
may waive any Penalty Charge in accordance with the Servicing Standard without the consent of the Directing Certificateholder;
provided, further, that the Directing Certificateholder shall have no consent rights with respect to any Excluded
Loan with respect to the foregoing waivers.

 

(b)     (i)  All
amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts due and owing under the
Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of
the Mortgage Loan documents; provided, however, that absent express provisions in the related Mortgage Loan documents
(including any related Intercreditor Agreement), all amounts collected by or on behalf of the Trust in respect of a Mortgage Loan
in the form of payments from the related Mortgagor, Liquidation Proceeds or Insurance and Condemnation Proceeds under the Mortgage
Loan (in the case of each Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s)
pursuant to the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the
Trust;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest on
such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the

 

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reductions (if any) in the amount of related P&I Advances for
such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not
been allocated as recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates;

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan then
due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal
Reduction Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this
clause fifth on earlier dates);

 

sixth,
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to
Operating Advisor Consulting Fees);

 

twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s
rights under the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection
with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable,
exceeds 125%, or would exceed 125% following any partial release (based solely on the value of real property and excluding personal
property and going concern

 

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value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan
or Serviced Whole Loan in the manner required by the REMIC Provisions; provided, further, that if a Non-Serviced
Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment
of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced
Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that with respect to each Mortgage
Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan shall be allocated first
pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage
Loan shall be subject to application as described above.

 

(ii)     Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, in the case of each Serviced Whole Loan,
exclusive of any amounts payable to the holder of the related Companion Loan(s) pursuant to the related Intercreditor Agreement)
shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust
with respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest on
such Mortgage Loan at the applicable Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for
such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not
been allocated as a recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates);

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan to the
extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal
Reduction Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this
clause fifth on earlier dates);

 

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sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

eighth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes
an REO Loan, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms
of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that
with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole
Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to
the related Serviced Mortgage Loan shall be subject to application as described above.

 

(iii)     Notwithstanding
clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority of distributions of
payments pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party other than a Mortgagor,
such amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged Property (in the case
of Insurance and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the Mortgage Loan or Companion
Loan, as applicable, in accordance with Section 3.02(b)(ii) above.

 

(c)     To
the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced
Companion Loan, as applicable, and the related Intercreditor Agreement) and applicable law, the Master Servicer shall apply all
Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related Mortgage
Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding the
month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii)
above.

 

(d)     In
the event that the Master Servicer or Special Servicer receives Excess Interest prior to the Determination Date for any Collection
Period, or receives notice from the related Mortgagor that the Master Servicer or Special Servicer will be receiving Excess Interest
prior to the Determination Date for any Collection Period, the Master Servicer or Special Servicer, as the case may be, shall
notify the Trustee and Certificate Administrator two (2)

 

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Business
Days prior to the related Distribution Date. None of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee shall be responsible for any failure of the related Mortgagor to pay any such Excess Interest or prepayment penalty.
The preceding statements shall not, however, be construed to limit the provisions of Section 3.02(a).

 

(e)     With
respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of
credit related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master Servicer shall,
to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional
collateral and not apply such items to reduce the principal balance of such Mortgage Loan or Serviced Companion Loan, unless otherwise
required to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)     Promptly
following the Closing Date, in the case of any Non-Serviced Whole Loan, the Certificate Administrator shall send written notice
(in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer (with a copy to any other applicable
party set forth on the schedule of addresses to Exhibit T) stating that, as of such date, the Trustee is the holder of
the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master Servicer to remit to the Master Servicer all amounts
payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports, statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder
of such Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor Agreement and the related Non-Serviced PSA. The
Master Servicer shall, within two (2) Business Days of receipt of available and properly identified funds, deposit into the Collection
Account all amounts received with respect to the related Non-Serviced Mortgage Loan, the related Non-Serviced Mortgaged Property
or any related REO Property.

 

Section 3.03     Collection
of Taxes, Assessments and Similar Items; Servicing Accounts. (a)  The Master Servicer shall establish and maintain
one or more accounts (the “Servicing Accounts”), into which all Escrow Payments shall be deposited and retained,
and shall administer such Servicing Accounts in accordance with the Mortgage Loan documents and, if applicable, the Companion
Loan documents. Any Servicing Account related to a Serviced Whole Loan shall be held for the benefit of the Certificateholders
and the related Serviced Companion Noteholder collectively, but this shall not be construed to modify respective interests of
either noteholder therein as set forth in the related Intercreditor Agreement. Amounts on deposit in Servicing Accounts may only
be invested in accordance with the terms of the related Mortgage Loan documents and Companion Loan documents, as applicable, or
in Permitted Investments in accordance with the provisions of Section 3.06. Servicing Accounts shall be Eligible Accounts
to the extent permitted by the terms of the related Mortgage Loan documents. Withdrawals of amounts so deposited from a Servicing
Account may be made only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) reimburse
the Trustee and then the Master Servicer, if applicable, for any Servicing Advances; (iii) refund to Mortgagors any sums
as may be determined to be overages; (iv) pay interest to Mortgagors on balances in the Servicing Account, if required by
applicable law or the terms of the related Mortgage Loan or Companion Loan as described below or, if not so required, to the Master
Servicer; (v) after the occurrence of an event of default under the related

 

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Mortgage
Loan or Companion Loan, apply amounts to the indebtedness under the applicable Mortgage Loan or Companion Loan; (vi) withdraw
amounts deposited in error; (vii) pay Penalty Charges to the extent permitted by the related Mortgage Loan documents; or
(viii) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01.
As part of its servicing duties, the Master Servicer shall pay or cause to be paid to the Mortgagors interest on funds in Servicing
Accounts, to the extent required by law or the terms of the related Mortgage Loan or Companion Loan; provided, however,
that in no event shall the Master Servicer be required to remit to any Mortgagor any amounts in excess of actual net investment income or funds in the related
Servicing Account. If allowed by the related Mortgage Loan documents and applicable law, the Master Servicer may charge the related
Mortgagor an administrative fee for maintenance of the Servicing Accounts.

 

(b)     The
Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the Master Servicer,
in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan), and each Serviced Companion Loan, shall maintain
accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect
thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and
the Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion
Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all bills for the payment
of such items (including renewal premiums) and shall effect payment thereof from the REO Account or by the Master Servicer as
Servicing Advances prior to the applicable penalty or termination date and, in any event, prior to the institution of foreclosure
or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items, employing for such purpose
Escrow Payments (which shall be so applied by the Master Servicer at the written direction of the Special Servicer in the case
of REO Loans) as allowed under the terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) and Companion
Loan. Other than with respect to any Non-Serviced Mortgage Loan, the Master Servicer shall service and administer any reserve
accounts (including monitoring, maintaining or changing the amounts of required escrows) in accordance with the terms of such
Mortgage Loan and the related Serviced Companion Loan, as applicable, and the Servicing Standard. To the extent that a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) and any related Companion Loan, as applicable, does not require a Mortgagor to
escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items,
the Special Servicer, in the case of REO Loans, and the Master Servicer, in the case of all other Mortgage Loans or Companion
Loan, as applicable, that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the Servicing
Standard to cause the Mortgagor to comply with its obligation to make payments in respect of such items at the time they first
become due and, in any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged
Property for nonpayment of such items.

 

(c)     In
accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each Serviced
Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting the
payment of (i) real estate taxes, assessments and other similar items that are or may become a

 

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lien
thereon, (ii) ground rents (if applicable) and (iii) premiums on Insurance Policies, in each instance if and to the
extent Escrow Payments collected from the related Mortgagor (or related REO Revenues, if applicable) are insufficient to pay such
item when due and the related Mortgagor has failed to pay such item on a timely basis, and provided, however, that
the particular advance would not, if made, constitute a Nonrecoverable Servicing Advance and provided, further,
however, that with respect to the payment of taxes and assessments, the Master Servicer shall not be required to make such
advance until the later of (i) five (5) Business Days after the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as the case may
be, has received confirmation that such item has not been paid and (ii) the date prior to the date after which any penalty
or interest would accrue in respect of such taxes or assessments. The Special Servicer shall give the Master Servicer and the
Trustee no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which the Master
Servicer is requested to make any Servicing Advance with respect to a given Specially Serviced Loan or REO Property; provided,
however, that only two (2) Business Days’ written (facsimile or electronic) notice shall be required in respect of
Servicing Advances required to be made on an emergency or urgent basis provided, further, that the Special Servicer
shall not be entitled to make such a request (other than for Servicing Advances required to be made on an urgent or emergency
basis) more frequently than once per calendar month (although such request may relate to more than one Servicing Advance). The
Master Servicer may pay the aggregate amount of such Servicing Advances listed on a monthly request to the Special Servicer, in
which case the Special Servicer shall remit such Servicing Advances to the ultimate payees. The Special Servicer shall have no
obligation to make any Servicing Advances; provided that in an urgent or emergency situation requiring the making of a
Servicing Advance, the Special Servicer may make a Servicing Advance in its sole discretion. The Special Servicer shall deliver
to the Master Servicer request for reimbursement for such Servicing Advance, along with all information and documentation in the
Special Servicer’s possession regarding the subject Servicing Advance as the Master Servicer may reasonably request, and
the Master Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any
unreimbursed Servicing Advances (other than Nonrecoverable Servicing Advances) made by the Special Servicer pursuant to the terms
hereof, together with interest thereon at the Reimbursement Rate from the date made to, but not including, the date of reimbursement.
Such reimbursement and any accompanying payment of interest shall be made within five (5) Business Days of the written request
therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an account designated in writing
by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer of any Servicing Advance and payment
to the Special Servicer of interest thereon, all in accordance with this Section 3.03, the Master Servicer shall for
all purposes of this Agreement be deemed to have made such Servicing Advance at the same time as the Special Servicer actually
made such Servicing Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such Servicing Advance,
together with interest thereon at the Reimbursement Rate, at the same time, in the same manner and to the same extent as the Master
Servicer would otherwise have been entitled if it had actually made such Servicing Advance at the time the Special Servicer did.
Notwithstanding the foregoing provisions of this Section 3.03(c), the Master Servicer shall not be required to reimburse
the Special Servicer out of its own funds for, or to make at the direction of the Special Servicer, any Servicing Advance if the
Master Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by the Special Servicer
as a

 

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Nonrecoverable
Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify the Special Servicer in writing
of such determination and, if applicable, such Nonrecoverable Servicing Advance shall instead be reimbursed to the Special Servicer
pursuant to Section 3.05 of this Agreement.

 

Any
request by the Special Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the
Special Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall
be entitled to conclusively rely on such determination, provided that the determination shall not be binding on the Master
Servicer or Trustee. On the first Business Day after the Determination Date for the related Distribution Date, the Special Servicer
shall report to the Master Servicer if the Special Servicer determines any Servicing Advance previously made by the Master Servicer
with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable Servicing Advance. The Master Servicer shall be entitled
to conclusively rely on such a determination, but such determination shall not be binding upon the Master Servicer, and shall
in no way limit the ability of the Master Servicer in the absence of such determination to make its own determination that any
Advance is a Nonrecoverable Advance. If the Special Servicer makes a determination that only a portion of, and not all of, any
previously made or proposed Servicing Advance is a Nonrecoverable Advance, the Master Servicer shall have the right to make its
own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable
Advance. All such Advances shall be reimbursable in the first instance from related collections from the Mortgagors and further
as provided in Section 3.05(a). No costs incurred by the Master Servicer or the Special Servicer in effecting the
payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of the Mortgaged Properties shall,
for purposes hereof, including, without limitation, the Certificate Administrator’s calculation of monthly distributions
to Certificateholders, be added to the unpaid principal balances of the related Mortgage Loans or any related Serviced Companion
Loan, if applicable, notwithstanding that the terms of such Mortgage Loans or related Serviced Companion Loan, if applicable,
so permit. If the Master Servicer fails to make any required Servicing Advance as and when due (including any applicable cure
periods), to the extent the Trustee has actual knowledge of such failure, the Trustee shall make such Servicing Advance pursuant
to Section 7.05. Notwithstanding anything herein to the contrary, no Servicing Advance shall be required hereunder
if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, the Master Servicer shall
consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations. The Special
Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding
anything to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect
(but shall not be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to
make a payment from amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount
thereof by a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal
and then from all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding
that the Master Servicer (or Special Servicer, as applicable) has determined that a Servicing Advance with respect to such expenditure
would be a Nonrecoverable Servicing

 

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Advance
(unless, with respect to Specially Serviced Loans or REO Loans, the Special Servicer has notified the Master Servicer to not make
such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or
being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or
the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the
Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (as evidenced by
an Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest of the Certificateholders
(and, if applicable, the Companion Holders), all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans). The Master Servicer or Trustee may elect to obtain reimbursement
of Nonrecoverable Servicing Advances from the Trust pursuant to the terms of Section 3.17(c). The parties acknowledge
that pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated to make servicing advances
with respect to the related Non-Serviced Whole Loan. The applicable Non-Serviced Master Servicer shall be entitled to reimbursement
for Nonrecoverable Servicing Advances with respect to such Non-Serviced Whole Loan (with, in each case, any accrued and unpaid
interest thereon provided for under the applicable Non-Serviced PSA) in the manner set forth in the applicable Non-Serviced PSA
and the applicable Non-Serviced Intercreditor Agreement.

 

(d)     In
connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account maintained
as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee, the
Special Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of any
amounts then on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued on the
amount of such Servicing Advance from the date made to, but not including, the date of reimbursement. Subject to Section 3.17(c),
the Master Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may be, for any outstanding Servicing
Advance as soon as practically possible after funds available for such purpose are deposited in the Collection Account (or any
Companion Distribution Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the
Master Servicer’s or the Trustee’s options and rights to defer recovery of such amounts as provided herein; provided,
however, that such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall
not alter the Master Servicer’s obligation to reimburse the Special Servicer for any outstanding Servicing Advance as provided
for in this sentence. To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion
Loan are insufficient for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard
to enforce the rights of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement
available from the holder of the related Companion Loan.

 

(e)     To
the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof within
a reasonable time after the later of the Closing Date and the date as of which such plan is required to be established or completed.
To the extent any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request

 

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from
the Mortgagor written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date
and the date as of which such action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor
shall fail to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report
any such failure to the Special Servicer within a reasonable time after the date as of which such actions or remediations are
required to be or to have been taken or completed.

 

Section 3.04     The
Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution
Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Gain-on-Sale Reserve Account. (a)  The
Master Servicer shall establish and maintain, or cause to be established and maintained, a Collection Account in which the Master
Servicer shall deposit or cause to be deposited and in no event later than the second Business Day following receipt of properly
identified funds (in the case of payments by Mortgagors or other collections on the Mortgage Loans or Companion Loans), except
as otherwise specifically provided herein, the following payments and collections received or made by or on behalf of it subsequent
to the Cut-off Date (other than in respect of principal and interest on the Mortgage Loans or Companion Loans due and payable
on or before the Cut-off Date, which payments shall be delivered promptly to the appropriate Mortgage Loan Seller or its respective
designee and other than any amounts received from Mortgagors which are received in connection with the purchase of defeasance
collateral), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a
period subsequent thereto:

 

    (i)       all
payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced Companion
Loans;

 

   (ii)       all
payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment Premiums,
Yield Maintenance Charges and Default Interest;

 

   (iii)      late
payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the
Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

  (iv)      all
Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds)
received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that
are received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of the
Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust Fund
and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any
proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization
by the related mortgage loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery
of Unliquidated Advances in respect of the related Mortgage Loans;

 

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   (v)      any
amounts required to be transferred from the REO Account pursuant to Section 3.14(c);

 

  (vi)      any
amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred
with respect to Permitted Investments of funds held in the Collection Account; and

 

(vii)      any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection
with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding
the foregoing requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer
would be authorized to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall
be entitled to instead immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts
shall be applied in accordance with the terms hereof and shall be reported as if deposited in such Collection Account and then
withdrawn.

 

The
foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary
statements or demands, assumption fees, modification fees, extension fees, defeasance fees, amounts collected for Mortgagor checks
returned for insufficient funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional
servicing compensation need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit
in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection
Account, any provision herein to the contrary notwithstanding. Assumption, extension and modification fees actually received from
Mortgagors on Specially Serviced Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon
receipt of any of the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced
Loans, the Special Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection
Account, in accordance with this Section 3.04(a). Any such amounts received by the Special Servicer with respect to
an REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit
into the Collection Account, pursuant to Section 3.14(c). With respect to any such amounts paid by check to the order
of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master
Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier. Funds in the Collection Account
may only be invested in Permitted Investments in accordance with the provisions of Section 3.06. As of the Closing
Date, the Collection Account for the Master Servicer shall be located at the offices of Wells Fargo Bank, National Association.
The Master Servicer shall give notice to the Trustee, the Special Servicer, the Certificate Administrator and the Depositor of
the new location of the Collection Account prior to any change thereof.

 

    	-156-

    	 

    

 

(b)     The
Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution
Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account in trust for the benefit of the Certificateholders
and the Trustee as holder of the Lower-Tier Regular Interests, (ii) the Upper-Tier REMIC Distribution Account for the
benefit of the Certificateholders and (iii) the Excess Interest Distribution Account for the benefit of the Holders of
the Class NR Certificates. The Master Servicer shall deliver to the Certificate Administrator each month on or before the
Master Servicer Remittance Date therein, for
deposit (x) in the Lower-Tier REMIC Distribution Account, that portion of the Available Funds attributable to the Mortgage
Loans (in each case, calculated without regard to clauses (a)(iii)(B), (a)(iv), and (c) of the definition
of Available Funds) for the related Distribution Date, and (y) in the Excess Interest Distribution Account all Excess Interest
for the related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.05(a)(ii).

 

With
respect to each Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain
the Companion Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder,
to be held for the benefit of the related Companion Holder and shall, within two (2) Business Days following receipt of properly
identified funds (to the extent consistent with the related Intercreditor Agreement), deposit in the Companion Distribution Account
any and all amounts received by the Companion Paying Agent that are required by the terms of this Agreement or the applicable
Intercreditor Agreement to be deposited therein; provided, however, that the Companion Paying Agent shall separately
track for each Serviced Companion Loan all amounts deposited with respect to such Serviced Companion Loan. The Master Servicer
shall deliver to the Companion Paying Agent each month, on or before the Master Servicer Remittance Date therein, for deposit
in the Companion Distribution Account, an aggregate amount of immediately available funds, to the extent received with respect
to the related Serviced Whole Loan, to the extent of available funds, equal to the amount to be distributed to the related Companion
Holder pursuant to the terms of this Agreement and the related Intercreditor Agreement. Notwithstanding the preceding, the following
provisions shall apply to remittances relating to the Serviced Companion Loans that have been deposited into an Other Securitization:
(1) on each Serviced Whole Loan Remittance Date, the Master Servicer shall withdraw from the Collection Account (or applicable
portion thereof) an aggregate amount equal to all payments and/or collections actually received on, and payable to, such Serviced
Companion Loans prior to such dates; provided, however, that in no event shall the Master Servicer be required to
transfer to the Companion Distribution Account any portion thereof that is payable or reimbursable to or at the direction of any
party to this Agreement under the other provisions of this Agreement and/or the related Intercreditor Agreement; (2) on each Serviced
Whole Loan Remittance Date, the Companion Paying Agent shall make the payments and remittance described in Section 4.01(k),
which payments and remittance shall be made, in each case, on the Serviced Whole Loan Remittance Date.

 

The
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the
Gain-on-Sale Reserve Account, the Interest Reserve Account and the Companion Distribution Account may be subaccounts of a single
Eligible Account, which shall be maintained as a segregated account separate from other accounts.

 

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In
addition to the amounts required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04,
the Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier
REMIC Distribution Account:

 

     (i)      any
amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments
(other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection
with Prepayment Interest Shortfalls;

 

    (ii)      any
P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

   (iii)      any
Liquidation Proceeds paid by the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of
the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the Trust Fund
pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection Account pursuant
to Section 9.01);

 

  (iv)      any
Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

   (v)      any
other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision of
this Agreement.

 

If,
as of the close of business (New York City time) on any Master Servicer Remittance Date or on such other date as any amount referred
to in the foregoing clauses (i) through (v) or any Excess Interest are required to be delivered hereunder,
the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account or the Excess Interest Distribution Account, as applicable, the amounts required to be deposited therein pursuant to the
provisions of this Agreement (including any P&I Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a)
hereof), the Master Servicer shall pay the Certificate Administrator interest on such late payment at the Prime Rate from
and including the date such payment was required to be made (without regard to any Grace Period set forth in Section 7.01(a)(i))
until (but not including) the date such late payment is received by the Certificate Administrator.

 

The
Certificate Administrator shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution
Account, as applicable, any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement
to be deposited therein.

 

Promptly
on each Distribution Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account
and deposit in the Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier
Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated
in payment of the Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(e), respectively.

 

    	-158-

    	 

    

 

Funds
on deposit in the Gain-on-Sale Reserve Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier
REMIC Distribution Account, or the Lower-Tier REMIC Distribution Account shall not be invested for so long as Wells Fargo Bank,
National Association is the Certificate Administrator; provided, however, that if, at any time, Wells Fargo Bank,
National Association is no longer the Certificate Administrator, such funds may be invested and, if invested, shall be invested
by, and at the risk of, the Certificate Administrator, in Permitted Investments selected by the party hereunder that maintains
such account which shall mature, unless payable on demand, not later than such time on the Distribution Date which will allow
the Certificate Administrator to make withdrawals from the Distribution Account, and any such Permitted Investment shall not be
sold or disposed of prior to its maturity unless payable on demand. All such Permitted Investments shall be made in the name of
“[name of successor certificate administrator], as Certificate Administrator, for the benefit of Wilmington Trust, National
Association, as Trustee for the Holders of the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through
Certificates, Series 2015-JP1 as their interests may appear”, or in the name of any successor trustee, as Trustee for the
Holders of the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1
as their interests may appear. None of the Trust, the Depositor, the Mortgagors, the Master Servicer or the Special Servicer shall
be liable for any loss incurred on such Permitted Investments.

 

An
amount equal to all income and gain realized from any such investment shall be paid to the Certificate Administrator as additional
compensation and shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect
of any such investments shall be for the account of the Certificate Administrator which shall deposit the amount of such loss
(to the extent not offset by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds
immediately as realized. If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may
be, any amount not required to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer
such amount from the Distribution Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

As
of the Closing Date, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account and the Lower-Tier REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate
Administrator shall give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest
Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution
Account and, if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For
the avoidance of doubt, the Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion
Distribution Account, if it is a sub-account of the Collection Account, the Lower-Tier REMIC Distribution Account, the Gain-on-Sale
Reserve Account, any Servicing Account, the REO Account, and the Interest Reserve Account (including interest, if any, earned
on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC; the Excess Interest Distribution Account (and
any portion of the Collection Account holding Excess Interest) (including interest, if any, earned on the investment of funds
in such accounts) will be owned by the Grantor Trust for the benefit of the Holders of the Class NR

 

    	-159-

    	 

    

 

Certificates;
the Companion Distribution Account (including interest, if any, earned on the investment of funds in such account) will be owned
by the Companion Holders, as applicable; and the Upper-Tier REMIC Distribution Account (including interest, if any, earned on
the investment of
funds such account) will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(c)     Prior
to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan, and upon
notification from the Master Servicer or Special Servicer pursuant to Section 3.02(d), the Certificate Administrator,
on behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its own name on
behalf of the Trustee in trust for the benefit of the Holders of the Class NR Certificates. The Excess Interest Distribution Account
shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior to the applicable
Distribution Date, the Master Servicer shall remit to the Certificate Administrator for deposit in the Excess Interest Distribution
Account an amount equal to the Excess Interest received prior to the Determination Date for the applicable Collection Period.

 

(d)     Following
the distribution of Excess Interest to Holders of the Class NR Certificates on the first Distribution Date after which there are
no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator
shall terminate the Excess Interest Distribution Account.

 

(e)     The
Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale
Proceeds) and maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders. The Gain-on-Sale Reserve Account
shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for
mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

Upon
the disposition of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer
will calculate the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan in connection with such sale
and remit such funds to the Master Servicer who shall then remit such funds to the Certificate Administrator for deposit into
the Gain-on-Sale Reserve Account. Any gain on such disposition that is allocable to any related Companion Loan in accordance with
the terms of the related Intercreditor Agreement shall be remitted by the Special Servicer to the Companion Paying Agent for deposit
into the Companion Distribution Account.

 

(f)     Any
Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)     [Reserved].

 

(h)     [Reserved].

 

(i)      If
any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(g)
of this Agreement, the Special Servicer

 

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shall
establish and maintain one or more non-interest bearing accounts (collectively, the “Loss of Value Reserve Fund”)
to be held for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes
the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account
of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value
Payments received by it. The Certificate Administrator shall, based upon information obtained from the CREFC® reports
delivered by the Master Servicer pursuant to the terms hereof, account for the Loss of Value Reserve Fund as an outside reserve
fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust.
Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of
Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by the Trust REMICs
and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller
as distributions by the Trust to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable
Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall
be taxable on all income earned thereon.

 

Section 3.05     Permitted
Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account. (a)  The
Master Servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount of the Collection
Account) for any of the following purposes (the following not being an order of priority and without duplication of the same payment
or reimbursement):

 

     (i)      (A)  no
later than 4:00 p.m., New York City time, on each Master Servicer Remittance Date, to remit to the Certificate Administrator
for deposit in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to
be remitted pursuant to the first paragraph of Section 3.04(b) or that may be applied to make P&I Advances
pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit
to the Companion Paying Agent for deposit in the Companion Distribution Account the amounts required to be so deposited with respect
to the Companion Loans;

 

    (ii)      (A)  to
pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National Association if Wells Fargo
Bank, National Association is no longer the Master Servicer, any such interest pursuant to Section 3.11(a)) unpaid
Servicing Fees in respect of each Mortgage Loan, Companion Loan, Specially Serviced Loan, and REO Loan, as applicable, the Master
Servicer’s rights to payment of Servicing Fees pursuant to this clause (ii)(A) with respect to any Mortgage
Loan, related Serviced Companion Loan, Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received on
or in respect of such Mortgage Loan or related Serviced Companion Loan (whether in the form of payments, Liquidation Proceeds
or Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance
and Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) to pay the Special Servicer any unpaid
Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or REO Loan or Corrected
Loan, as applicable, and any expense incurred by the Special

 

    	-161-

    	 

    

 

Servicer in connection with performing any inspections pursuant to
Section 3.12(a), remaining unpaid first, out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation
Proceeds and collections in respect of the related Specially Serviced Loan (provided that, in the case of such payment
relating to a Serviced Whole Loan, such payment shall be made, subject to the terms of the related Intercreditor Agreement (i) with
respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage
Loan and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan, as applicable, and then, from
the AB Mortgage Loan) and then out of general collections on the Mortgage Loans and REO Properties, (C) to pay the
Operating Advisor any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially
Serviced Loan or REO Loan (in each case, other than any related Companion Loan), as applicable, the Operating Advisor’s
right to payment of the Operating Advisor Fee or Operating Advisor Consulting Fee pursuant to this clause (ii)(C)
with respect to any Mortgage Loan, Specially Serviced Loan or REO Loan (in each case, other than any related Companion Loan),
as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments, P&I
Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds), Specially
Serviced Loan or REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds),
that are allocable as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer (1) any unpaid Asset
Representations Reviewer Fee in respect of each Mortgage Loan, Specially Serviced Loan or REO Loan (in each case, other than any
related Companion Loan), as applicable, the Asset Representations Reviewer’s right to payment of the Asset Representations
Reviewer Fee pursuant to this clause (ii)(D)(1) with respect to any Mortgage Loan, Specially Serviced Loan or REO
Loan (in each case, other than any related Companion Loan), as applicable, being limited to amounts received on or in respect
of such Mortgage Loan (whether in the form of payments, P&I Advances, Liquidation Proceeds or Insurance and Condemnation Proceeds),
Specially Serviced Loan or REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds),
that are allocable as recovery of interest thereon, or (2) (to the extent such fee is payable as a Trust Fund expense) any unpaid
Asset Representations Reviewer Asset Review Fee payable in connection with any Asset Review that was performed as a result of
an Affirmative Asset Review Vote;

 

   (iii)      to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master Servicer’s
or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which
represent Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and
REO Loans with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement
of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from
any amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are

 

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allocated to the related Serviced Mortgage Loan and AB
Subordinate Companion Loan) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection
Account; provided, further, that if such P&I Advance with respect to a Mortgage Loan becomes a Workout-Delayed
Reimbursement Amount, then the maker of such P&I Advance shall additionally, but without duplication, thereafter be entitled
to reimbursement for such P&I Advance from the portion of general collections and recoveries on or in respect of the Mortgage
Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below; and provided, further, that if such Advance becomes a Nonrecoverable
Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

  (iv)       to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances, the
Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant to
this clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion
Loan or any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds
and REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursements
shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole
Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan in accordance with their respective Stated Principal Balances, or (ii) with respect to an AB Whole Loan, first,
from the related AB Subordinate Companion Loan (if any) and then, from any related AB Mortgage Loan (provided that,
with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related
Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related
Serviced Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced
Whole Loan on deposit in the Collection Account related to any Mortgage Loan); provided, however, that if such Servicing
Advance becomes a Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally, but without
duplication, thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections and recoveries
on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent
collections or recoveries of principal to the extent provided in clause (v) below; provided, further,
that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v)
below;

 

   (v)       to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances first,
out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan
and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances made with respect
thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties, then,
to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any
exercise of the sole option to defer reimbursement thereof

 

    	-163-

    	 

    

 

pursuant to Section 3.17(c), out of general collections
on the Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of
the general collections on the Mortgage Loans and REO Properties net of such amounts being reimbursed pursuant to (1) above; (provided
that, in case of such reimbursement of a Nonrecoverable Servicing Advance relating to a Serviced Whole Loan, such reimbursement
shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole
Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan in accordance with their respective Stated Principal Balances, or (ii) with respect to an AB Whole Loan, first,
from the related AB Subordinate Companion Loan (if any), and then from the AB Mortgage Loan and provided, further,
that, in case of such reimbursement with respect to Nonrecoverable Servicing Advances relating to a Serviced Whole Loan, such
reimbursement shall be made as described above in this clause (v)(1) and (v)(2), prior to reimbursement from
other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that
with respect to a Serviced Mortgage Loan, reimbursement of Nonrecoverable P&I Advances from funds collected from the related
Serviced Whole Loan shall be made only from amounts collected with respect to such Serviced Mortgage Loan (and not from any amounts
collected with respect to the related Serviced Companion Loan), in accordance with the terms of the related Intercreditor Agreement
(provided that, with respect to any AB Whole Loan, the foregoing with respect to Nonrecoverable Servicing Advances and
Nonrecoverable P&I Advances shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant
to which any amounts collected with respect to the related Whole Loan, are allocated to the related Serviced Mortgage Loan and
AB Subordinate Companion Loan, prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the
Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, any related Companion
Loan, if applicable, or REO Property any related earned Servicing Fee that remained unpaid in accordance with clause (ii)
above following a Final Recovery Determination made with respect to such Mortgage Loan or REO Property and the deposit into
the Collection Account of all amounts received in connection therewith;

 

  (vi)       at
such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for a
related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance
(including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii)
or clause (v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest
accrued and payable thereon in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Servicing
Advances (including any such Servicing Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv)
or clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as
the case may be, any interest accrued and payable thereon in accordance with Section 3.03(d) and 3.11(d) or
(c) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer or the Trustee,
or Other Trustee or Other Servicer as the case may be, any interest accrued and payable thereon; provided that in all events,
subject to the related Intercreditor Agreement, interest on P&I Advances on any Serviced Mortgage Loan shall not be paid from
funds actually distributable to any related Serviced Companion Loan, and interest on Servicing Advances

 

    	-164-

    	 

    

 

on any Serviced Whole
Loan shall be paid (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, out of collections
on the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective outstanding
principal balances, or (ii) with respect to a Serviced AB Whole Loan, first, out of collections on the related AB
Subordinate Companion Loan and then, out of collections on the related Serviced AB Mortgage Loan (provided that,
with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related
Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related
Serviced Mortgage Loan and AB Subordinate Companion Loan);

 

 (vii)       to
reimburse itself, the Special Servicer, the Asset Representations Reviewer or the Trustee, as the case may be, for any unreimbursed
expenses reasonably incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation
of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under
Section 2.02 and/or Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution
obligation or any other obligation of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this
clause (vii) with respect to any Mortgage Loan, being limited to that portion of the Purchase Price, the Loss of Value
Payment or Substitution Shortfall Amount paid with respect to such Mortgage Loan, that represents such expense in accordance with
clause (iv) of the definition of Purchase Price;

 

(viii)       in
accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first, out
of Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and
then out of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred
by such Person in connection with the performance of its duties under Section 2.02 and/or Section 2.03
of this Agreement or in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 6
of the applicable Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to
clause (vii) above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds,
and Insurance and Condemnation Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject
to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata
and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances or (ii) with respect to an AB Whole Loan, first, from the related
AB Subordinate Companion Loan (if any), and then, from any related AB Mortgage Loan (provided that, with respect
to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced
Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect
to the Mortgage Loans;

 

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   (ix)       to
pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c) first, out of REO Revenues, Liquidation
Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and
then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
(i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) and then, from any related
AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable
out of general collections with respect to the Mortgage Loan;

 

    (x)       to
pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion Distribution
Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the
Collection Account and the Companion Distribution Account for the period from and including the prior Distribution Date to and
including the Master Servicer Remittance Date related to such Distribution Date), (2) Penalty Charges (other than Penalty
Charges collected while the related Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only
to the extent collected from the related Mortgagor and to the extent that all amounts then due and payable with respect to the
related Mortgage Loan and any related Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest
on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees)
in accordance with Section 3.11(d) and (3) the difference, if positive, between Prepayment Interest Excess and Prepayment
Interest Shortfalls collected on the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any Serviced Companion Loan,
during the related Collection Period to the extent not required to be paid as Compensating Interest Payments; and (b) to
pay the Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty Charges
collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the extent that all
amounts then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty Charges are not
needed to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation
Fees and Workout Fees) in accordance with Section 3.11(d));

 

   (xi)       to
recoup any amounts deposited in the Collection Account in error;

 

  (xii)       to
pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of their respective
directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out of general

 

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collections,
any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section 6.04(b);
provided that, in case of such reimbursement (other than a reimbursement of any amounts payable to CREFC®)
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
(i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any), and then, from any
related AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit
or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the
related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior
to being payable out of general collections with respect to the Mortgage Loans;

 

 (xiii)       to
pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b),
3.18(b), 3.18(d), 3.18(i) and 10.01(f) to the extent payable out of the Trust Fund, (b) the cost
of any Opinion of Counsel contemplated by Sections 13.01(a) or Section 13.01(c) in connection with an
amendment to this Agreement requested by the Trustee or the Master Servicer, which amendment is in furtherance of the rights and
interests of Certificateholders and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a);
provided that, in case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject
to the terms of the related Intercreditor Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances or (ii) with respect to an AB Whole Loan, first, from the related
AB Subordinate Companion Loan (if any), and then, from any related AB Mortgage Loan (provided that, with respect
to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced
Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect
to the Mortgage Loans;

 

 (xiv)      to
pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed
on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent that
none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant to
Section 10.01(g);

 

  (xv)      to
reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses incurred
by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

 (xvi)      to
pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased
by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to

 

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periods
after the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated
by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received
thereon subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic
Payments due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xvii)      to
remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the
Interest Reserve Account pursuant to Section 3.21;

 

(xviii)     to
reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to
Section 3.26(i);

 

(xix)        [Reserved];

 

  (xx)       to
remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited pursuant
to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i)
above;

 

 (xxi)       to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxii)       to
pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The
Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary
for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Master Servicer, the applicable
Non-Serviced Special Servicer, the applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator or any
other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable
Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from the Collection Account.

 

The
Master Servicer shall pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts
permitted to be paid to it therefrom monthly upon receipt of a certificate of a Servicing Officer of the Special Servicer or a
Responsible Officer of the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer,
the Trustee or the Certificate Administrator is entitled. The Master Servicer may rely conclusively on any such certificate and
shall have no duty to re-calculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting
for each Specially Serviced Loan and REO Loan, on a loan-by-loan and

 

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property-by-property
basis, for the purpose of justifying any request for withdrawal from the Collection Account.

 

Notwithstanding
anything to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor out of general
collections that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be
payable to the related Companion Loan, as applicable.

 

(b)     The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the
following purposes (the following not being an order of priority):

 

(i)       to
be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any
Prepayment Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier REMIC
Distribution Account, and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant
to Section 4.01(c);

 

(ii)       to
pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may
be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)       to
pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable, as contemplated
by Section 8.05(a) hereof with respect to the Mortgage Loans;

 

(iv)       to
pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator
as provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the
Trustee or the Certificate Administrator as contemplated by Section 5.08(c) or Section 8.02(ii) to the
extent payable out of the Trust Fund, (D) the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer as contemplated by Section 10.01(f) or Section 10.01(l) to the extent payable out of the Trust
Fund, or (E) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 13.01(a)
or Section 13.01(c) in connection with any amendment to this Agreement requested by the Trustee or the Certificate
Administrator, which amendment is in furtherance of the rights and interests of Certificateholders, in each case, to the extent
not paid pursuant to Section 13.01(g);

 

(v)       to
pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets or transactions
of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator,
the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(g);

 

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(vi)       to
pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier
REMIC or the Upper-Tier REMIC;

 

 (vii)       to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited
therein; and

 

(viii)       to
clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(c)     The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(j).

 

(d)     The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account for any
of the following purposes:

 

(i)       to
make distributions to the Holders of the Regular Certificates (and to the Holders of the Class R Certificates in respect
of the Class UR Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01, as
applicable; and

 

(ii)       to
clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(e)     [Reserved].

 

(f)     Notwithstanding
anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Collection Account and
the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed in Section 3.05(a)(ii),
the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator Fee listed in Section 3.05(b)(ii)
and (b)(iii), then the Certificate Administrator Fee shall be paid in full prior to the payment of any Servicing Fees
payable under Section 3.05(a)(ii) and then, after payment of Servicing Fees, the Operating Advisor Fees payable under
Section 3.05(a)(ii) and in the event that amounts on deposit in the Collection Account and the Lower-Tier REMIC Distribution
Account are not sufficient to pay the full amount of such Certificate Administrator Fee, the Certificate Administrator shall be
paid based on the amount of such fees and (ii) if amounts on deposit in the Collection Account are not sufficient to reimburse
the full amount of Advances and interest thereon listed in Sections 3.05(a)(iii), (a)(iv), (a)(v) and
(a)(vi), then reimbursements shall be paid first to the Certificate Administrator and to the Trustee, pro rata,
second to the Special Servicer, third to the Master Servicer and then to the Operating Advisor.

 

(g)     If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the Special Servicer shall promptly (provided that, (1) with respect to clause (iv)
below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event
and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and
the Special Servicer with five (5) Business Days’ prior notice of such

 

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final
Distribution Date) transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund
to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)          to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with any interest
on such Advances);

 

(ii)         to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any
expense or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid
out of such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)        to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be
(as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan
or any related successor REO Loan;

 

(iv)        following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related
transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or Serviced REO Loan; and

 

(v)         On
the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv)
above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses
that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional Trust Fund expenses or any
Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(h)         Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (g)(i)-(g)(iii) of the prior paragraph
shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan
with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection
Account pursuant to clause (g)(iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the
Trust in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection
Account to cover an item contemplated by clauses (g)(i)-(g)(iv) of the prior paragraph.

 

(i)          The
Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions
pursuant to Section 4.01(k).

 

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Section 3.06     Investment
of Funds in the Collection Account and the REO Account. (a)  The Master Servicer may direct any depository institution
maintaining the Collection Account, the Companion Distribution Account, or any Servicing Account (for purposes of this Section 3.06,
an “Investment Account”), the Special Servicer may direct any  depository institution maintaining the REO Account
or Loss of Value Reserve Fund (also for purposes of this Section 3.06, an “Investment Account”)
to invest or if it is such depository institution, may itself invest, the funds held therein, only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately
preceding the next succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if
a Person other than the depository institution maintaining such account is the obligor thereon and (ii) no later than the
date on which funds are required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining
such account is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any funds
held in an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as applicable, on behalf
of the Trustee (in its capacity as such) for the benefit of the Certificateholders. The Master Servicer (in the case of the Collection
Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer
(in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer)
on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of amounts in the Collection
Account, the Companion Distribution Account, the Servicing Accounts, Loss of Value Reserve Fund or REO Account, as applicable,
that is either (i) a “certificated security,” as such term is defined in the UCC (such that the Trustee shall
have control pursuant to Section 8-106 of the UCC) or (ii) other property in which a secured party may perfect its security
interest by physical possession under the UCC or any other applicable law. In the case of any Permitted Investment held in the
form of a “security entitlement” (within the meaning of Section 8-102(a)(17) of the UCC), the Master Servicer
or the Special Servicer, as applicable, shall take or cause to be taken such action as the Trustee deems reasonably necessary
to cause the Trustee to have control over such security entitlement. In the event amounts on deposit in an Investment Account
are at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the Collection Account,
the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer) or the Special Servicer
(in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer)
shall:

 

(i)          consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (a) all amounts then payable thereunder and (b) the
amount required to be withdrawn on such date; and

 

(ii)         demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted Investment in
respect of funds thereafter on deposit in the Investment Account.

 

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(b)         Interest
and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account or any Servicing
Account maintained by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect to such account
for the period from and including the prior Distribution Date to and including the Master Servicer Remittance Date related to
the current Distribution Date, shall be for the sole  and exclusive benefit of the Master Servicer to the extent (with respect
to Servicing Accounts) not required to be paid to the related Mortgagor and shall be subject to its withdrawal, or withdrawal
at its direction, in accordance with Section 3.03 or Section 3.05(a), as the case may be. Interest and
investment income realized on funds deposited in the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained
by or for the Special Servicer, to the extent of the Net Investment Earnings, if any, with respect to such account for each period
from and including any Distribution Date to and including the immediately succeeding Master Servicer Remittance Date, shall be
for the sole and exclusive benefit of the Special Servicer and shall be subject to its withdrawal in accordance with Section 3.14(c).
In the event that any loss shall be incurred in respect of any Permitted Investment (as to which the Master Servicer or Special
Servicer, as applicable, would have been entitled to any Net Investment Earnings hereunder) directed to be made by the Master
Servicer or Special Servicer, as applicable, and on deposit in any of the Collection Account, the Companion Distribution Account,
the Servicing Account, Loss of Value Reserve Fund or the REO Account, the Master Servicer (in the case of the Collection Account,
the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer (in
the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall
deposit therein, no later than the Master Servicer Remittance Date, without right of reimbursement, the amount of Net Investment
Loss, if any, with respect to such account for the period from and including the prior Distribution Date to and including the
Master Servicer Remittance Date related to the current Distribution Date; provided that neither the Master Servicer nor
the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is
incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds
such Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the
definition of Eligible Account at the time such investment was made (and, with respect to the Master Servicer, such federal or
state chartered depository institution or trust company is not an Affiliate of the Master Servicer unless such depository institution
or trust company satisfied the qualification set forth in the definition of Eligible Account both (x) at the time the investment
was made and (y) thirty (30) days prior to such insolvency).

 

(c)         Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and, upon the
request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action
as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

Section 3.07     Maintenance
of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a)  The Master Servicer (with respect to the
Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its efforts consistent
with the Servicing Standard to cause the Mortgagor to maintain (other than with

 

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respect
to a Non-Serviced Mortgage Loan), and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged
Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage
as is required under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do
so is an Acceptable Insurance Default (and except as provided in the next sentence with respect to the Master Servicer or Special Servicer, as applicable). If the Mortgagor
does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required Servicing
Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced
Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property) shall maintain
all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest
therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and, if available, can
be obtained at commercially reasonable rates, as determined ((i) prior to the occurrence and continuance of any Control Termination
Event and (ii) other than with respect to any Excluded Loan, any determination that such insurance coverage is not available
or not available at commercially reasonable rates to be made with the consent of the Directing Certificateholder (or, with respect
to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, with the consent
of the holder of the related AB Subordinate Companion Loan)) by the Master Servicer (with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties
other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor to do so is an
Acceptable Insurance Default as determined by the Special Servicer; provided, however, that if any Mortgage permits
the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property, the Master
Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or maintain, as applicable, such
insurance requirements as are consistent with the Servicing Standard taking into account the insurance in place at the closing
of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master Servicer will be obligated
to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself maintain) insurance against
property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default
(as determined by the Special Servicer with ((i) unless a Control Termination Event has occurred and is continuing and (ii) other
than with respect to any Excluded Loan) the consent of the Directing Certificateholder)
and only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or
the Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates. The Master Servicer
and Special Servicer shall be entitled to rely on insurance consultants (at the applicable servicer’s expense) in determining
whether any insurance is available at commercially reasonable rates. Subject to Section 3.15(a) and the costs of such
insurance being reimbursed or paid to the Special Servicer as provided in the third-to-last sentence of this paragraph, the Special
Servicer shall maintain for each REO Property (other than any Non-Serviced Mortgaged Property) no less insurance coverage than
was previously required of the Mortgagor under the related Mortgage Loan documents unless the Special Servicer determines ((i) prior
to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan, with
the consent of the Directing

 

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Certificateholder)
that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable interest,
in which case the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination. All Insurance
Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard” mortgagee clause,
with loss payable to the Master Servicer on behalf of the Trustee (in the case  of insurance maintained in respect of Mortgage
Loans (other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO Properties) or
to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be
in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in
an amount not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the
REO Property, as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any
related Serviced Companion Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of
any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless
such endorsement is not permitted under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days
prior written notice to the insured party (except in the case of nonpayment, in which case such policy shall not be cancelled
without ten (10) days prior notice) and (vi) subject to the first proviso in the second sentence of this Section 3.07(a),
be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the
Master Servicer or Special Servicer under any such Insurance Policies (other than amounts to be applied to the restoration or
repair of the related Mortgaged Property or REO Property or amounts to be released to the related Mortgagor, in each case in accordance
with the Servicing Standard and the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account,
subject to withdrawal pursuant to Section 3.05(a). Any costs incurred by the Master Servicer in maintaining any such
Insurance Policies in respect of Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and
other than any Non-Serviced Mortgage Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by
the Master Servicer as a Servicing Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance
would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account) and will be charged to the
related Mortgagor and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to
the unpaid principal balance of the related Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms
of such Mortgage Loan or Serviced Companion Loan so permit. Any cost incurred by the Special Servicer in maintaining any such
Insurance Policies with respect to REO Properties shall be an expense of the Trust payable out of the related REO Account pursuant
to Section 3.14(c) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer
as a Servicing Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable
Advance then such cost shall instead be paid out of the Collection Account). The foregoing provisions of this Section 3.07
shall apply to any Serviced Whole Loan as if it were a single “Mortgage Loan”. Notwithstanding any provision to
the contrary, the Master Servicer will not be required to maintain, and will not be in default for failing to obtain, any earthquake
or environmental insurance on any Mortgaged Property unless such insurance was required at the time of origination of the related
Mortgage Loan and is currently available at commercially reasonable rates.

 

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Notwithstanding
the foregoing, with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion
Loan that either (x) require the Mortgagor to maintain “all risk” property insurance (and do not expressly permit
an exclusion for terrorism) or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance
in types and against such risks as the holder of such Mortgage Loan  (including any related Serviced Companion Loan) reasonably
requires from time to time in order to protect its interests, the Master Servicer will be required to, consistent with the Servicing
Standard, (A) monitor in accordance with the Servicing Standard whether the insurance policies for the related Mortgaged
Property contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified
in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C) notify
the Special Servicer if it has knowledge that any insurance policy contains Additional Exclusions or if it has knowledge (such
knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A) and (B) above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B) above. If the Special Servicer determines in accordance with the Servicing Standard that such failure is not an Acceptable
Insurance Default, the Special Servicer shall notify the Master Servicer and the Master Servicer shall use efforts consistent
with the Servicing Standard to cause such insurance to be maintained. The Special Servicer (at the expense of the Trust) shall
be entitled to rely on insurance consultants in making such determinations. The Master Servicer shall be entitled to rely on insurance
consultants (at the expense of such Master Servicer) in determining whether Additional Exclusions exist. Furthermore, the Special
Servicer shall promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal
Balances of all of the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated
Principal Balance of the Mortgage Loans then included in the Trust. During the period that the Special Servicer is evaluating
the availability of such insurance or waiting for a response from the Directing Certificateholder, neither the Master Servicer
nor the Special Servicer will be liable for any loss related to its failure to require the Mortgagor to maintain such insurance
and will not be in default of its obligations as a result of such failure unless the Master Servicer or the Special Servicer is
required to take any immediate action pursuant to the Servicing Standard or other servicing requirements of this Agreement and
the Master Servicer will not itself maintain such insurance or cause such insurance to be maintained.

 

(b)         (i)  If
the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring
against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any
Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may
be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent
to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have
satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties.
Such Insurance Policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, if there
shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying
with the requirements of Section 3.07(a), and there shall have been one or

 

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more
losses which would have been covered by such Insurance Policy, promptly deposit into the Collection Account from its own funds
the amount of such loss or losses that would have been covered under the individual policy but are not covered under the blanket
Insurance Policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that
pertained to the related Mortgage Loan (including any related Serviced  Companion Loan), or in the absence of such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage Loans or any
Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and Certificateholders,
claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such policy. The Special Servicer,
to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO Properties (other than with respect
to a Non-Serviced Mortgaged Property), provided coverage is available at commercially reasonable rates, the cost of which
shall be a Servicing Advance.

 

(ii)         If
the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single
interest or force-placed insurance policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf
of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies
otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation
to cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer
or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed
insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than
any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby)
shall be paid by the Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may contain a
deductible clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a),
and there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into
the Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy
because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to
the related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation,
the deductible limitation which is consistent with the Servicing Standard.

 

(c)         Each
of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force and effect
throughout the term of this Agreement a blanket fidelity bond and an “errors and omissions” Insurance Policy with
a Qualified Insurer covering the Master Servicer’s and the Special Servicer’s, as applicable, officers and employees
acting on behalf of the Master Servicer and the Special Servicer in connection with its activities under this Agreement. Such
amount of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage of the Master Servicer

 

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or
the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special Servicer and
providing the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c).
The Special Servicer and the Master Servicer will promptly report in writing to the Trustee any material changes that may
occur in their respective fidelity bonds, if any, and/or their respective errors and omissions Insurance Policies, as the
case may be, and will furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds, if any, and insurance
policies are in full force and effect.

 

(d)         At
the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a Non-Serviced
Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been made available),
the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in accordance with
applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and, if the related
Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent available at commercially reasonable
rates (as determined by the Master Servicer in accordance with the Servicing Standard and to the extent the Trustee, as mortgagee,
has an insurable interest therein), flood insurance in respect thereof, but only to the extent the related Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee to require such coverage and the maintenance
of such coverage is consistent with the Servicing Standard. Such flood insurance shall be in an amount equal to the lesser of
(i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced Companion Loan, if applicable), and
(ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus
such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing
Standard. If the cost of any insurance described above is not borne by the Mortgagor, the Master Servicer shall promptly make
a Servicing Advance for such costs.

 

(e)         During
all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally
designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available at commercially
reasonable rates (as determined by the Special Servicer (with respect to any Mortgage Loan other than an Excluded Loan or prior
to the occurrence and continuance of a Control Termination Event, with the consent of the Directing Certificateholder) in accordance
with the Servicing Standard), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance
Administration in an amount representing coverage not less than the maximum amount of insurance which is available under the National
Flood Insurance Act of 1968, as amended. The cost of any such flood insurance with respect to an REO Property shall be an expense
of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein
is insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)          Notwithstanding
the foregoing, so long as the long-term debt obligations or the deposit account or claims-paying ability of the Master Servicer
(or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable, is rated at least
“A2” by Moody’s, “A(low)” by DBRS (if rated by DBRS) and “A-” by Fitch (if rated by
Fitch), the Master Servicer (or its public parent) or the Special Servicer (or its public parent), as

 

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applicable,
shall be allowed to provide self-insurance with respect to any of its obligation under this Section 3.07.

 

(g)         Each
of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full force
and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified Insurer
covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

Section 3.08     Enforcement
of Due-on-Sale Clauses; Assumption Agreements. (a)  As to each Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-sale” clause, which
by its terms:

 

(i)           provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor or principals
of the Mortgagor; or

 

(ii)         provides
that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection with
any such sale or other transfer.

 

then,
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Special Servicer
(with respect to Specially Serviced Loans) or the Master Servicer (with respect to Non-Specially Serviced Loans), on behalf of
the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect to such Mortgage Loan or related
Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to any sale or transfer, consistent
with the Servicing Standard or (b) waive any right to exercise such rights, provided that, (i) with respect to
all Non-Specially Serviced Loans, the Master Servicer has made a written analysis and recommendation and obtained the prior written
consent (or deemed consent) of the Special Servicer, which consent shall be deemed given five (5) Business Days after the ten
(10) Business Day review period of the Directing Certificateholder (or, with respect to such ten (10) Business Day period, such
longer period as required by the related Intercreditor Agreement for review by any related Companion Holder), after receipt (unless
earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation
with respect to such waiver or exercise of such right together with such other information in the Master Servicer’s possession
that is reasonably requested by the Special Servicer, (ii) with respect to all Specially Serviced Loans and Non-Specially
Serviced Loans, and other than with respect to any Excluded Loan, the Special Servicer shall, prior to consenting to such a proposed
action of the Master Servicer and prior to itself taking such an action, obtain, prior to the occurrence and continuance of a
Control Termination Event, the prior written consent (or deemed consent) of the Directing Certificateholder (or, with respect
to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, the
holder of the related AB Subordinate Companion Loan, to the extent required under the Intercreditor Agreement) (or (i) after
the occurrence and during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (ii) other
than with respect to any Excluded Loan, upon

 

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consultation
with the Directing Certificateholder pursuant to Section 6.08(a) hereof, which consent shall be deemed given ten (10)
Business Days after receipt (unless earlier objected to by the Directing Certificateholder) of the Master Servicer’s (if
applicable) and the Special Servicer’s written analysis and recommendation with respect to such waiver together with such
other information in the Master Servicer’s or Special Servicer’s possession that is reasonably  requested by the Directing Certificateholder (or, with respect to any Serviced AB Whole Loan, prior to the
occurrence and continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion
Loan, to the extent required under the Intercreditor Agreement), and (iii) with respect to any Mortgage Loan (x) with
a Stated Principal Balance greater than or equal to $20,000,000, (y) with a Stated Principal Balance greater than or equal
to 5% of the aggregated Stated Principal Balance of the Mortgage Loans then outstanding or (z) together with all other Mortgage
Loans with which it is cross-collateralized or cross-defaulted or together with all other Mortgage Loans with the same Mortgagor
(or an Affiliate thereof), that is one of the ten largest Mortgage Loans outstanding (by Stated Principal Balance), the Master
Servicer or the Special Servicer, as the case may be, prior to consenting to any action, shall obtain, a Rating Agency Confirmation
from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25), provided, however,
that with respect to subclauses (y) and (z) of this subclause (ii), such Mortgage Loan shall also
have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement to apply. Notwithstanding
anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred
and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with
the related transactions involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor,
in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating
Advisor.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related rating agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special
Servicer, as applicable, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver
a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5
information provider) in accordance with Section 3.25 of this Agreement.

 

If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan
or related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee, then for so long as such
Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, (1) the Special Servicer, on behalf of
the Trustee as the mortgagee of record, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan)
and related Serviced Companion Loans, shall determine in accordance with the Servicing Standard whether conditions to a transfer
or assumption have been satisfied, or (2) the Master Servicer, on behalf of the Trustee as the mortgagee of record, with respect
to any Non-Specially Serviced Loan for

 

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which
there is no mortgagee discretion in approving a transfer or assumption or for which there is no discretion in determining whether
conditions to a transfer or assumption have been satisfied, shall make such determination with respect to whether such conditions
have been satisfied.

 

(b)         As
to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision
in the nature of a “due-on-encumbrance” clause that by its terms:

 

(i)          provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)         requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property
or equity interests in the Mortgagor or principals of the Mortgagor;

 

then,
for so long as such Mortgage Loan (and related Companion Loan, if applicable) is serviced under this Agreement, the Special Servicer
(with respect to Specially Serviced Loans) or the Master Servicer (with respect to Non-Specially Serviced Loans), on behalf of
the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect to such Mortgage Loan or related
Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional
lien or other encumbrance, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided that (i) with respect to all Non-Specially Serviced Loans, the Master Servicer has made a recommendation and obtained
the prior written consent (or deemed consent) of the Special Servicer, which consent shall be deemed given five (5) Business Days
after the ten (10) Business Day review period of the Directing Certificateholder (or, with respect to such ten (10) Business Day
period, such longer period as required by the related Intercreditor Agreement for review by any related Companion Holder), after
receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis
and recommendation with respect to such waiver or exercise of such right together with such other information in the Master Servicer’s
possession that is reasonably requested by the Special Servicer, (ii) with respect to any Mortgage Loan other than an Excluded
Loan, the Special Servicer has obtained prior to the occurrence and continuance of a Control Termination Event, the prior written
consent (or deemed consent) of the Directing Certificateholder (or, with respect to any Serviced AB Whole Loan, prior to the occurrence
and continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion Loan, to
the extent required under the Intercreditor Agreement), which consent shall be deemed given ten (10) Business Days after receipt
by the Directing Certificateholder of the Special Servicer’s written analysis and recommendation with respect to such waiver
or exercise of such rights together with such other information in the Master Servicer’s or Special Servicer’s possession
that is reasonably requested by the Directing Certificateholder (or, with respect to any Serviced AB Whole Loan, prior to
the occurrence and continuance of a related AB Control Appraisal Period, the holder of the related AB Subordinate Companion
Loan, to the extent required under the Intercreditor Agreement), and (iii) the Master Servicer or the Special Servicer, as
applicable, has obtained Rating Agency

 

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Confirmation
from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25)
if such Mortgage Loan (A) has an outstanding principal balance that is greater than or equal to 2% of the Stated Principal
Balance of the outstanding Mortgage Loans or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt)
or (C) has a Debt Service Coverage Ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated
Principal Balance of the Mortgage Loan and related Companion Loan, if any, and the principal amount of the proposed additional
lien) or (D) is one of the ten largest Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance
greater than $20,000,000; provided, however, that with respect to subclauses (A), (B), (C)
and (D) of this subclause (ii), such Mortgage Loan shall also have a Stated Principal Balance of at least
$10,000,000 for such Rating Agency Confirmation requirement to apply. Notwithstanding anything herein to the contrary, with respect
to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer
shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed
Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with
the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related rating agencies) pursuant to this Section 3.08(b), the Master Servicer or the Special
Servicer, as applicable, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver
a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5
information provider) in accordance with Section 3.25 of this Agreement.

 

To
the extent permitted by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding
paragraph or in Section 3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage
Loan documents are silent as to who bears the costs of obtaining any such Rating Agency Confirmation, the Master Servicer or the
Special Servicer, as applicable, shall use reasonable efforts to make the related Mortgagor bear such costs and expenses. Unless
determined to be a Nonrecoverable Advance such costs not collected from the related Mortgagor shall be advanced as a Servicing
Advance.

 

If
any Mortgage Loan or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered
without the consent of the mortgagee, then for so long as such Mortgage Loan or related Companion Loan is being serviced under
this Agreement, (1) the Special Servicer, on behalf of the Trustee as the mortgagee of record, with respect to all Specially Serviced
Loans (other than a Non-Serviced Mortgage Loan), shall determine whether conditions to further encumbrance have been satisfied
(provided that there is no lender discretion with respect to the satisfaction of such conditions), or (2) the Master Servicer,
on behalf of the Trustee as the mortgagee of record, with respect to all Non-Specially Serviced Loans for which there is no mortgagee
discretion in determining whether conditions are

 

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satisfied,
shall make such determination with respect to whether such conditions have been satisfied.

 

(c)         Nothing
in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive
notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any
additional lien or other encumbrance with respect to such Mortgaged Property.

 

(d)         Except
as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, neither the Master Servicer
nor the Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan,
as applicable, in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08.
The Master Servicer and the Special Servicer, as applicable, shall provide copies of any final waivers (except with respect to
provision of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant
to Section 3.08(a) or (b) to each other and to the 17g-5 Information Provider with respect to each Mortgage
Loan, and shall notify the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the
17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website in accordance with Section 3.25)
and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement executed
pursuant to Section 3.08(a) or (b) and shall forward thereto a copy of such agreement.

 

With
respect to any borrower request or other action on a Non-Specially Serviced Loan including matters that are Major Decisions and
that are otherwise not Master Servicer Decisions, the Master Servicer shall not agree to such modification, waiver, amendment,
consent, request or other action without the prior written consent of the Special Servicer. In connection with such consent, if
the Master Servicer is recommending such request or action, the Master Servicer shall promptly provide the Special Servicer with
written notice of any request for such modification, waiver, amendment, consent, request or other action, along with the Master
Servicer’s written recommendation and analysis, and all information in the Master Servicer’s possession that may be
reasonably requested in order to grant or withhold such consent by the Special Servicer or the Directing Certificateholder or
other Person with consent or consultation rights; provided that in the event that the Special Servicer does not respond
within ten (10) Business Days after receipt of such written notice and all such reasonably requested information, plus the time
period provided to the Directing Certificateholder or other relevant party under this Agreement and, if applicable, any time period
provided to a Companion Holder under a related Intercreditor Agreement, the Special Servicer’s consent to such modification,
waiver, amendment, consent, request or other action shall be deemed granted.

 

(e)         [Reserved].

 

(f)          Notwithstanding
any other provision of this Agreement, the Master Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause without the consent of the Special Servicer and the Special Servicer may not waive
its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to a Non-Specially
Serviced Loan or relating to any Specially Serviced Loan without ((i) prior to the occurrence and continuance of a Control
Termination 

 

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Event and (ii) other than with respect to any Excluded Loan) the consent of the Directing Certificateholder
(or (i) after the occurrence and during the continuance of a Control Termination Event and (ii) other than with
respect to any Excluded Loan), but prior to a Consultation Termination Event, upon consultation with the Directing
Certificateholder pursuant to Section 6.08 hereof). The Directing Certificateholder shall have ten (10) Business
Days after receipt of notice along with the Master Servicer’s (if applicable) and the Special Servicer’s
recommendation and analysis with respect to such proposed waiver or proposed granting of consent and any additional
information the Directing Certificateholder may reasonably request from the Special Servicer of a proposed waiver or consent
under any “due on sale” or “due-on-encumbrance” clause in which to grant or withhold its consent
(provided that if the Special Servicer fails to receive a response to such notice from the Directing Certificateholder
in writing within such period, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver
or consent).

 

(g)         Notwithstanding
the foregoing provisions of this Section 3.08, if the Master Servicer (with respect to Non-Specially Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans) makes a determination under Sections 3.08(a) or
3.08(b) hereof that the applicable conditions in the related Mortgage Loan or Companion Loan documents, as applicable,
with respect to assumptions or encumbrances permitted without the consent of the mortgagee have been satisfied, the applicable
assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise prohibited pursuant to
the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage Loan documents does not constitute
a “significant” change in yield pursuant to Treasury Regulations Section 1.1001-3(e)(2).

 

Section 3.09     Realization
Upon Defaulted Loans and Companion Loans. (a)  Upon an event of default under the Mortgage Loan documents related
to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt, the Master Servicer shall promptly provide written notice to
the related Companion Holder or mezzanine lender, as applicable, with a copy of such notice to the Special Servicer. The Special
Servicer shall, subject to subsections (b) through (d) of this Section 3.09, Section 3.24,
subject to the Directing Certificateholders’ rights pursuant to Section 6.08, and any Companion Holder or mezzanine
lender’s rights under the related Intercreditor Agreement (in the case of a Serviced Whole Loan, on behalf of the holders
of the beneficial interest of the related Companion Loan) or this Agreement, exercise reasonable efforts, consistent with the
Servicing Standard, to foreclose upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of
property securing any such Mortgage Loan (other than any Non-Serviced Mortgage Loan) and related Companion Loan, if any, as come
into and continue in default as to which no satisfactory arrangements (including by way of a discounted pay-off) can be made for
collection of delinquent payments, and which are not released from the Trust Fund pursuant to any other provision hereof. The
foregoing is subject to the provision that, in any case in which a Mortgaged Property shall have suffered damage from an Uninsured
Cause, the Master Servicer or Special Servicer shall not be required to make a Servicing Advance and expend funds toward the restoration
of such property unless the Special Servicer has determined in its reasonable discretion that such restoration will increase the
net proceeds of liquidation of such Mortgaged Property to Certificateholders after reimbursement to the Master Servicer for such
Servicing Advance, and the Master Servicer or Special Servicer has not determined that such Servicing Advance together with accrued
and

 

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unpaid
interest thereon would constitute a Nonrecoverable Advance. The costs and expenses incurred by the Special Servicer in any such
proceedings shall be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if incurred,
constitute a Nonrecoverable Servicing Advance. Nothing contained in this Section 3.09 shall be construed so as to
require the Master Servicer or the Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property
at a foreclosure sale or similar proceeding that is in excess of the fair market value of such property, as determined by the
Master Servicer or the Special Servicer in its reasonable judgment taking into account the factors described in Section 3.16(b) and the results of any Appraisal obtained pursuant to the following sentence, all such bids to be made in a manner consistent
with the Servicing Standard. If and when the Special Servicer or the Master Servicer deems it necessary and prudent for purposes
of establishing the fair market value of any Mortgaged Property securing a Defaulted Loan or any related defaulted Companion Loan,
whether for purposes of bidding at foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be,
is authorized to have an Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost
of which shall be paid by the Master Servicer as a Servicing Advance.

 

(b)         The
Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

 

(i)          such
personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the
Special Servicer; or

 

(ii)         the
Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing
Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to the related Companion
Loan) will not cause an Adverse REMIC Event to occur.

 

(c)         Notwithstanding
the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master Servicer nor the Special
Servicer shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise, or take any
other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the Certificateholders
and/or any related Companion Holder, would be considered to hold title to, to be a “mortgagee-in-possession” of, or
to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable
law, unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the Special Servicer has
previously determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property
performed by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior
to any such acquisition of title or other action, that:

 

(i)          such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the related
Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single
lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

 

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(ii)         there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and,
if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The
cost of any such Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial,
corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence
shall be paid by the Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it
shall be an expense of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related
Intercreditor Agreement by the Master Servicer from the Collection Account, including from the Companion Distribution Account
(such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole
Loan)); and if any such Environmental Assessment so warrants, the Special Servicer shall, except with respect to any Companion
Loan and any Environmental Assessment ordered after such Mortgage Loan has been paid in full, perform such additional environmental
testing at the expense of the Trust as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the preceding sentence have been satisfied. With respect to Non-Specially Serviced Loans, the Master Servicer
and, with respect to Specially Serviced Loans, the Special Servicer (other than any Non-Serviced Mortgage Loan) shall review and
be familiar with the terms and conditions relating to enforcing claims and shall monitor the dates by which any claim or action
must be taken (including delivering any notices to the insurer and using reasonable efforts to perform any actions required under
such policy) under each environmental insurance policy in effect and obtained on behalf of the mortgagee to receive the maximum
proceeds available under such policy for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular
Interests).

 

(d)         If
(i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions
set forth in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not
been satisfied with respect to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan,
any related Companion Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or
required to be made pursuant to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage
Loan Seller could be required to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase
Agreement, then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other
than proceeding to acquire title to the Mortgaged Property) and is hereby authorized ((A) prior to the occurrence and continuance
of a Control Termination Event (or with respect to any AB Mortgage Loan, after the occurrence and during the continuation of an
AB Control Appraisal Period, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than
with respect to any Excluded Loan), with the consent of the Directing

 

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Certificateholder
at such time as it deems appropriate to release such Mortgaged Property from the lien of the related Mortgage, provided
that, if such Mortgage Loan has a then-outstanding principal balance of greater than $1,000,000, then prior to the release
of the related Mortgaged Property from the lien of the related Mortgage, (i) the Special Servicer shall have notified
the  Rating Agencies, the Trustee, the Certificate Administrator,
the Master Servicer and ((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect
to any Excluded Loan) the Directing Certificateholder, in writing of its intention to so release such Mortgaged Property and the
bases for such intention, (ii) the Certificate Administrator shall have posted such notice of the Special Servicer’s
intention to so release such Mortgaged Property to the Certificate Administrator’s Website pursuant to Section 3.13(b)
and (iii) in addition to the prior written consent of the Directing Certificateholder as required above, the Holders
of Certificates entitled to a majority of the Voting Rights shall have consented or have been deemed to have consented to such
release within thirty (30) days of the Certificate Administrator’s posting such notice to the Certificate Administrator’s
Website (failure to respond by the end of such 30-day period being deemed consent of the Holders of the Certificates). To the
extent any fee charged by any Rating Agency in connection with rendering such written confirmation is not paid by the related
Mortgagor, such fee is to be an expense of the Trust; provided that the Special Servicer shall use commercially reasonable
efforts to collect such fee from the Mortgagor to the extent permitted under the related Mortgage Loan documents.

 

(e)         The
Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing
Certificateholder (other than with respect to any Excluded Loan), the Master Servicer and the 17g-5 Information Provider monthly
regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan or defaulted
Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that either
of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in
each case until the earlier to occur of satisfaction of both such conditions, repurchase of the related Mortgage Loan by the applicable
Mortgage Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

 

(f)          The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and
required to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master
Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law, such
information and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness
of indebtedness and abandonment and foreclosure to the extent such information has been provided to the Master Servicer by the
Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate
Administrator.

 

(g)         The
Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance
of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage
Loan (and if applicable, the related Companion Loan) permit such an action.

 

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(h)         The
Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination
in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO
Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall be evidenced
by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Certificateholder
(other than with respect to any Excluded Loan) and the Master Servicer and in no event later than the next succeeding P&I
Advance Determination Date.

 

Section 3.10     Trustee
and Custodian to Cooperate; Release of Mortgage Files. (a)  Upon the payment in full of any Mortgage Loan (other
than a Non-Serviced Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer, as the case may be, of a notification
that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer or Special Servicer, as the
case may be, will promptly notify the Trustee and the Custodian and request delivery of the related Mortgage File. Any such notice
and request shall be in the form of a Request for Release signed by a Servicing Officer and shall include a statement to the effect
that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection
Account pursuant to Section 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be
so deposited. Within seven (7) Business Days (or within such shorter period as release can reasonably be accomplished if the Master
Servicer or the Special Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the Custodian shall
release the related Mortgage File to the Master Servicer or Special Servicer, as the case may be; provided that in the
case of the payment in full of a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall not be
released by the Custodian unless the related Serviced Whole Loan is paid in full. No expenses incurred in connection with any
instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account.

 

(b)         From
time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and
any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release
signed by a Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein
to the Master Servicer or the Special Servicer (or a designee), as the case may be. Upon return of such Mortgage File or such
document to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master
Servicer or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan,
the related Companion Loan), was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account (including amounts related to the related Companion Loan, if applicable)
pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property,
a copy of the Request for Release shall be released by the Custodian to the Master Servicer or the Special Servicer (or a designee),
as the case may be, with the original being released upon termination of the Trust.

 

(c)         Within
seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies
the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court pleadings,

 

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requests
for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of a Mortgaged
Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note (including any note
evidencing a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or
rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the
preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall
be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee’s sale. The Trustee shall not be required to review such documents for their sufficiency or enforceability.

 

(d)         If,
from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced
PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests
delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release
of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

Section 3.11     Servicing
Compensation. (a)  As compensation for its activities hereunder, the Master Servicer shall be entitled to receive
the Servicing Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO
Loan related to any Non-Serviced Companion Loan) (including Specially Serviced Loans and any Non-Serviced Mortgage Loan constituting
a “specially serviced loan” under any related Non-Serviced PSA). As to each Mortgage Loan, Companion Loan and REO
Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee Rate and shall be computed on the basis of the Stated
Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and in the same manner as interest is
calculated on such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and, in connection with any partial month interest
payment, for the same period respecting which any related interest payment due on such Mortgage Loan or Companion Loan or deemed
to be due on such REO Loan is computed. The Servicing Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall
cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan, except that if such Mortgage Loan is
part of a Serviced Whole Loan and such Serviced Whole Loan continues to be serviced and administered under this Agreement notwithstanding
such Liquidation Event, then the applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event
did not occur. The Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage
Loan, Companion Loan and REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a).
The Master Servicer shall be entitled to recover unpaid Servicing Fees in respect of any Mortgage Loan, Companion Loan or REO
Loan out of that portion of related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the
case of an REO Loan) allocable as recoveries of interest, to the extent permitted by Section 3.05(a). Except as set
forth in the next two sentences, the third paragraph of this Section 3.11(a), Section 6.03, Section 6.05
and Section 7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part

 

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(except
in connection with a transfer of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in
accordance with the terms hereof). With respect to each Serviced Pari Passu Companion Loan, the Servicing Fee shall be payable
to the Master Servicer from amounts payable in respect of such Serviced Pari Passu Companion Loan, subject to the terms of the
related Intercreditor Agreement.

 

The
Master Servicer shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a),
additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts
to the extent collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any consents, modifications,
waivers, extensions or amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent
not prohibited by the related Intercreditor Agreement), provided that the consent of the Special Servicer is not required
to take such actions; (ii) 50% of Excess Modification Fees related to any consents, modifications, waivers, extensions or
amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement) that involve one or more Major Decisions or decisions that are not Master Servicer Decisions,
provided that the consent of the Special Servicer is required to take such actions; (iii) 100% of all assumption application
fees received on Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement) (whether or not the consent of the Special Servicer is required) and 100% of all defeasance
fees (provided that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees or waiver
fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement); (iv) 100% of assumption,
waiver, consent and earnout fees pursuant to Section 3.08 and Section 3.18 or other actions performed
in connection with this Agreement on the Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent
not prohibited by the related Intercreditor Agreement), provided that the consent of the Special Servicer is not required
to take such actions and (v) 50% of all assumption, waiver, consent and earnout fees (other than assumption application and
defeasance fees), pursuant to Section 3.08 and Section 3.18 on any Non-Specially Serviced Loan (including
any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement), provided that
the consent of the Special Servicer is required to take such actions and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid. In addition, the Master Servicer shall be entitled to retain as additional
servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) any charges for processing Mortgagor requests,
beneficiary statements or demands, fees in connection with defeasance, if any, and other customary charges, and amounts collected
for checks returned for insufficient funds, in each case only to the extent actually paid by the related Mortgagor and shall not
be required to deposit such amounts in the Collection Account or the Companion Distribution Account pursuant to Section 3.04(a)
or Section 3.04(b), respectively. Subject to Section 3.11(d), the Master Servicer shall also be entitled
to additional servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d),
(ii) interest or other income earned on deposits relating to the Trust Fund in the Collection Account or the Companion Distribution
Account in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect
to such account for the period from and including the prior Distribution Date to and including the Master Servicer Remittance
Date related to the current Distribution Date), (iii) interest or other income earned on deposits in the

 

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Servicing
Account which are not required by applicable law or the related Mortgage Loan to be paid to the Mortgagor and (iv) the difference,
if positive, between Prepayment Interest Excess and Prepayment Interest Shortfalls collected on the Mortgage Loans (other than
the Non-Serviced Mortgage Loans) and any Serviced Companion Loan, during the related Collection Period to the extent not required
to be paid as Compensating Interest Payments. The Master Servicer shall be required to pay out of its own funds all expenses incurred
by it in connection with its servicing activities hereunder (including, without limitation, payment of any amounts due and owing
to any of its Sub-Servicers and the premiums for any blanket Insurance Policy insuring against hazard losses pursuant to Section 3.07),
if and to the extent such expenses are not payable directly out of the Collection Account and the Master Servicer shall not be
entitled to reimbursement therefor except as expressly provided in this Agreement.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer
shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent
either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion
in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to
share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special
Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been
entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by
the Special Servicer.

 

Notwithstanding
anything herein to the contrary, each of the Master Servicer and the Special Servicer shall also be entitled to charge reasonable
review fees in connection with any borrower request.

 

Notwithstanding
anything herein to the contrary, the Master Servicer may, at its option, assign or pledge to any third party or retain for itself
the Transferable Servicing Interest; provided, however, that in the event of any resignation or termination of such
Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced by the Trustee to the extent reasonably
necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified successor master servicer that meets the
requirements of Section 6.05 and who requires market-rate servicing compensation that accrues at a per annum
rate in excess of the Retained Fee Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be
expressly subject to the terms of this Agreement and such reduction. The Master Servicer shall pay the Transferable Servicing
Interest to the holder of the Transferable Servicing Interest at such time and to the extent the Master Servicer is entitled to
receive payment of its Servicing Fees hereunder, notwithstanding any resignation or termination of the Master Servicer hereunder
(subject to reduction pursuant to the preceding sentence).

 

(b)         As
compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a Non-Serviced
Mortgaged Property). As to each Specially Serviced Loan and REO Loan, the Special

 

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Servicing
Fee shall accrue from time to time at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal
Balance of such Specially Serviced Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the
Specially Serviced Loans or REO
Loans, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any
related interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed. The Special Servicing
Fee with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to
the related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the
provisions of Section 3.05(a). The right to receive the Special Servicing Fee may not be transferred in whole or in
part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this
Agreement. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

 

(c)         Additional
servicing compensation in the form of (i) 100% of all Excess Modification Fees related to consents, modifications, waivers,
extensions or amendments of any Specially Serviced Loans, (ii) 100% of all assumption application fees and assumption fees
and other related fees received on any Specially Serviced Loans, (iii) 100% of waiver, consent and earnout, pursuant to Section 3.08
and Section 3.18 or other actions performed in connection with this Agreement on the Specially Serviced Loans
or certain other similar fees paid by the related Mortgagor and (iv) 50% of all Excess Modification Fees and assumption,
consent and earnout fees pursuant to Section 3.08 or Section 3.18 and 50% of all earnout fees received
in all cases with respect to all Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not
prohibited by the related Intercreditor Agreement) and, in all cases, for which the Special Servicer’s consent or approval
is required, shall be promptly paid to the Special Servicer by the Master Servicer (or directly from the related Mortgagor) to
the extent such fees are paid by the Mortgagor and shall not be required to be deposited in the Collection Account pursuant to
Section 3.04(a). Subject to Section 3.11(d), the Special Servicer shall also be entitled to additional
servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d) and (ii) interest
or other income earned on deposits relating to the Trust Fund in the REO Account in accordance with Section 3.06(b)
(but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including
the prior Distribution Date to and including the Master Servicer Remittance Date related to such Distribution Date). The Special
Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected
Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected Loan; provided, however,
that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000,
any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount; provided, further,
however, that in the event the Workout Fee collected over the course of such workout calculated at the Workout Fee Rate
is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected
Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer
in respect of that Corrected Loan (including any related Serviced Companion Loan) to be $25,000. The Workout Fee shall be reduced
(but not below zero) pursuant to the preceding sentence with respect to each collection on such Corrected Loan from which fee
would otherwise be payable until an amount equal to such Excess Modification Fee Amount has been deducted in full. The Workout
Fee with respect

 

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to
any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout
Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. The Special Servicer shall not
be entitled to any Workout Fee with respect to a Non-Serviced Mortgage Loan. If the Special Servicer is terminated
(other than for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage
Loans or any related Companion Loan that became Corrected Loans prior to the time of that termination or resignation except the
Workout Fees will no longer be payable if the Corrected Loan subsequently becomes a Specially Serviced Loan. If the Special Servicer
resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Loans for which
the resigning or terminated Special Servicer had determined to grant a forbearance or cured the event of default through a modification,
restructuring or workout negotiated by the Special Servicer and evidenced by a signed writing, but which had not as of the time
the Special Servicer resigned or was terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time
to make three consecutive timely Periodic Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor
making such three consecutive timely Periodic Payments. The successor special servicer will not be entitled to any portion of
such Workout Fees. The Special Servicer will not be entitled to receive any Workout Fees after termination for cause. A Liquidation
Fee will be payable with respect to each Specially Serviced Loan (other than a Non-Serviced Mortgage Loan) or REO Property (other
than a Non-Serviced Mortgaged Property) as to which the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation
Proceeds subject to the exceptions set forth in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such
Liquidation Proceeds, Insurance and Condemnation Proceeds). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds
are received with respect to any Corrected Loan and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee
will be payable based on and out of the portion of such Liquidation Proceeds and Insurance and Condemnation Proceeds that constitute
principal and/or interest on such Mortgage Loan. Notwithstanding anything herein to the contrary, the Special Servicer shall only
be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to proceeds on any Mortgage Loan. Notwithstanding
the foregoing, with respect to any Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be
computed as provided in the related Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers
to this Agreement or indicates such fees are paid in accordance with this Agreement, as provided herein as though such Companion
Loan were a Mortgage Loan. Subject to Section 3.11(d), the Special Servicer will also be entitled to additional fees
in the form of Penalty Charges. The Special Servicer shall be required to pay out of its own funds all expenses incurred by it
in connection with its servicing activities hereunder (including, without limitation, payment of any amounts, other than management
fees in respect of REO Properties, due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy
obtained by it insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not
expressly payable directly out of the Collection Account or the REO Account, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in this Agreement.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge

 

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its
respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have
the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the
Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion
in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to
share in any part of the other party’s portion of such fee.  If the Master Servicer decides not to charge any fee,
the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would
have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged
by the Special Servicer.

 

Notwithstanding
anything herein to the contrary, each of the Master Servicer and the Special Servicer shall also be entitled to charge reasonable
review fees in connection with any borrower request.

 

(d)         In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and
any related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master
Servicer, the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable
(and, in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced
Special Servicer or the applicable Non-Serviced Trustee for interest on the Servicing Advances made by any such party with respect
to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced PSA, to the extent not prohibited by the applicable Non-Serviced
Intercreditor Agreement) due on such Distribution Date, (ii) the Trust for all interest on Advances previously paid to the
Master Servicer or the Trustee pursuant to Section 3.05(a)(vi) hereof (and, in connection with a Non-Serviced Mortgage
Loan, the related trust for all interest on Servicing Advances reimbursed by such trust to any party under the applicable Non-Serviced
PSA, which resulted in an additional expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor
Agreement) with respect to such Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional
expenses of the Trust (other than Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections
by the Special Servicer and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan. Penalty Charges
(other than with respect to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the
related Non-Serviced PSA) remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while
such Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Loan, and to the Special Servicer, if and to the
extent accrued on such Mortgage Loan during the period such Mortgage Loan was a Specially Serviced Loan or REO Loan. Any Penalty
Charges paid or payable as additional servicing compensation to the Master Servicer and the Special Servicer shall be distributed
between the Master Servicer and the Special Servicer, on a pro rata basis, based on the Master Servicer’s and Special
Servicer’s respective entitlements to such compensation described in the previous sentence. Notwithstanding the foregoing,
Penalty Charges with respect to any Companion Loan will be allocated pursuant to the applicable Intercreditor Agreement after
payment of all related Advances and interest thereon and additional expenses of the Trust in accordance with this Section 3.11(d).

 

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(e)         With
respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
(2) Business Days following the  Determination Date, and the Master Servicer shall deliver, to the extent it has received, to the
Certificate Administrator, without charge and on the Master Servicer Remittance Date, an electronic report (which may include
HTML, Word or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the
Certificate Administrator and the Special Servicer) that discloses and contains an itemized listing of any Disclosable Special
Servicer Fees received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date; provided that no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)          The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in
respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout
or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special
servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided that
such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(g)         Pursuant
to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set
forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer
in writing at least two (2) Business Days prior to the Master Servicer Remittance Date) the CREFC® Intellectual
Property Royalty License Fee on a monthly basis. The Master Servicer shall withdraw from the Collection Account and, to the extent
sufficient funds are on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC®
in accordance with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in the Collection Account.

 

Section 3.12     Inspections;
Collection of Financial Statements. (a)  The Master Servicer shall perform (at its own expense), or shall cause
to be performed (at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than
a Non-Serviced Mortgage Loan or a Specially Serviced Loan) with a Stated Principal Balance of (i) $2,000,000 or more at least
once every twelve (12) months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing
in the calendar year 2016 (and each Mortgaged Property shall be inspected on or prior to December 31, 2017); provided,
however, that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and
the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master
Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further,
that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer
shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes
a Specially Serviced Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The cost
of such inspection by the Special Servicer pursuant to the second proviso of the immediately

 

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preceding
sentence shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor, reimbursed first from
Penalty Charges actually received from the related Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that,
with respect to a Serviced Whole Loan, such cost shall be payable, subject to the terms of the related Intercreditor Agreement
(i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or
(ii) with respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan and then, from
the AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or
otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the
related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior
to being payable out of general collections. The Special Servicer or the Master Servicer, as applicable, shall prepare or cause
to be prepared a written report of each such inspection detailing the condition of and any damage to the Mortgaged Property to
the extent evident from the inspection and specifying the existence of (i) any vacancy in the Mortgaged Property that the
preparer of such report has knowledge of and deems material, (ii) any sale, transfer or abandonment of the Mortgaged Property
of which the preparer of such report has knowledge or that is evident from the inspection, (iii) any adverse change in the
condition of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection,
and that the preparer of such report deems material, (iv) any visible material waste committed on the Mortgaged Property
of which the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each inspected
Mortgaged Property. The Special Servicer and the Master Servicer shall deliver or, if applicable, make available on its website
a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, respectively, to the
other party, to the Directing Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event
and (ii) other than with respect to any Excluded Loan) and to the Trustee within five (5) Business Days after completion
of such report. Within five (5) Business Days after request for copies of such reports by the Rating Agencies, the Special Servicer
or the Master Servicer, as applicable, shall deliver a copy (in electronic format) of each such report prepared by the Special
Servicer and the Master Servicer, as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website. In respect of any Mortgage Loan other than an Excluded Loan and prior to the occurrence of a Consultation Termination
Event, the Master Servicer shall deliver a copy of each such report to the Directing Certificateholder and upon request to each
Controlling Class Certificateholder (which request may state that such items may be delivered until further notice).

 

(b)         The
Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced
Loan shall make reasonable efforts to collect promptly and review from each related Mortgagor quarterly and annual operating statements,
financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly and annual financial statements
of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents
and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion
Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan (and each Serviced Companion Loan)
documents. The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls

 

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more
than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents.
In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to
be regularly prepared in respect of each REO Property and shall collect all such items promptly following their preparation. The
Special Servicer shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master
Servicer shall make available on its website copies of all the foregoing items so collected to the Trustee, the Certificate Administrator,
the Directing Certificateholder and the Depositor, in electronic format, in each case within thirty (30) days of its receipt thereof,
but in no event, in the case of annual statements, later than June 30 of each year commencing June 30, 2016. Upon the
request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Master Servicer or the Special Servicer,
as applicable, shall deliver electronic copies of such items to the Certificate Administrator to be posted on the Certificate
Administrator’s Website. The Master Servicer or Special Servicer, as applicable, shall deliver copies of all the foregoing
items so collected thereby to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

Within
forty-five (45) days after receipt by the Master Servicer, with respect to all Non-Specially Serviced Loans it is responsible
for servicing hereunder, or the Special Servicer with respect to Specially Serviced Loans and REO Properties (other than any Non-Serviced
Mortgaged Property), of any quarterly and annual operating statements or rent rolls beginning with the quarter ending March 31,
2016 and the calendar year ending December 31, 2016 with respect to any Mortgaged Property or REO Property, or if such date would
be after June 30 of any year, then within thirty (30) days after receipt, such Master Servicer or Special Servicer, as applicable,
shall, based upon such operating statements or rent rolls received, prepare (or, if previously prepared, update) the analysis
of operations and the CREFC® NOI Adjustment Worksheet and the CREFC® Operating Statement Analysis
Report; provided that any such CREFC® Operating Statement Analysis Report and/or CREFC® NOI
Adjustment Worksheet shall not be required to be prepared or updated with respect to year-end or the first calendar quarter of
each year to the extent provided by the then current CREFC® Investor Reporting Package. Upon the occurrence and
continuation of a Servicing Transfer Event, the Master Servicer shall provide the Special Servicer with all prior CREFC®
Operating Statement Analysis Reports and CREFC® NOI Adjustment Worksheets for the related Mortgage Loan (including
underwritten figures), and the Special Servicer’s obligations hereunder shall be subject to its having received all such
reports. The Master Servicer and Special Servicer shall forward to the other and (prior to the occurrence of a Consultation Termination
Event) the Directing Certificateholder electronically monthly all operating statements and rent rolls received from any Mortgagor
from the prior month. All CREFC® Operating Statement Analysis Reports and CREFC® NOI Adjustment
Worksheets shall be maintained by the Master Servicer with respect to each Mortgaged Property (other than a Non-Serviced Mortgaged
Property) and REO Property (other than any Non-Serviced Mortgaged Property), and the Master Servicer shall forward copies (in
electronic format) thereof and the related operating statements or rent rolls (in each case, promptly following the initial preparation
and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder, and with respect to any
Serviced Companion Loan, the related Companion Holder, the Special Servicer and the 17g-5 Information Provider, and the 17g-5
Information Provider shall post all such items to the 17g-5 Information Provider’s Website. The Master Servicer shall maintain
a CREFC® Operating Statement Analysis Report and a CREFC® NOI Adjustment Worksheet with respect
to each Mortgaged Property (other than

 

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a
Non-Serviced Mortgaged Property) or REO Property (other than a Non-Serviced Mortgaged Property).

 

(c)         At
or before 2:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause
to be delivered to the Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder,
the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC®
Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Loans
(excluding, for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged
Property), providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master
Servicer as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall
include data, to enable the Master Servicer to produce the following supplemental CREFC® reports: (i) a CREFC®
Delinquent Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected
Mortgage Loan Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial
Status Report and (v) a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis
Report, in each case with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

 

(d)         Not
later than 5:00 p.m. (New York City time) on the Master Servicer Remittance Date beginning January 2016, the Master Servicer
shall prepare (if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator
the following reports and data files: (A) to the extent the Master Servicer has received the CREFC® Special
Servicer Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report,
(B) CREFC® Loan Setup File (with respect to the first Distribution Date), (C) the most recent CREFC®
Property File, and CREFC® Comparative Financial Status Report (in each case incorporating the data required
to be included in the CREFC® Special Servicer Loan File pursuant to Section 3.12(c) by the Special
Servicer and Master Servicer), (D) a CREFC® Servicer Watch List with information that is current as of such
Determination Date, (E) CREFC® Financial File, (F) CREFC® Loan Level Reserve/LOC Report,
(G) the CREFC® Advance Recovery Report, (H) CREFC® Total Loan Report and (I) the report
on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent received from the Special
Servicer, if any. Additionally, not later than 5:00 p.m. (New York City time) on the Master Servicer Remittance Date beginning
January 2016, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator
any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC®
REO Liquidation Reports received from the Special Servicer. Not later than 2:00 p.m. (New York City time) two (2) Business
Days prior to the Distribution Date beginning January 2016, the Master Servicer shall deliver or cause to be delivered to the
Certificate Administrator via electronic format the CREFC® Loan Periodic Update File. In no event shall any report
described in this subsection be required to reflect information that has not been collected by or delivered to the Master Servicer,
or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior to the
Business Day on which the report is due.

 

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(e)         The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to
Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver to the Certificate Administrator
the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error, conclusively
rely on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c).
The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master
Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master Servicer
to the Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are,
in turn, based on information or reports to be provided by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c)
and to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b)
or Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the
Certificate Administrator until it has received the requisite information or reports from the Special Servicer, and the Master
Servicer shall not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused
by the Special Servicer’s failure to timely provide any information or report required under Section 3.12(b)
or Section 3.12(c) of this Agreement.

 

(f)          Notwithstanding
the foregoing, however, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required
to be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent
the Master Servicer or Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the
Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting
disclosure of information with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and Special Servicer
may disclose any such information or any additional information to any Person so long as such disclosure is consistent with applicable
law and the Servicing Standard. The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer
it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)         Unless
otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver any statement, report
or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such
statement, report or information in a commonly used electronic format or (z) except with respect to information to be provided
to the Certificate Administrator or any Companion Holder and, prior to the occurrence of a Consultation Termination Event, the
Directing Certificateholder, making such statement, report or information available on the Master Servicer’s Internet website,
unless this Agreement expressly specifies a particular method of delivery.

 

Notwithstanding
anything to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements,
reports or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator
and the Master Servicer or the Special Servicer, as the case may be. The Master Servicer or the Special Servicer may physically
deliver a paper copy of any such statement,

 

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report
or information as a temporary measure due to system problems, however, copies in electronic format shall follow upon the correction
of such system problems.

 

Section 3.13     Access
to Certain Information. (a)  Each of the Master Servicer and the Special Servicer shall provide or cause to be
provided to the Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller and
to any Certificateholder that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal
Reserve System of the United States of America and the supervisory agents and examiners of such boards and such corporations,
and any other federal or state banking or insurance regulatory authority that may exercise authority over any such Certificateholder,
and to each Holder of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans (other
than any Non-Serviced Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related
Companion Loan, and the Trust within its control which may be required by applicable law. At the election of the Master Servicer,
the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery
of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator
shall be permitted to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator
on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket
costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian.

 

The
failure of the Master Servicer or Special Servicer to provide access as provided in this Section 3.13 as a result
of a confidentiality obligation shall not constitute a breach of this Section 3.13. In connection with providing information
pursuant to this Section 3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer
to any information provided by it for which it is not the original source (without suggesting liability on the part of any other
party hereto); (ii) affix to any information provided by it a reasonable statement regarding securities law restrictions
on such information and/or condition access to information on (x) the execution of a confidentiality agreement substantially
in the form of Exhibit X, or (y) execution of a “click-through” confidentiality agreement if such
information is being provided through the Master Servicer’s Internet website; (iii) withhold access to confidential
information or any intellectual property; and/or (iv) withhold access to items of information contained in the Servicing
File for any Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions of any related Mortgage
Loan documents or would constitute a waiver of the attorney-client privilege. Notwithstanding any provision of this Agreement
to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to
be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement to the extent that the Master Servicer
or the Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with the applicable
Servicing Standard, that such disclosure would violate applicable law or any provision of a Mortgage Loan or Companion Loan document
prohibiting disclosure of information with respect to the Mortgage Loans or Companion Loans or the Mortgaged Properties, constitute
a waiver of the attorney-client privilege on behalf of the Trust or the Trust

 

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or otherwise materially
harm the Trust or the Trust. Without limiting the generality of the foregoing, the Master Servicer or Special Servicer may refrain
from disclosing information that it  reasonably determines would prejudice the interest of the Certificateholders with respect to a workout or exercise of
remedies as to any particular Mortgage Loan.

 

Upon
the reasonable request of any Certificateholder (or with respect to any AB Subordinate Companion Loan related to a Serviced AB
Whole Loan, the holder of such AB Subordinate Companion Loan) that is a Privileged Person identified to the Master Servicer’s
reasonable satisfaction, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder
or holder of such AB Subordinate Companion Loan, as applicable) copies of any appraisals, operating statements, rent rolls and
financial statements (in each case, solely relating to the related Serviced Whole Loan, if requested by the holder of an AB Subordinate
Companion Loan) obtained by the Master Servicer; provided that, in connection therewith, the Master Servicer may require
a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master
Servicer, generally to the effect that such Person is a Holder of Certificates, a beneficial holder of Book-Entry Certificates
(or an investment advisor for a Certificateholder or beneficial holder of Book-Entry Certificates) or holder of such AB Subordinate
Companion Loan and a Privileged Person and will keep such information confidential and shall use such information only for the
purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder or holder of such AB Subordinate
Companion Loan, as applicable, may have under the Trust. For the avoidance of doubt, the Master Servicer shall not make any Asset
Status Reports available to any Certificateholders on its website.

 

Notwithstanding
anything to the contrary herein, unless required by applicable law or court order, no Certificateholder or beneficial owner shall
be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

 

(b)         The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements,
Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the
general public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items
were prepared by or delivered to the Certificate Administrator in electronic format:

 

(i)          The
following documents, which will initially be made available under a tab or heading designated “deal documents”:

 

(A)          the
Prospectus and any other disclosure document relating to the Offered Certificates, in the form most recently provided to the Certificate
Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)           this
Agreement and any amendments and exhibits hereto;

 

(C)           the
Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

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(D)          the
CREFC® Loan Setup File provided by the Master Servicer to the Certificate Administrator;

 

(ii)         the
following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)          any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system;

 

(iii)        The
following documents, which will initially be made available under a tab or heading designated “periodic reports”:

 

(A)          all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)           the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, each of the “surveillance reports” identified as such in the
definition of “CREFC® Investor Reporting Package” (including, without limitation, the CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheets), the CREFC®
Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this Agreement from time to time; and

 

(C)           all
Operating Advisor Annual Reports;

 

(iv)        The
following documents, which will initially be made available under a tab or heading designated “additional documents”:

 

(A)          summaries
of Final Asset Status Reports or, prior to an AB Control Appraisal Period, summaries of Asset Status Reports approved by the holder
of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section 3.19(d);

 

(B)           all
property inspection reports and environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(a);
and

 

(C)           any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

(v)         The
following documents, which will initially be made available under a tab or heading designated “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.09(d);

 

(B)           any
notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

    	-202-

    	 

    

 

(C)           any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(h);

 

(D)          any
notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered
pursuant to Section 7.01;

 

(E)           any
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required
to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)           any
Asset Review Report Summary received by the Certificate Administrator;

 

(G)          [Reserved];

 

(H)          any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the
successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(I)            any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(J)           any
notice of resignation or termination of the Master Servicer or Special Servicer pursuant to Section 7.03;

 

(K)          any
notice of termination pursuant to Section 9.01;

 

(L)           any
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance
of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26
or Section 12.03, respectively;

 

(M)         any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section 7.01(d),
the Operating Advisor pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section 12.05(b);

 

(N)          any
notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the
Operating Advisor in connection with such recommendation;

 

(O)          any
notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

 

(P)           any
notice of the occurrence of an Operating Advisor Termination Event;

 

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(Q)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(R)           any
assessments of compliance delivered to the Certificate Administrator; and

 

(S)           any
attestation reports delivered to the Certificate Administrator;

 

(T)           any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.06;

 

(U)           the
“Investor Q&A Forum” pursuant to Section 4.07(a); and

 

(V)           solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section 4.07(b).

 

The
Certificate Administrator shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A)
and (B) above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and
on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports
related to the Mortgage Loans available through its Internet website.

 

Notwithstanding
the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower Party.

 

Any
Person (other than the Directing Certificateholder or a Controlling Class Certificateholder) that is a Borrower Party shall only
be entitled to access the Distribution Date Statements and the following items made available to the general public: the Prospectus
Supplement, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate Administrator’s
Website. In the case of the Directing Certificateholder or a Controlling Class Certificateholder, if any such Person becomes an
Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee in physical form of an investor certification substantially in the form Exhibit P-1E and
upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit
P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling Class Holder, such Excluded
Controlling Class Holder shall be entitled to access all information (other than the Excluded Information with respect to any
Excluded Controlling Class Loans (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which
case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans)) available on the Certificate
Administrator’s Website.

 

In
the case of the Directing Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an investor certification substantially in the form of Exhibit P-1B hereto, such Directing Certificateholder
or

 

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Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an
investor certification in the form of Exhibit P-1B hereto from the Directing Certificateholder or a Controlling
Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification
in the form of Exhibit P-1D hereto from the Directing Certificateholder or a Controlling Class Certificateholder to the
effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s).
In the event the Directing Certificateholder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder,
such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit P-1E that such party has become an Excluded Controlling
Class Holder with respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate
Administrator a notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such
Excluded Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s
access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from
the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new
investor certification substantially in the form of Exhibit P-1D to access the information on the Certificate Administrator’s
Website, except that such Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to
any Excluded Controlling Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available
on the Certificate Administrator’s Website. With respect to any Excluded Information sent for posting on the Certificate
Administrator’s Website, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label
such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate
Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and, if possible, on
loan-by-loan basis) from information relating to other Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding
anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial owners of the
Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as applicable, has received a notice
substantially in the form of Exhibit P-1E from the Directing Certificateholder or a Controlling Class Certificateholder
that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor
or the Certificate Administrator shall be liable for any communication to the Directing Certificateholder or a Controlling Class
Certificateholder that is an Excluded Controlling Class Holder or disclosure of any information relating to an Excluded Controlling
Class Loan (including any related Excluded Information delivered to the Certificate Administrator for posting to the Certificate
Administrator’s Website) if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class

 

    	-205-

    	 

    

 

Loan
and/or, with respect to any related Excluded Information posted on the Certificate Administrator’s Website, such information
was not delivered to the Certificate Administrator in accordance with Section 3.33(a).

 

Each
of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled
to conclusively rely on delivery from the Directing Certificateholder or a Controlling Class Certificateholder of an investor
certification substantially in the form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder.
To the extent the Directing Certificateholder or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Directing Certificateholder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded
Controlling Class Holder, (C) any employees or personnel of such Directing Certificateholder or Controlling Class Certificateholder
or any of its Affiliate involved in the management of any investment in the related Borrower Party or the related Mortgaged Property
or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower
Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply
with the obligations described in clause (i) above.

 

The
Certificate Administrator makes no representation or warranty as to the accuracy or completeness of any report, document or other
information made available on its Internet website and assumes no responsibility therefor, other than with respect to such reports,
documents or other information prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim
responsibility for any information distributed by it for which it is not the original source. Notwithstanding anything herein
to the contrary, the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded
Controlling Class Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified
as relating to any Excluded Controlling Class Loan.

 

In
connection with providing access to the Certificate Administrator’s Website (other than with respect to access provided
to the general public in accordance with Section 3.13(b), the Certificate Administrator may require registration and
the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s
CMBS customer service desk at (866) 846-4526.

 

(c)         The
17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such
items are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “JPMCC 2015-JP1” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties

 

    	-206-

    	 

    

 

hereto
or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)          any
notices of waivers under Section 3.08(d);

 

(ii)         any
Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)        any
notice of final payment on the Certificates;

 

(iv)        any
environmental reports delivered by the Special Servicer under Section 3.09(e);

 

(v)        any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)       any
annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

 

(vii)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)     any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency
Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

(ix)        copies
of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)         any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)        any
notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(xii)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xiii)      any
notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.01;

 

(xiv)      any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)       any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(ix);

 

(xvi)      any
Operating Advisor Annual Report pursuant to Section 3.26;

 

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(xvii)     any
summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward
the Master Servicer, Special Servicer, Certificate Administrator or Trustee regarding any of the information delivered to the
17g-5 Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation
or regarding any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion
Loan, the related Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable
Intercreditor Agreement; provided that the summary of such oral communication shall not identify the Rating Agency with
whom the communication was held pursuant to Section 3.13(g);

 

(xviii)    any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section 2.03(b),
Section 3.07(a), Section 3.12, Section 3.17(c), Section 3.18(g); Section 11.09
or Section 11.10; and

 

(xix)  
    any other information delivered to the Rating Agencies pursuant to this Agreement including, without
limitation, Section 13.10.

 

The
foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website.
Information will be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m.,
New York City time, or, if received after 2:00 p.m., New York City time, on the next Business Day by 12:00 p.m. New York
City time; provided, however, any information delivered pursuant to Section 3.13(d) shall be posted
in accordance with Section 3.13(d). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm
or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise
is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, each
of the Certificate Administrator and the 17g-5 Information Provider may remove such information from the 17g-5 Information Provider’s
Website. The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained
actual knowledge of any information merely by posting such information to the Certificate Administrator’s Website or the
17g-5 Information Provider’s Website to the extent such information was not produced by the Certificate Administrator or
the 17g-5 Information Provider, as applicable. Access will be provided by the 17g-5 Information Provider to the NRSROs upon receipt
of an NRSRO Certification in the form of Exhibit P-2 hereto (which certification may be submitted electronically via
the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s
Website, access shall be granted by the 17g-5 Information Provider on the same Business Day, provided that such request
is made prior to 2:00 p.m., New York City time, on such Business Day, or if received after 2:00 p.m., New York City time, on the
following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866)
846 4526 or 17g5informationprovider@wellsfargo.com (specifically referencing “JPMCC 2015-JP1” in the subject line).

 

Upon
request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered
to

 

    	-208-

    	 

    

 

the
17g-5 Information Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information
Provider disclose on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

Except
as provided in Section 3.13(d) below, the Master Servicer or Special Servicer, as applicable, may, but shall not be
obligated to send such information, report, notice or document to the applicable Rating Agency so long as such information, report,
notice or document (i) was previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided
to the 17g-5 Information Provider.

 

The
17g-5 Information Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement
that such information was received and that it has been posted. The 17g-5 Information Provider shall notify each Person that has
signed-up for access to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement
each time an additional document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically
identify such document in the subject line or otherwise in the body of the email notice. The 17g-5 Information Provider shall
send such notice to such Person’s email address provided by and used by such Person for the purpose of accessing the 17g-5
Information Provider’s Website, including a general email address if such general email address has been provided to the
17g-5 Information Provider in connection with a completed NRSRO Certification in the form of Exhibit P-2 hereto.

 

Any
information required to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to
it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “JPMCC 2015-JP1”
and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic
mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information
Provider.

 

(d)         The
Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide bulk information that relates
to two or more transactions to the 17g-5 Information Provider. Any such information shall be posted by the 17g-5 Information Provider
and the 17g-5 Information Provider may, but shall not be obligated to, post such information in accordance with the timeframe
provided in Section 3.13(c) above, provided, however, that if the 17g-5 Information Provider is not
able to post such information in accordance with the timeframe in Section 3.13(c), then it shall post such information
within a reasonable time. The Master Servicer or the Special Servicer, as applicable, shall not send such information directly
to the Rating Agencies until the 17g-5 Information Provider notifies it that such information has been posted to the 17g-5 Information
Provider’s Website.

 

(e)         Certain
information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC®
reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be
provided by the Certificate Administrator to third parties (including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock
Financial Management Inc., Interactive Data Corporation, CMBS.com, Inc., Markit Group Limited and Thomson Reuters Corporation)
with the consent of the Depositor, and providing such information shall not constitute a breach of this Agreement by

 

    	-209-

    	 

    

 

the
Certificate Administrator. Such information will be made available to such third parties upon receipt of a certificate in the
form of Exhibit P-3 hereto, which certification may be submitted electronically via the Certificate Administrator’s
Website.

 

(f)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt,
also deliver, produce or otherwise make available through the Master Servicer’s Internet website or otherwise, any additional
information relating to the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the
Mortgaged Properties (other than any Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor,
the Underwriters and any other Persons who deliver an Investor Certification in accordance with this Section 3.13
and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information
is simultaneously delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in
accordance with the provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this
Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including, without
limitation, any Privileged Information), applicable law or by the related Mortgage Loan documents. Each of the Master Servicer
and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer
it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the
Depositor and the Rating Agencies, enter into (x) an Investor Certification, (y) a confidentiality agreement substantially
in the form of Exhibit X or (z) a “click-through” confidentiality agreement if such information is
being provided through the Master Servicer’s Internet website, and (B) acknowledge that the Master Servicer or the
Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access
to such information is provided via the Master Servicer’s Internet website, the Master Servicer may require registration
and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential
nature of such information. In connection with providing access to or copies of the information described in this Section 3.13(f)
to current or prospective Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special
Servicer, as applicable, shall be: (i) in the case of a Certificateholder, an Investor Certification executed by the requesting
Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder
may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds
or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing
such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in
the case of a prospective purchaser of Certificates or interests therein or an investment advisor related thereto, an Investor
Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein or an investment
advisor related thereto and is requesting the information for use in evaluating a possible investment in Certificates and will
otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide such
information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

    	-210-

    	 

    

  

Neither
the Master Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement
or by others in violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible
or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant
to this Section 3.13 unless such information was produced by the Master Servicer or Special Servicer, as applicable.

 

(g)         The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated) to
orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the Mortgage
Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related Intercreditor
Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in
writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in Section 3.13(c) the same day such communication takes place; provided, further that the summary of such oral communications
shall not identify which Rating Agency the communication was with. The 17g-5 Information Provider shall post such written summary
on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.13(c).

 

(h)         The
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating Advisor
such reports and other information produced or otherwise available to the Directing Certificateholder (other than, prior to the
occurrence and continuance of a Control Termination Event, any Asset Status Reports that are not Final Asset Status Reports),
or Certificateholders generally, requested by the Operating Advisor in support of the performance of its obligations under this
Agreement in electronic format.

 

(i)          None
of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral
or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such
Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval
of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a
commercial mortgage master, special or primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation
of the Master Servicer’s, the Operating Advisor, the Asset Representations Reviewer’s or the Special Servicer’s,
as applicable, servicing operations in general; provided that the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage
Loans, to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor,
property and other deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information
Provider and has been uploaded on to the 17g-5 Information Provider’s Website; or (z) the Rating Agency confirms in
writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates;
provided, however, that the

 

    	-211-

    	 

    

 

Rating
Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available
(unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency
is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have
access to) other than pursuant to this Section 3.13(i).

 

(j)          The
costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto
shall not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section 3.14     Title
to REO Property; REO Account. (a)  If title to any Mortgaged Property is acquired (directly or through a single
member limited liability company established for that purpose) and thus such Mortgaged Property becomes an REO Property, the deed
or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent
with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on behalf of the Certificateholders
and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced Companion Loan. REO Property with respect
to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.14. The Special Servicer, on behalf
of the Trust and, if applicable, the related Serviced Companion Noteholder, shall sell any REO Property prior to the close of
the third calendar year following the year in which the Trust acquires ownership of such REO Property, within the meaning of Treasury
Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code, unless the Special Servicer either
(i) applies for a qualifying extension of time no later than sixty (60) days prior to the close of the third calendar year
in which it acquired ownership (or the period provided in the then applicable REMIC Provisions) and such extension is granted
or is not denied (an “REO Extension”) by the Internal Revenue Service to sell such REO Property or (ii) obtains
for the Trustee, the Certificate Administrator and the Master Servicer an Opinion of Counsel, addressed to the Trustee, the Certificate
Administrator and the Master Servicer, to the effect that the holding by the Trust of such REO Property subsequent to the close
of the third calendar year following the year in which acquisition occurred will not cause an Adverse REMIC Event to occur. If
the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the immediately preceding
sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the
Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion
of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection with its being granted the REO Extension
contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by
clause (ii) of the second preceding sentence, shall be an expense of the Trust payable out of the Collection Account
pursuant to Section 3.05(a).

 

(b)         The
Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one
or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable, on behalf of
any related Companion Holder(s), as applicable, as their interest

 

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shall
appear, and the Trustee (as holder of the Lower-Tier Regular Interests), for the retention of revenues and other proceeds derived
from each REO Property. The REO Account shall be an Eligible Account. The Special Servicer shall deposit, or cause to be deposited,
in the REO Account, within one (1) Business Day after receipt of properly identified and available funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received in respect of an REO Property. Funds in the
REO Account may be invested in Permitted Investments in accordance with Section 3.06. The Special Servicer shall give
notice to the Trustee, the Certificate Administrator, and the Master Servicer of the location of the REO Account when first established
and of the new location of the REO Account prior to any change thereof.

 

(c)         The
Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring, leasing,
maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating to such
REO Property. On or prior to each Determination Date (or with respect to a Serviced Companion Loan, on the Business Day preceding
each Serviced Whole Loan Remittance Date), the Special Servicer shall withdraw from the REO Account and remit to the Master Servicer,
which shall deposit into the Collection Account (or the Companion Distribution Account, as applicable), the aggregate of all amounts
received in respect of each REO Property during the most recently ended Collection Period, net of (i) any withdrawals made
out of such amounts pursuant to the preceding sentence and (ii) Net Investment Earnings on amounts on deposit in the REO
Account; provided, however, that the Special Servicer may retain in such REO Account, in accordance with the Servicing
Standard, such portion of such balance as may be necessary to maintain a reasonable reserve for repairs, replacements, leasing,
management and tenant improvements and other related expenses for the related REO Property. In addition, on or prior to each Determination
Date (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the
Special Servicer shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit
in the Collection Account, as applicable, on such date. The Master Servicer shall apply all such amounts as instructed by the
Special Servicer on the Determination Date (or with respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance
Date) for the related Distribution Date.

 

(d)         The
Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for
all deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section 3.15     Management
of REO Property. (a)  If title to any REO Property is acquired, the Special Servicer shall manage, consent, protect,
operate and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the benefit of the Certificateholders
and the related Companion Holders, and the Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its
timely disposition and sale in a manner that does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder
of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in
an Adverse REMIC Event. Subject to the foregoing, however, the Special Servicer shall have full power and authority to do any
and all

 

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things
in connection therewith as are in the best interests of and for the benefit of the Certificateholders (and, in the case of
each Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests)
all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case
may be) (as determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard).
Notwithstanding anything to the contrary herein, REO Property with respect to a Non-Serviced Mortgage Loan is excluded for
all purposes of this Section 3.15. Subject to this Section 3.15, the Special Servicer may allow the
Trust or any commercial mortgage securitization that holds any Serviced Companion Loan to earn “net income from
foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that earning such income
is in the best interests of Certificateholders and, if applicable, any related Companion Holder(s) on a net after-tax basis
as compared with net leasing such REO Property or operating such REO Property on a different basis. In connection therewith,
the Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later than one (1) Business Day
following receipt of such properly identified funds) in the applicable REO Account all revenues received by it with respect
to each REO Property and the related REO Loan, and shall withdraw from the REO Account, to the extent of amounts on deposit
therein with respect to such REO Property, funds necessary for the proper operation, management, leasing and maintenance of
such REO Property, including, without limitation:

 

(i)          all
insurance premiums due and payable in respect of such REO Property;

 

(ii)         all
real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)        any
ground rents in respect of such REO Property, if applicable; and

 

(iv)        all
costs and expenses necessary to maintain and lease such REO Property.

 

To
the extent that amounts on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth
in clauses (i) through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving
notice from the Special Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its
own funds such amount as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the
Trustee, the Special Servicer, the Depositor, the Certificate Administrator and (in respect of any Mortgage Loan other than an
Excluded Loan, and prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder) such advances
would, if made, constitute Nonrecoverable Servicing Advances.

 

(b)         Without
limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)         permit
the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its terms will give
rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

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(iii)        authorize
or permit any construction on any REO Property, other than the completion of a building or other improvement thereon, and then
only if more than 10% of the construction of such building or other improvement was completed before default on the related Mortgage
Loan, became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)        Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more
than ninety (90) days after its acquisition date;

 

unless,
in any such case, the Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer
as a Servicing Advance) to the effect that such action will not cause such REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust,
in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(c)         The
Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety
(90) days of the acquisition date thereof, provided that:

 

(i)          the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)         the
fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the
nature and locality of the Mortgaged Property;

 

(iii)        any
such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses
incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in
subsection (a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses)
to the Special Servicer upon receipt;

 

(iv)        none
of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations hereunder with respect to the
operation and management of any such REO Property; and

 

(v)         the
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

The
Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related
to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification.

 

(d)         When
and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer a statement
prepared by the Special Servicer

 

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setting
forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and
management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the
receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property in accordance
with Sections 3.15(a) and 3.15(b).

 

Section 3.16     Sale
of Defaulted Loans and REO Properties. (a) (i) Within thirty (30) days after a Defaulted Loan has become a
Specially Serviced Loan, the Special Servicer shall order (but shall not be required to have received) an Appraisal and
within thirty (30) days of receipt of the Appraisal shall determine the fair value of such Defaulted Loan in accordance with
the Servicing Standard; provided, however, that if the Special Servicer is then in the process of obtaining an
Appraisal with respect to the related Mortgaged Property, the Special Servicer shall make its fair value determination as
soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of such an Appraisal. The Special
Servicer may, from time to time, adjust its fair value determination based upon changed circumstances, new information and
other relevant factors, in each instance in accordance with a review of such circumstances and new information in accordance
with the Servicing Standard including, without limitation, the period and amount of the occupancy level and physical
condition of the related Mortgaged Property and the state of the local economy; provided that the Special Servicer
shall promptly notify the Master Servicer in writing of the initial fair value determination and any adjustment to its fair
value determination.

 

(ii)         If
any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent
otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect to a
Specially Serviced Loan) or the Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly notify in writing
the other, any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under
the Intercreditor Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine
lender, as applicable, will, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase
the related Mortgage Loan and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)        If
any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder
or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable
efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related Serviced Companion
Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present value basis, if
and when the Special Servicer determines, consistent with the Servicing Standard, that no satisfactory arrangements (including
by way of a discounted pay-off) can be made for collection of delinquent payments thereon and such a sale would be in the best
economic interests of the Trust and, if applicable, the related Companion Holder. In the case of the Non-Serviced Mortgage Loan,
under certain limited circumstances permitted under the related Intercreditor Agreement, to the extent

 

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that
such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the applicable
Non-Serviced Special Servicer for the related Non-Serviced Whole Loan, the Special Servicer shall be entitled to sell (with
the consent of the Directing Certificateholder if no Control Termination Event has occurred and is continuing and such
Non-Serviced Mortgage Loan is not an Excluded Loan) such Non-Serviced Mortgage Loan if it determines in accordance with the
Servicing Standard that such action would be in the best interests of the Certificateholders. The Special Servicer is
required to give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and (other than in
respect of any Excluded Loan) the Directing Certificateholder not less than ten (10) Business Days’ prior written
notice of its intention to sell any Defaulted Loan. In the absence of a cash offer at least equal to the Purchase Price, the
Special Servicer may purchase the Defaulted Loan for the Purchase Price (provided that it gives at least ten (10)
Business Days’ prior written notice of its intention to purchase such Defaulted Loan to the Directing Certificateholder
and there is no higher offer within such time) or may accept the first cash offer received from any Person that constitutes a
fair price for the Defaulted Loan.

 

(iv)        (A)  In
the case of a Specially Serviced Loan as to which a default has occurred and is continuing, in the absence of any offer at least
equal to the Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer for such price), the
Special Servicer shall solicit offers and, subject to subclause (B) below, may accept the highest offer received from
any Person that is determined by the Special Servicer to constitute a fair price for such Specially Serviced Loan, if the offeror
is a Person other than an Interested Person. In determining whether any offer from a Person other than an Interested Person constitutes
a fair price for any Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal,
Updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months),
among other factors, the period and amount of the occupancy level and physical condition of the related Mortgaged Property and
the state of the local economy. If the offeror is an Interested Person (provided that the Trustee may not be an offeror),
the Trustee shall determine whether the offer constitutes a fair price unless such offer by an Interested Person (i) is equal
to or greater than the applicable Purchase Price and (ii) is the highest offer received. Absent an offer at least equal to
the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (x) it is the highest offer received
and (y) at least two other offers are received from independent third parties. In determining whether any offer received
from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal
(or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding
nine-month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph,
the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested Person) designate
an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience
in valuing loans similar to the subject

 

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Mortgage
Loan or Serviced Whole Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer
constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee designates such a third party to make
such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The
reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such
third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee will
not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The Special
Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such
expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be
reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use
efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the
Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced
Loan.

 

(B)           The
Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines (with respect to any Mortgage
Loan other than an Excluded Loan, in consultation with the Directing Certificateholder (unless a Consultation Termination Event
shall have occurred and be continuing) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole
Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related
Intercreditor Agreement), that the rejection of such offer would be in the best interests of the Holders of Certificates and,
in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder
(as a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender).
In addition, the Special Servicer may accept a lower offer from any Person other than the Special Servicer or its Affiliate if
it determines, in accordance with the Servicing Standard, that the acceptance of such offer would be in the best interests of
the Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole
Loan, the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable, the related Companion
Holder constituted a single lender) (for example, if the prospective buyer making the lower offer is more likely to perform its
obligations, or the terms offered by the prospective buyer making the lower offer are more favorable); provided that the
offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer. The Special Servicer shall use reasonable
efforts to sell all Defaulted Loans prior to the Rated Final Distribution Date. For the avoidance of doubt, the Trustee shall
have no obligation to make any fair value determination, to the extent required to do so pursuant to this Section 3.16,
on the basis of anything other than the related Appraisal.

 

(v)         Unless
and until any Specially Serviced Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue
such other resolution strategies with

 

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respect
to such Specially Serviced Loan, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate,
consistent with the Asset Status Report and the Servicing Standard and the REMIC Provisions.

 

(b)         (i)  (A)  The
Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan, such purchase
shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The Special Servicer
may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall be a sale of the
entire REO Property, including the portion relating to the related Companion Loan), if and when the Special Servicer determines,
consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the related Companion
Holders. The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate Administrator
and, in respect of any Mortgage Loan other than an Excluded Loan and prior to the occurrence of a Consultation Termination Event,
the Directing Certificateholder, not less than ten (10) days’ prior written notice of the Purchase Price and its intention
to (i) purchase any REO Property at the Purchase Price therefor or (ii) sell any REO Property, in which case the Special
Servicer shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase
Price therefor. To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate
of the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act
as broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission
that does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered
into at arm’s length.

 

(B)           In
the absence of any such offer as set forth in subclause (A) above, the Special Servicer shall, subject to subclause (C)
below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by
the Special Servicer, if the highest bidder is a Person other than an Interested Person, or (2) by the Trustee, if the highest
bidder is an Interested Person unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase
Price and (ii) is the highest offer received; provided, however, that absent an offer at least equal to the
Purchase Price, no offer from an Interested Person shall constitute a fair price unless (A) it is the highest offer received
and (B) at least two other offers are received from independent third parties. Notwithstanding anything to the contrary herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property
pursuant hereto.

 

(C)           The
Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the
Special Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests
of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, in either case, as a collective
whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, the Special
Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that

  

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acceptance
of such offer would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related
Companion Holder, in either case, as a collective whole (taking into account the subordinate or pari passu nature of any
Serviced Companion Loans) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations,
or the terms offered by the prospective buyer making the lower offer are more favorable); provided that the offeror is
not the Special Servicer or a Person that is an Affiliate of the Special Servicer.

 

(D)           In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of
demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special
Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested
Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or,
if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed
to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local
economy and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)         Subject
to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders, in negotiating
and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection
of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation or
warranty by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties
of title, so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the terms of
this Agreement, none of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor nor the Trustee shall have any liability to the Trust or any Certificateholder or related Companion Holder (if applicable)
with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

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(c)         Any
sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations
thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)         With
respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement,
if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell the related
Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer shall
sell the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require that
all offers be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder as
to whether any cash offer constitutes a fair price for the Serviced Whole Loan, such determination shall be made by the Trustee
if the offeror is an Interested Person. Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the
related Mortgage Loan together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without
the written consent of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not
required if the holder of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the
Special Servicer has delivered to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business
Days prior written notice of any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to
the permitted sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the
Special Servicer in connection with any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a
copy of the most recent appraisal for such Serviced Pari Passu Whole Loan, and any documents in the servicing file reasonably
requested by the holder of the related Serviced Pari Passu Companion Loan that are material to the sale price of the Serviced
Pari Passu Whole Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded
to other offerors and the Directing Certificateholder) 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 holder of the related Serviced Pari Passu Companion Loan (or its representative) will
be permitted to submit an offer at any sale of such Whole Loan; however, the related Mortgagor and its agents and Affiliates
shall not be permitted to submit an offer at such sale. Notwithstanding the foregoing, with respect to each Serviced Whole Loan,
the holder of the related Companion Loan may waive any of the delivery or timing requirements set forth in this paragraph with
respect to the related Whole Loan. If the Trustee is required to determine whether a cash offer by an Interested Person constitutes
a fair price, the Trustee may (at its option and at the expense of the offering Interested Person purchaser) designate an independent
third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing
loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable
care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If
the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon
such third party’s determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker
opinions of value incurred by any such third party pursuant to this paragraph shall be covered by, and shall be reimbursable,
from the Interested

 

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Person;
provided that Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined
by the Trustee.

 

(e)         (i)  Notwithstanding
anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement, the
holder of the related AB Subordinate Companion Loan for each applicable Serviced Whole Loan will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the AB Subordinate
Companion Loan shall be given priority over any provision described in this Section 3.16 as and to the extent set
forth in the related Intercreditor Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder
of such AB Subordinate Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject
to this Agreement, the related AB Subordinate Companion Loan will no longer be subject to this Agreement.

 

(ii)         Notwithstanding
anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage
Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Intercreditor
Agreement.

 

(f)          Unless
otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will
be on a servicing released basis.

 

(g)         In
the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant
to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

Section 3.17     Additional
Obligations of Master Servicer and Special Servicer. (a)  The Master Servicer shall deliver all Compensating Interest
Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the
Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account on each Master Servicer Remittance Date, without
any right of reimbursement therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated
to a Serviced Pari Passu Companion Loan to the Companion Paying Agent for deposit in the Companion Distribution Account on each
Master Servicer Remittance Date, without any right of reimbursement therefor.

 

(b)         The
Master Servicer or the Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required
to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

 

(c)         Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account
and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in
its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance
pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining such

 

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reimbursement
for such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current
Determination Date, for successive one-month periods for a total period not to exceed twelve (12) months (provided
that, with respect to any Mortgage Loan other than an Excluded Loan, any such deferral exceeding six (6) months shall
require, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing
Certificateholder), and any election to so defer or not to defer shall be deemed to be in accordance with the Servicing
Standard. If the Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion
to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then
such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent collection period (subject, again, to the same sole option to defer; it is acknowledged that, in such a
subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described
above prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee
to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one month collection
period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further
be authorized to wait for principal collections on the Mortgage Loans to be received until the end of such collection period
before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance
or portion thereof); provided, however, that if, at any time the Master Servicer or the Trustee, as applicable,
elects, in its sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the
reimbursement of a Nonrecoverable Advance during a one-month collection period will exceed the full amount of the principal
portion of general collections deposited in the Collection Account for such Distribution Date, then the Master Servicer or
the Trustee, as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’
notice of such determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c),
unless extraordinary circumstances make such notice impractical, and thereafter shall deliver such notice to the 17g-5
Information Provider as soon as practical thereafter. Notwithstanding the foregoing, failure to give notice as required by
the preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s election whether to refrain
from obtaining such reimbursement as described in this Section 3.17(c). Nothing herein shall give the Master
Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal
collections then available in the Collection Account pursuant to Section 3.05(a)(v).

 

The
foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure
by such Person to comply with the conditions to making such an election under this section or to comply with the terms of this
section and the other provisions of this Agreement that apply once such an election, if any, has been made; provided, however,
that the fact that a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders
to the detriment of other classes shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute
a violation of the Servicing Standard and/or with respect to the Trustee (solely in its capacity as Trustee), constitute a violation
of any fiduciary duty to Certificateholders or any contractual obligation hereunder. If the Master Servicer or the Trustee, as
applicable, determines, in its sole discretion, that its ability to fully recover the Nonrecoverable Advances has been compromised,
then the Master Servicer or the Trustee, as

 

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applicable,
shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from
all amounts in the Collection Account for such Distribution Date (deemed first from principal and then
interest). Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any
Nonrecoverable Advance or portion thereof with respect to any one or more collection periods shall not limit the accrual of
interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such
Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, agreement to defer reimbursement
of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed
as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders.
Nothing herein shall be deemed to create in the Certificateholders a right to prior payment of distributions over the Master
Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and
accrued interest thereon. In all events, the decision to defer reimbursement or to seek immediate reimbursement of
Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and none of the Master Servicer, the
Trustee or the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or
any of the Companion Holders for any such election that such party makes as contemplated by this section or for any losses,
damages or other adverse economic or other effects that may arise from such an election.

 

With
respect to any modification or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received),
the Master Servicer or the Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such
modification or amendment, which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s
Website in accordance with Section 3.13(c).

 

(d)         With
respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require
the lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts
held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or Special Servicer,
as applicable, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve
account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such amount may be
used, if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or Serviced Whole
Loan), or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

(e)         Within
three (3) Business Days after the execution of any amendment or modification of any of the 32 Avenue of the Americas Intercreditor
Agreement, the 7700 Parmer Intercreditor Agreement, the Heinz 57 Center Intercreditor Agreement, The 9 Intercreditor Agreement,
the First National Building Intercreditor Agreement and the DoubleTree Anaheim – Orange County Intercreditor Agreement,
the Master Servicer or the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any such
modification or amendment of any such Intercreditor Agreement, and such amendment or modification shall be a Reportable Event
as set forth in Section 11.07.

 

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Section 3.18     Modifications,
Waivers, Amendments and Consents. (a)  Except as set forth in Section 3.08(a), Section 3.08(b),
this Section 3.18(a), Section 3.18(d), Section 3.18(h), Section 3.18(i) and Section 6.08,
but subject to any other conditions set forth thereunder (including, without limitation, the Special Servicer’s
consent rights pursuant to this subsection (a) with respect to any modification, waiver, amendment, consent or
other action that constitutes a Major Decision or is otherwise not a Master Servicer Decision) and, with respect to any
Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (and with respect to any Serviced Whole
Loan, subject to the rights of the related Companion Holder, as applicable, to advise or consult with the Master
Servicer or Special Servicer, as applicable, with respect to, or to consent to, a modification, waiver or amendment, in each
case, pursuant to the terms of the related Intercreditor Agreement), the Master Servicer shall not modify, waive or amend the
terms of a Mortgage Loan and/or Companion Loan without the prior written consent of the Special Servicer (it being understood
that, if the Master Servicer is recommending such modification, waiver or amendment, the Master Servicer shall promptly
provide the Special Servicer with notice of any request for such modification, waiver or amendment, the Master
Servicer’s written recommendation and analysis, and all information reasonably available to the Master Servicer that
may be reasonably requested by the Special Servicer in order to grant or withhold such consent); provided that in the
event that the Special Servicer does not respond within ten (10) Business Days after receipt of such analysis and all such
information reasonably requested by the Special Servicer in order to grant or withhold such consent, plus the time period
provided to the Directing Certificateholder or other relevant party under this Agreement and, if applicable, any time period
provided to a Companion Holder under a related Intercreditor Agreement, the Special Servicer’s consent to such
modification, waiver or amendment shall be deemed granted; and provided, further, that no extension entered
into pursuant to this Section 3.18(a) shall extend the Maturity Date beyond the earlier of (i) five (5)
years prior to the Rated Final Distribution Date and (ii) in the case of a Mortgage Loan secured solely or primarily by
a leasehold estate and not also the related fee interest, the date twenty (20) years or, to the extent consistent with the
Servicing Standard giving due consideration to the remaining term of the Ground Lease, ten (10) years, prior to the
expiration of such leasehold estate. If such extension would extend the Maturity Date of such Mortgage Loan and/or related
Companion Loan for more than twelve (12) months from and after the original Maturity Date of such Mortgage Loan and/or
related Companion Loan and such Mortgage Loan and/or related Companion Loan is not in default or default with respect thereto
is not reasonably foreseeable, prior to any such extension, the Master Servicer shall (1) provide the Trustee, the
Certificate Administrator, the Special Servicer, the Operating Advisor and ((i) prior to the occurrence of a
Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder,
with an Opinion of Counsel (at the expense of the related Mortgagor to the extent permitted under the Mortgage Loan documents
and, if not required or permitted to be paid by the Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d))
that such extension would not constitute a “significant modification” of the Mortgage Loan and/or Serviced
Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (2) subject to the Servicing
Standard, ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with
respect to an Excluded Loan) obtain the consent of the Directing Certificateholder (or (i) after the occurrence and
during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (ii) other than
with respect to any Excluded Loan, upon consultation with the Directing

 

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Certificateholder
pursuant to Section 6.08 hereof) (which consent or consultation shall be coordinated through the Special
Servicer). Notwithstanding the foregoing, subject to the rights of the related Companion Holder to advise the Master Servicer
with respect to, or consent to, such modification, waiver or amendment pursuant to the terms of the related Intercreditor
Agreement, and subject to the Special Servicer’s consent rights pursuant to this subsection (a), the Master
Servicer, with respect to Non-Specially Serviced Loans, without the consent of the Special Servicer, may modify or amend the
terms of any Mortgage Loan and/or related Serviced Companion Loan in order to (i) cure any ambiguity or mistake therein
or (ii) correct or supplement any provisions therein which may be inconsistent with any other provisions therein or
correct any error; provided that, if the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related
Serviced Companion Loan is not in default or default with respect thereto is not reasonably foreseeable, such modification or
amendment would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan
within the meaning of Treasury Regulations Section 1.860G-2(b).

 

Subject
to Section 6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the
Master Servicer nor the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for
one or more other parcels of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default
pursuant to the terms of the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto
is not reasonably foreseeable unless (i) the Master Servicer or the Special Servicer, as applicable, obtains Rating Agency
Confirmation from each Rating Agency (and delivers such Rating Agency Confirmation to the Directing Certificateholder, if permitted
by the applicable Rating Agency) and a confirmation of any applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any)
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25)) and (ii) such substitution
would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning
of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event to occur (and the Master Servicer or
Special Servicer, as applicable, may obtain and rely upon an Opinion of Counsel (at the expense of the related Mortgagor if not
prohibited by the terms of the related Mortgage Loan documents, and if so prohibited, at the expense of the Trust) with respect
thereto).

 

With
respect to any borrower request or other action on a Non-Specially Serviced Loan including matters that are Major Decisions and
that are otherwise not Master Servicer Decisions, the Master Servicer shall not agree to such modification, waiver, amendment,
consent, request or other action without the prior written consent of the Special Servicer. In connection with such consent, if
the Master Servicer is recommending such modification, waiver, amendment, consent, request or other action, the Master Servicer
shall promptly provide the Special Servicer with written notice of any request for such modification, waiver, amendment, consent,
request or other action, along with the Master Servicer’s written recommendation and analysis, and all information in the
Master Servicer’s possession that may be reasonably requested in order to grant or withhold such consent by the Special
Servicer or the Directing Certificateholder or other Person with consent or consultation rights; provided that in 

 

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the
event that the Special Servicer does not respond within ten (10) Business Days after receipt of such written notice and all such
reasonably requested information, plus the time period provided to the Directing Certificateholder or other relevant party under
this Agreement and, if applicable, any time period provided to a Companion Holder under a related Intercreditor Agreement, the
Special Servicer’s consent to such modification, waiver, amendment, consent, request or other action shall be deemed granted.

 

(b)     If
the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness or deferral
of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral)
of the terms of a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a
payment default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable (as evidenced by
an Officer’s Certificate of the Special Servicer), is reasonably likely to produce a greater recovery on a net present value
basis (the relevant discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable, the Companion Holders,
as the holders of the related Serviced Companion Loan, than liquidation of such Specially Serviced Loan, then the Special Servicer
may agree to a modification, waiver or amendment of such Specially Serviced Loan, subject to (x) the provisions of this Section 3.18(b)
and Section 3.18(c), (y) with respect to any Mortgage Loan other than any Excluded Loan, prior to the occurrence
and continuance of a Control Termination Event, the approval of the Directing Certificateholder (or after the occurrence and during
the continuance of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Directing
Certificateholder) as provided in Section 6.08; provided that with respect to any Serviced AB Whole Loan, prior
to the occurrence and continuance of a related AB Control Appraisal Period, the approval of the holder of the related AB Subordinate
Companion Loan will be required to the extent set forth in the related Intercreditor Agreement and the Directing Certificateholder
shall have no consent or consultation rights regarding the matter; and (z) additionally, with respect to a Serviced Whole
Loan, the rights of the related Companion Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage
Loan) with mezzanine debt, the rights of the related mezzanine lender, to advise or consult with the Special Servicer with respect
to, or consent to, such modification, waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement
or mezzanine intercreditor agreement, as applicable; provided that in the case of any release or substitution of
collateral (other than a defeasance), the Special Servicer shall have obtained an Opinion of Counsel that such release or substitution
would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)
or otherwise cause an Adverse REMIC Event to occur. Notwithstanding anything herein to the contrary, with respect to any Excluded
Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with
the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions
and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set
forth in Section 6.08 for consulting with the Operating Advisor.

 

In
connection with (i) the release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion
of such Mortgaged Property from the lien of the

 

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related
Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of
such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan documents
require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the
related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market
value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC
qualification of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions,
exclude the value of personal property and going concern value, if any, as determined by an appropriate third
party.

 

The
Special Servicer shall use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize
prior to the Rated Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially
Serviced Loan if such modification, waiver or amendment would (1) extend the maturity date of any such Specially Serviced
Loan to a date occurring later than the earlier of (a) five (5) years prior to the Rated Final Distribution Date and (b) if
such Specially Serviced Loan is secured solely or primarily by a leasehold estate and not also the related fee interest, the date
occurring twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining
term of the ground lease and, ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other
than with respect to any Excluded Loan) with the consent of the Directing Certificateholder, ten (10) years prior to the expiration
of such leasehold estate (including any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor),
or (2) provide for the deferral of interest unless interest accrues on the related Mortgage Loan, or Serviced Whole Loan
generally at the related Mortgage Rate.

 

(c)     Any
provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan
is in default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall
be collected by any Master Servicer or Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any
consent or any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof
is specified in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver or amendment
to be a “significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)     To
the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a), and
Section 6.08), the Master Servicer (as provided in Section 3.08(a) and 3.08(b) and subject to the
Special Servicer’s consent rights pursuant to Section 3.20(a) if any such waiver, modification or amendment
constitutes a Major Decision) or the Special Servicer may, consistent with the Servicing Standard, agree to any waiver, modification
or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as to which default is not reasonably
foreseeable only if the contemplated waiver, modification or amendment (i) will not be a “significant modification”
of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (ii) will not cause an Adverse
REMIC Event to occur. In making this determination, the Master Servicer or Special Servicer may obtain and rely upon (and shall
provide to the Trustee and the Certificate

 

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Administrator
if obtained) an Opinion of Counsel (at the expense of the related Mortgagor or such other Person requesting such modification
or, if such expense cannot be collected from the related Mortgagor or such other Person, to be paid out of the Collection
Account pursuant to Section 3.05(a); provided that the Master Servicer or Special Servicer, as the case
may be, shall use its reasonable efforts to collect such fee from the Mortgagor or such other Person to the extent permitted
under the related Mortgage Loan documents). Notwithstanding the foregoing, neither the Master Servicer nor the Special
Servicer may waive the payment of any Prepayment Premium or
Yield Maintenance Charge or the requirement that any prepayment of a Mortgage Loan be made on a Due Date, or if not made on a
Due Date, be accompanied by all interest that would be due on the next Due Date with respect to any Mortgage Loan,
Serviced Companion Loan that is not a Specially Serviced Loan.

 

(e)     Subject
to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a condition to its granting any request
by a Mortgagor for consent, modification (including extensions), waiver or indulgence or any other matter or thing, the granting
of which is within the Master Servicer’s or the Special Servicer’s, as the case may be, discretion pursuant to the
terms of the instruments evidencing or securing the related Mortgage Loan or Companion Loan and is permitted by the terms of this
Agreement, require that such Mortgagor pay to the Master Servicer or the Special Servicer, as the case may be, as additional servicing
compensation, a reasonable or customary fee, for the additional services performed in connection with such request; provided
that the charging of such fee is not a “significant modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

(f)     All
modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into pursuant
to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as the case may be,
and the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s signature is required
by the Special Servicer in accordance with the Servicing Standard).

 

(g)     With
respect to any modification, waiver or amendment with respect of a Specially Serviced Loan, the Special Servicer shall notify
the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (after the occurrence and during the continuance
of a Control Termination Event), the Directing Certificateholder (other than (i) following the occurrence of a Consultation
Termination Event and (ii) with respect to any Excluded Loan), the applicable Companion Holder (unless, with respect to a
holder of an AB Subordinate Companion Loan, an AB Control Appraisal Period has occurred, if applicable), the related Mortgage
Loan Seller (if such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder)
and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in
accordance with Section 3.13(c)) in writing of any modification, waiver or amendment (in each case, after it is finalized
and executed) of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended and the date thereof. With
respect to any modification, waiver or amendment (in each case, after it is finalized and executed) for which it is responsible,
the Master Servicer shall provide written notice of any such modification, waiver or amendment to the Trustee, the Certificate
Administrator, the Special Servicer (and the Special Servicer shall, prior to the occurrence of a Consultation Termination Event
and other than with respect to an Excluded Loan, forward such notice to the Directing Certificateholder), the

 

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applicable
Companion Holder (unless, with respect to a holder of an AB Subordinate Companion Loan, an AB Control Appraisal Period has
occurred, if applicable) and the related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not a Master Servicer
or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder) and the 17g-5 Information Provider (which shall
promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)).
The party responsible for delivering notice shall deliver to the Custodian with a copy to the Master Servicer (if such notice
is being delivered by the Special Servicer) for deposit in the
related Mortgage File, an original counterpart of the agreement relating to such modification, waiver or amendment, promptly
(and in any event within ten (10) Business Days) following the execution thereof, with a copy to the applicable
Companion Holder, if any. Following receipt of the Master Servicer’s or the Special Servicer’s, as applicable,
delivery of the aforesaid modification, waiver or amendment to the Certificate Administrator, the Certificate Administrator
shall forward a copy thereof to each Holder of a Certificate (other than the Class R Certificates) upon request. With respect
to the processing of any modification, waiver or consent related to any Mortgagor incurring additional debt or mezzanine
debt, the Special Servicer (if the Special Servicer processes such modification, waiver or consent pursuant to Section 3.18(a))
or the Master Servicer (if the Master Servicer processes such modification, waiver or consent pursuant to Section 3.18(a))
shall, on or before the later of (i) 3:00 p.m. on the related Master Servicer Remittance Date and (ii) five
(5) Business Days immediately following the Master Servicer or Special Servicer, as applicable, obtaining actual knowledge of
the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s incurrence of such debt,
substantially in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com. The notice contemplated in the
preceding sentence shall set forth, to the extent the Special Servicer or Master Servicer, as applicable, has the requisite
information or can reasonably obtain such information, (1) the amount of additional debt that was incurred in the related
Collection Period, (2) the total debt service coverage ratio calculated on the basis of such Mortgage Loan and additional
debt, and (3) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and additional debt. In the event that
either (i) the CREFC® Investor Reporting Package is amended to include such information set forth above,
in a manner reasonably acceptable to the Master Servicer, Special Servicer and Certificate Administrator, as applicable, and
the Master Servicer confirms with the Certificate Administrator that such amended CREFC® Investor Reporting
Package enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably acceptable to
the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report in the
form of Exhibit KK shall no longer be required hereunder. From time to time, the Master Servicer, Special
Servicer and Certificate Administrator may agree on a different delivery time and format for the information set forth in
this paragraph.

 

(h)     Subject
to the consent rights and processes set forth in Section 6.08 with respect to Major Decisions, the Master Servicer
shall process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion Loans in accordance
with the terms of the related Mortgage Loan documents, and shall be entitled to any defeasance fees paid relating thereto (provided
that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees or waiver fees in connection
with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding the foregoing, the Master Servicer
shall not permit (or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the substitution of any Mortgaged
Property pursuant to the defeasance provisions

 

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of
any Mortgage Loan or a Serviced Whole Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii)
and the Master Servicer has received (i) replacement collateral consisting of government securities within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the applicable Mortgage Loan documents,
in an amount sufficient to make all scheduled payments under the related Mortgage Loan (or defeased portion thereof) when due,
(ii) a certificate of an Independent certified public accountant to the effect that such substituted property will provide
cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage Loan or
Serviced Whole Loan in compliance with the requirements of the terms of the related Mortgage Loan documents and, if applicable,
Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of the related Mortgagor) to the effect that
the Trustee, on behalf of the Trust, will have a first priority perfected security interest in such substituted Mortgaged Property;
provided, however, that, to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion
Loan documents, the related Mortgagor shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to
the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Mortgagor shall
establish a single purpose entity to act as a successor Mortgagor, if so required by the Rating Agencies, (v) to the extent
permissible under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Master Servicer shall
use its reasonable efforts to require the related Mortgagor to pay all costs of such defeasance, including but not limited to
the cost of maintaining any successor Mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents and,
if applicable, Companion Loan documents, the Master Servicer shall obtain, at the expense of the related Mortgagor, Rating Agency
Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in
the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25); provided,
further, however, that no such confirmation from any Rating Agency shall be required to the extent that the Master
Servicer has delivered a defeasance certificate substantially in the form of Exhibit U hereto for any Mortgage Loan
that (together with any Mortgage Loans cross-collateralized with such Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off
Date Balance less than $20,000,000, (ii) a Mortgage Loan that represents less than 5% of the aggregate Cut-off Date Balance
of all Mortgage Loans a, and (iii) a Mortgage Loan that is not one of the ten largest Mortgage Loans by Stated Principal
Balance. Notwithstanding the foregoing, in the event that requiring the Mortgagor to pay for the items specified in clauses (ii),
(iv) and (v) in the preceding sentence would be inconsistent with the related Mortgage Loan documents, such reasonable
costs shall be paid by the related Mortgage Loan Seller as and to the extent set forth in the applicable Mortgage Loan Purchase
Agreement.

 

(i)     Notwithstanding
anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents, to the contrary, the Master
Servicer may permit the substitution of “government securities,” within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) for any Mortgaged Property
pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan, as applicable (or any portion thereof), in
lieu of the defeasance collateral specified in the related Mortgage Loan documents or Serviced Whole

 

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Loan
documents, as applicable; provided that such substitution is consistent with the Servicing Standard and the Master
Servicer (subject to the Special Servicer’s consent rights pursuant to Section 3.20(a) with respect to any
such action that constitutes a Major Decision) reasonably determines that allowing their use would not cause a default or
event of default to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of
the Mortgagor to the extent permitted under the Mortgage Loan documents and, if applicable, Companion Loan documents or
otherwise as a Trust Fund expense) to the effect that such use would
not be and would not constitute a “significant modification” of such Mortgage Loan or Companion Loan pursuant to
Treasury Regulations Section 1.860G-2(b) and would not otherwise constitute an Adverse REMIC Event with respect to any
Trust REMIC; and provided, further, that the requirements set forth in Section 3.18(h) (including
receipt of any Rating Agency Confirmation) are satisfied; and provided, further, that such securities are
backed by the full faith and credit of the United States government, or the Master Servicer shall obtain Rating Agency
Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in
the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(j)     If
required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard, the
Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall
be Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any
Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage
Loan or Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to
be maintained in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the
Master Servicer in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to
be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted
for any Mortgaged Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion
Loan in advance of its Due Date in accordance with clause (a)(i) of the definition of “Available Funds”
and not as a prepayment of the related Mortgage Loan or Companion Loan. Notwithstanding anything herein to the contrary, in no
event shall the Master Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days
(or 366 days in the case of a leap year).

 

(k)     Notwithstanding
anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall, unless
it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to

 

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 Section 3.25)
(the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan documents and otherwise
paid out of general collections) grant or accept any consent, approval or direction regarding the termination of the related property
manager or the designation of any replacement property manager, with respect to any Mortgaged Property that secures a Mortgage
Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has an unpaid principal
balance that is at least equal to five percent (5%) of the then aggregate principal balance of all Mortgage Loans or $35,000,000.

 

(l)     Notwithstanding
anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with
any defeasance transaction contemplated in the second sentence of Section 3.18(h), the Master Servicer shall not approve
any such modification, waiver, consent or amendment thereto without first having received an Opinion of Counsel addressed to the
Master Servicer and, upon reasonable request, the Special Servicer that such modification, waiver, consent or amendment will not
cause an Adverse REMIC Event to occur.

 

(m)     Notwithstanding
any other provisions of Section 3.08 or this Section 3.18, but subject to any related Intercreditor Agreement,
the Master Servicer may take any of the following actions with respect to Non-Specially Serviced Loans, without any Directing
Certificateholder approval, Rating Agency Confirmation or Special Servicer approval (provided that the Master Servicer
delivers notice thereof to the Special Servicer after completion (and the Special Servicer shall promptly, prior to the occurrence
of a Consultation Termination Event and other than with respect to any Excluded Loan, deliver notice thereof to the Directing
Certificateholder), except to the extent that the Special Servicer or the Directing Certificateholder, as the case may be, notifies
the Master Servicer or the Special Servicer, as applicable, that such party does not desire to receive copies of such items) (each
of the following, a “Master Servicer Decision”):

 

(i)       approving
routine leasing activity, including the granting of subordination and non-disturbance and attornment agreements and consents involving
routine leasing activities that (A) do not involve a ground lease or lease of an outparcel and (B) affect an area less
than the lesser of (x) 30,000 square feet and (y) 30% of the net rentable area of the related Mortgaged Property;

 

(ii)      approving
any waiver affecting the timing of receipt of financial statements from any Mortgagor; provided that such financial statements
are delivered no less often than quarterly and within 60 days after the end of the calendar quarter;

 

(iii)     approving
annual operating budgets;

 

(iv)     subject
to other restrictions in this Agreement regarding Principal Prepayments, waiving any provision of a Mortgage Loan or Serviced
Whole Loan requiring a specified number of days’ notice prior to a Principal Prepayment;

 

(v)      approving
non-material modifications, consents or waivers (other than modifications, consents or waivers specifically prohibited under this
Section 3.18) in connection with a defeasance permitted by the terms of this Agreement, and subject to

 

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certain conditions,
including in certain cases, delivery of an Opinion of Counsel (which Opinion of Counsel shall be at the expense of the related
Mortgagor) to the effect that such modification, waiver or consent would not cause either Trust REMIC to fail to qualify as a
REMIC under the Code or result in a “prohibited transaction” under the REMIC Provisions or cause the Grantor Trust
to fail to qualify as a grantor trust for federal income tax purposes;

 

(vi)     granting
waivers of minor covenant defaults (other than financial covenants);

 

(vii)    as
permitted under the related Mortgage Loan documents, payment from any escrow, reserve, or letter of credit except releases of
any amounts from any escrow accounts, reserve accounts or letters of credit held as performance escrows (or reserves) or earn-out
escrows (or reserves) (including, without limitation, with respect to certain Mortgage Loans identified on Schedule 3 hereto);

 

(viii)   approving
a change of the property manager at the request of the related Mortgagor so long as the subject Mortgage Loan does not have an
outstanding principal balance in excess of $2,500,000;

 

(ix)     (A)  grants
of easements or rights of way that do not materially affect the use or value of a Mortgaged Property or the borrower’s ability
to make any payments with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan and
consents to subordination of the related Mortgage Loan or Serviced Whole Loan to such easements or rights of way, (B) release
of non-material parcels of a Mortgaged Property (including, without limitation, any such releases (x) to which the related
Mortgage Loan documents expressly require the mortgagee thereunder to make such releases upon the satisfaction of certain conditions
(and the conditions to the release that are set forth in the related Mortgage Loan documents do not include the approval of the
lender or the exercise of lender discretion) and such release is made as required by the related Mortgage Loan documents or (y) that
are related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the
Mortgaged Property), or (C) the release of collateral securing any Mortgage Loan in connection with a defeasance of such
collateral;

 

(x)      any
non-material modifications, waivers or amendments of a non-monetary term of an applicable Mortgage Loan document not provided
for in clauses (i) through (ix) above, which are necessary to cure any ambiguities or to correct scrivener’s
errors in the terms of the related Mortgage Loan or Serviced Whole Loan; and

 

(xi)      in
accordance with the last paragraph of Section 3.08(a) or the last paragraph of Section 3.08(b) hereof,
approving, consenting to, disapproving or waiving any assumption, transfer or further encumbrance where the consent of the lender
is not required;

 

provided
that (w) any such action would not in any way affect a payment term of the Certificates, (x) any such action would not
constitute a “significant modification” of such Mortgage Loan or

 

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Companion Loan
pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause any Trust REMIC to fail to qualify as a
REMIC for federal income tax purposes (as evidenced by an Opinion of Counsel (at the expense of the Trust to the extent not
reimbursed or paid by the related Mortgagor), to the extent requesting such opinion is consistent with the Servicing
Standard), (y) agreeing to such action would be consistent with the Servicing Standard, and (z) agreeing to such
action would not violate the terms, provisions or limitations of this Agreement or any Intercreditor Agreement. The foregoing
is intended to be an itemization of actions the Master Servicer
may take without having to obtain the approval of any other party and is not intended to limit the responsibilities of the
Master Servicer hereunder.

 

Section 3.19     Transfer
of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report. (a)  Upon determining
that a Servicing Transfer Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced
Companion Loan, the Master Servicer or the Special Servicer, as applicable, shall promptly give notice to the Master Servicer
or the Special Servicer, as applicable, the Operating Advisor and ((i) prior to the occurrence of a Consultation Termination
Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder thereof, and the Master Servicer
shall deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently provide a copy of such Servicing
File, exclusive of all Privileged Communications, to the Operating Advisor. The Master Servicer shall use its reasonable efforts
to provide the Special Servicer with all information, documents and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced Companion Loan, either
in the Master Servicer’s possession or otherwise available to the Master Servicer without undue burden or expense, and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related
Servicing Transfer Event (or, in the case of clauses (viii), (ix) or (x) of the definition of Servicing Transfer Event,
within five (5) Business Days of receiving notice from the Special Servicer of such Servicing Transfer Event when the Special
Servicer makes the determination) and in any event shall continue to act as Master Servicer and administrator of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer has commenced the servicing of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan. The Master Servicer shall deliver to the Trustee, the Certificate
Administrator, the Operating Advisor, and ((i) prior to the occurrence of a Consultation Termination Event or (ii) other
than with respect to any Excluded Loan) the Directing Certificateholder, a copy of the notice of such Servicing Transfer Event
provided by the Master Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer, pursuant to this Section 3.19.
Prior to the occurrence of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling Class
Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this Section 3.19.

 

Upon
determining that a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive
Periodic Payments (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment
of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan
and, if applicable, the related Companion Loan), and that no other

 

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Servicing
Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof to the Master
Servicer, the Operating Advisor, the related Serviced Companion Noteholder (unless with respect to an AB Subordinate
Companion Loan an AB Control Appraisal Period has occurred) and ((i) prior to the occurrence of a Consultation
Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder and shall
return the related Mortgage File and Servicing File to the Master Servicer (or copies thereof if copies only were delivered
to the Special Servicer) and upon giving such notice, and
returning such Mortgage File and Servicing File to the Master Servicer, the Special Servicer’s obligation to service
such Corrected Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan
and, if applicable, the related Companion Loan shall recommence.

 

(b)     In
servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals
of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File to the extent
within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer with copies
of any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)     Notwithstanding
the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each
of the Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage
Loan) and shall provide the Special Servicer with any information in its possession with respect to such records to enable the
Special Servicer to perform its duties under this Agreement; provided that this statement shall not be construed to require
the Master Servicer to produce any additional reports.

 

(d)     No
later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and,
if applicable, the related Companion Loan, the Special Servicer shall deliver in electronic format a report (the “Asset
Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged
Property to the Master Servicer, the Directing Certificateholder (but only in respect of any Mortgage Loan other than (A) any
Excluded Loan or (B) any AB Whole Loan prior to the occurrence of an AB Control Appraisal Event, and in any event prior to
the occurrence of a Consultation Termination Event), the Operating Advisor (but, other than with respect to an Excluded Loan,
only after the occurrence and during the continuance of a Control Termination Event) and the 17g-5 Information Provider (which
shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c))
and, with respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included
in an Other Securitization, to the master servicer of such Other Securitization into which the related Serviced Companion Loan
has been sold or to the related Companion Holder. Such Asset Status Report shall set forth the following information to the extent
reasonably determinable based on the information that was delivered to the Special Servicer in connection with the transfer of
servicing pursuant to the Servicing Transfer Event:

 

(i)       summary
of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

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(ii)      a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan (and any related Serviced Companion Loan) and whether outside legal counsel has been
retained;

 

(iii)     the
most current rent roll and income or operating statement available for the related Mortgaged Property;

 

(iv)     (A)  the
Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description
of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the
special servicer in connection with the proposed or taken actions;

 

(v)      the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)     a
description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights
lease, if applicable) or franchise agreement;

 

(vii)    the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)   an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the special servicer made such determination and (y) the
net present value calculation and all related assumptions;

 

(ix)      the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)       such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

A
summary of each Asset Status Report shall be provided to the Certificate Administrator and the Trustee.

 

If
within ten (10) Business Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset
Status Report in writing or if the

 

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Special Servicer makes a determination, in accordance with the Servicing Standard that the
disapproval by the Directing Certificateholder (communicated to the Special Servicer within ten (10) Business Days) is not in
the best interest of all the Certificateholders, the Special Servicer shall implement the recommended action as outlined in such
Asset Status Report; provided, however, that the Special Servicer may not take any action that is contrary to applicable
law, the Servicing Standard or the terms of the applicable Mortgage Loan documents. If, with respect to any
Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the Directing
Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special Servicer has not
made the affirmative determination described above, the Special Servicer shall revise such Asset Status Report and deliver a new
Asset Status Report as soon as practicable, but in no event later than thirty (30) days after such disapproval, to the Master
Servicer, the Directing Certificateholder (prior to the occurrence of a Consultation Termination Event and, in the case of an
AB Whole Loan, only prior to the occurrence of a Consultation Termination Event and during an AB Control Appraisal Period with
respect to the related AB Subordinate Companion Loan), the Operating Advisor (but only after the occurrence and during the continuance
of a Control Termination Event) and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)). With respect to any Mortgage Loan other than an Excluded
Loan, prior to the occurrence and continuance of any Control Termination Event, the Special Servicer shall revise such Asset Status
Report as described above in this Section 3.19(d) until the Directing Certificateholder shall fail to disapprove such
revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the
Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval is not in the best interests
of the Certificateholders; provided that, if the Directing Certificateholder has not approved the Asset Status Report for
a period of sixty (60) Business Days following the first submission of an Asset Status Report, the Special Servicer shall follow
the Directing Certificateholder’s direction, if such direction is consistent with the Servicing Standard; provided,
however, that if the Directing Certificateholder’s direction would cause the Special Servicer to violate the Servicing
Standard, the Special Servicer may act upon the most recently submitted form of Asset Status Report; provided, further,
however, that such Asset Status Report does not, and is not intended to be, a substitute for the approvals that are specifically
required pursuant to Section 6.08. The Special Servicer may, from time to time, modify any Asset Status Report it
has previously delivered and implement such report; provided that such report shall have been prepared, reviewed and not
rejected pursuant to the terms of this Section 3.19(d). Notwithstanding anything herein to the contrary, with respect
to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer
shall consult with the Operating Advisor, on a non-binding basis, in connection with an Asset Status Report for an Excluded Loan
which includes a Major Decision and consider alternative actions recommended by the Operating Advisor, in respect thereof, in
accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

No
direction or disapproval of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of
the Directing Certificateholder to consent to or approve (including any deemed consents or approvals) any request of the Special
Servicer, shall (a) require or cause the Special Servicer to violate the terms of a Specially Serviced Loan, applicable law
or any provision of this Agreement, including the Special Servicer’s obligation to

 

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act in accordance with the Servicing
Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result
in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions,
(c) expose the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the
Trust, the Trustee, the Certificate Administrator or their respective officers, directors, members, employees or agents to any
claim, suit or liability or (d) materially expand
the scope of the Special Servicer’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

If
a Control Termination Event (or, with respect to the AB Whole Loan, if both a Control Termination Event has occurred and is continuing
and an AB Control Appraisal Period is in effect), the Special Servicer shall promptly deliver each Asset Status Report prepared
in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination Event has occurred and
such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder). The Operating Advisor shall provide comments
to the Special Servicer in respect of the Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt
of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor
related thereto, and propose possible alternative courses of action to the extent it determines such alternatives to be in the
best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible Certificates),
as a collective whole. The Special Servicer shall consider such alternative courses of action and any other feedback provided
by the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder) in connection with the Special Servicer’s preparation of any Asset Status Report.
The Special Servicer shall revise the Asset Status Report as it deems necessary to take into account any input and/or comments
from the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or
Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest
of the Certificateholders as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders
and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature
of such Companion Loan)).

 

After
the occurrence and during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan),
the Directing Certificateholder shall have no right to consent to any Asset Status Report under this Section 3.19.
After the occurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination
Event, each of the Directing Certificateholder (except with respect to any Excluded Loan) and the Operating Advisor shall consult
with the Special Servicer and propose alternative courses of action and provide other feedback in respect of any Asset Status
Report. After the occurrence of a Consultation Termination Event (and at any time with respect to any Excluded Loan), the Directing
Certificateholder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report or
otherwise consult with the Special Servicer with respect to Asset Status Reports and the Special Servicer shall only be obligated
to consult with the Operating Advisor with respect to any Asset Status Report as described above. The Special Servicer may choose
to revise the Asset Status Report as it deems

 

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reasonably necessary in accordance with the Servicing Standard to take into account
any input and/or recommendations of the Operating Advisor or the Directing Certificateholder during the applicable periods described
above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Certificateholder.

 

Notwithstanding
the foregoing, prior to the occurrence and continuance of an AB Control Appraisal Period with respect to an AB Subordinate Companion
Loan, the Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced
Loan pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval
rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be
as set forth in the related Intercreditor Agreement.

 

(e)     (i)  Upon
receiving notice of the occurrence of the events described in clause (iv) and (x) of the definition of Servicing
Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with
reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with all information
relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate
with the related Mortgagor. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within
five (5) Business Days of the occurrence of each such event.

 

(ii)         After
the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event
described in clause (iv) or (x) of the definition of Servicing Transfer Event (without regard to the 60-day
or 30-day period, respectively, set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor
at the same time such notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)     Prior
to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment
of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the Special Servicer
shall deliver in electronic format to the Directing Certificateholder a draft notice that will include a draft summary of the
Final Asset Status Report (which briefly summarizes such Final Asset Status Report, but shall not include any Privileged Information)
(and shall deliver each Asset Status Report with respect to an AB Mortgage Loan prior to the occurrence and continuance of an
AB Control Appraisal Period (to the extent approved by the related AB Whole Loan Controlling Holder), to the Directing Certificateholder).
With respect to any Mortgage Loan other than an Excluded Loan, if, prior to the occurrence and continuance of a Control Termination
Event, within five (5) Business Days of receipt of such draft summary, the Directing Certificateholder approves of, or does not
disapprove of such draft summary, then the Special Servicer shall deliver in electronic format such notice and summary of the
Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant
to Section 3.13(b). If the Directing Certificateholder affirmatively disapproves of such summary in writing, then
within two (2) Business Days of receipt of such disapproval, the Special Servicer shall revise the summary and deliver such new
summary to the Directing Certificateholder until the Directing Certificateholder approves such draft summary; provided,

 

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however,
that if the Directing Certificateholder has not approved of the draft summary of the Final Asset Status Report within twenty
(20) Business Days of receipt of the initial draft summary of the Final Asset Status Report, then the most recent draft
summary of the Final Asset Status Report delivered by the Special Servicer prior to such 20th Business Day shall be deemed to
be the final summary of the Final Asset Status Report; provided, further, however, that if at any
time the Special Servicer determines that any affirmative disapproval of such draft summary by the Directing
Certificateholder is not in the best interest of all the Certificateholders pursuant to the Servicing Standard, the Special
Servicer shall deliver in electronic format such notice and summary of the Final Asset Status Report to the Certificate
Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b)
notwithstanding such disapproval. The Special Servicer shall promptly deliver (but in any event no later than two (2)
Business Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor. The Special
Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced AB Whole Loan for which the related
holder of an AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period, which Final Asset Status Report
has been approved or deemed approved by the holder of the related AB Subordinate Companion Loan in accordance with the
related Intercreditor Agreement (to the extent such Intercreditor Agreement requires such approval or deemed approval), and
deliver in electronic format notice of such Final Asset Status Report and the summary of such Final Asset Status Report to
the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).

 

(g)     No
provision of this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action because
of any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section 3.20     Sub-Servicing
Agreements. (a)  The Master Servicer and Special Servicer may enter into Sub-Servicing Agreements to provide for
the performance by third parties of any or all of its respective obligations hereunder; provided that the Sub-Servicing
Agreement as amended or modified: (i) is consistent with this Agreement in all material respects and requires the Sub-Servicer
to comply with all of the applicable conditions of this Agreement; (ii) provides that if the Master Servicer or Special Servicer,
as applicable, shall for any reason no longer act in such capacity hereunder (including, without limitation, by reason of a Servicer
Termination Event), the Trustee or its designee shall thereupon assume all of the rights and, except to the extent they arose
prior to the date of assumption, obligations of such party under such agreement, or, alternatively, may act in accordance with
Section 7.02 hereof under the circumstances described therein (subject to Section 3.20(g) hereof); (iii) provides
that the Trustee (for the benefit of the Certificateholders and the related Companion Holder (if applicable) and the Trustee (as
holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that (except
to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by the immediately
preceding clause (ii)) none of the Trust, the Trustee, the Operating Advisor, the Certificate Administrator, the Master
Servicer or Special Servicer, as applicable, any successor master servicer or special servicer or any Certificateholder (or the
related Companion Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom;
(iv) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement with respect
to such purchased Mortgage Loan at its option and without penalty; 

 

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provided,
however, that the Initial Sub-Servicing Agreements may only be terminated by the Trustee or its designees as contemplated
by Section 3.20(g) hereof and in such additional manner and by such other Persons as is provided in such Sub-Servicing
Agreement; (v) does not permit the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets
of the Trust; (vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and to the extent
the Master Servicer or Special Servicer, as applicable, is permitted hereunder to modify such Mortgage Loan; (vii) with respect
to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or
an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited
Party and (viii) provides that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such Sub-Servicing
Agreement shall be terminated (following the expiration of any applicable Grace Period) if the Sub-Servicer fails (A) to
deliver by the due date any Exchange Act reporting items required to be delivered to the Master Servicer under Article XI
or under the Sub-Servicing Agreement or to the master servicer under any other pooling and servicing agreement that the Depositor
is a party to, or (B) to perform in any material respect any of its covenants or obligations contained in the Sub-Servicing
Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required for any party to this Agreement
to perform its obligations under Article XI or under the Exchange Act reporting items required under any other pooling
and servicing agreement that the Depositor is a party to. Any successor master servicer or special servicer, as applicable, hereunder
shall, upon becoming successor master servicer or special servicer, as applicable, be assigned and may assume any Sub-Servicing
Agreements from the predecessor Master Servicer or Special Servicer, as applicable (subject to Section 3.20(g) hereof).
In addition, each Sub-Servicing Agreement entered into by the Master Servicer may but need not provide that the obligations of
the Sub-Servicer thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan
becomes a Specially Serviced Loan; provided, however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing
Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer will continue to make
all Advances and calculations and prepare all reports required under the Sub-Servicing Agreement with respect to Specially Serviced
Loans and continue to collect its Primary Servicing Fees as if no Servicing Transfer Event had occurred and with respect to REO
Properties (and the related REO Loans) as if no REO Acquisition had occurred and to render such incidental services with respect
to such Specially Serviced Loans and REO Properties as are specifically provided for in such Sub-Servicing Agreement. The Master
Servicer or Special Servicer, as applicable, shall deliver to the Trustee copies of all Sub-Servicing Agreements, and any amendments
thereto and modifications thereof, entered into by it, in each case promptly upon its execution and delivery of such documents.
References in this Agreement to actions taken or to be taken by the Master Servicer include actions taken or to be taken by a
Sub-Servicer on behalf of the Master Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer (if the
Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) to satisfy the obligations
of the Master Servicer hereunder to make Advances shall be deemed to have been advanced by the Master Servicer out of its own
funds and, accordingly, in such event, such Advances shall be recoverable by such Sub-Servicer in the same manner and out of the
same funds as if such Sub-Servicer were the Master Servicer, and, for so long as they are outstanding, such Advances shall accrue
interest in accordance with Section 3.03(d), such interest to be allocable between the

 

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Master
Servicer and such Sub-Servicer as may be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement. For
purposes of this Agreement, the Master Servicer shall be deemed to have received any payment when a Sub-Servicer retained by
it receives such payment. The Master Servicer or Special Servicer, as applicable, shall notify the Master Servicer or the
Special Servicer, as applicable, the Trustee and the Depositor (and the Special Servicer shall notify the Operating
Advisor) in writing promptly of the appointment by it of any Sub-Servicer, except that the Master Servicer need not provide
such notice as to the Initial Sub-Servicing Agreements.

 

(b)     Each
Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to
service are situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability of
the related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s
obligations under this Agreement.

 

(c)     As
part of its servicing activities hereunder, the Master Servicer for the benefit of the Trustee and the Certificateholders, shall
(at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce the obligations of each
Sub-Servicer under the related Sub-Servicing Agreement, except that the Master Servicer shall be required only to use reasonable
efforts to cause any Initial Sub-Servicer to comply with the requirements of Article XI hereof. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their
respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at
such time as is in accordance with the Servicing Standard. The Master Servicer shall have the right to remove a Sub-Servicer retained
by it in accordance with the terms of the related Sub-Servicing Agreement.

 

(d)     In
the event the Trustee or its designee becomes successor master servicer and assumes the rights and obligations of the Master Servicer
under any Sub-Servicing Agreement, the Master Servicer, at its expense, shall deliver to the assuming party all documents and
records relating to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced
thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use reasonable efforts to
effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)     Notwithstanding
the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided in Article XI
with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated
and responsible to the Trustee, the Special Servicer, holders of the Companion Loans serviced hereunder and the Certificateholders
for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent
and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans for which it is responsible,
and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds. In no event shall
the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination
under any Sub-Servicing Agreement.

 

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(f)     The
Trustee, upon the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate to
enable such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)     Each
Sub-Servicing Agreement shall provide that, in the event the Trustee or any other Person becomes successor master servicer,
the Trustee or such successor master servicer shall have the right to terminate such Sub-Servicing Agreement with or without
cause and without a fee. Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee and any
successor master servicer shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s
rights and obligations under the Initial Sub-Servicing Agreement shall expressly survive a termination of the Master
Servicer’s servicing rights under this Agreement; provided that the Initial Sub-Servicing Agreement has not been
terminated in accordance with its provisions; (ii) any successor master servicer, including, without limitation, the
Trustee (if it assumes the servicing obligations of the Master Servicer) shall be deemed to automatically assume and agree to
the then-current Initial Sub-Servicing Agreement without further action upon becoming the successor master servicer and
(iii) this Agreement may not be modified in any manner which would increase the obligations or limit the rights of the
Initial Sub-Servicer hereunder and/or under the Initial Sub-Servicing Agreement, without the prior written consent of the
Initial Sub-Servicer (which consent shall not be unreasonably withheld).

 

(h)     With
respect to Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request
(such request to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer,
reasonably cooperate in delivering reports and information, including remittance information, and affording access to information
to the related Sub-Servicer that would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant
to the terms hereof.

 

(i)     Notwithstanding
any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for
the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage Loan other than
an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder,
except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

Notwithstanding
anything to the contrary herein, no Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing
decisions, such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan
documents, without the consent of the Master Servicer or Special Servicer, as applicable.

 

Section 3.21     Interest
Reserve Account.

 

(a)     On
the Master Servicer Remittance Date occurring in each February and in any January that occurs in a year that is not a leap year
(in each case, unless the related Distribution Date is the final Distribution Date), the Certificate Administrator, in respect
of the

 

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Actual/360 Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s interest
on the Stated Principal Balance of the Actual/360 Mortgage Loans as of the Due Date occurring in the month preceding the month
in which Master Servicer Remittance Date occurs at the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I
Advance is made in respect thereof (all amounts so deposited in any consecutive February and January, “Withheld Amounts”).

 

(b)     On
each Master Servicer Remittance Date occurring in March (or February, if the related Distribution Date is the final Distribution
Date), the Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts
from the preceding January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution
Account.

 

Section 3.22     Directing
Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer. Within a reasonable time upon request
from the Directing Certificateholder or the Operating Advisor, as applicable, and no more often than on a monthly basis, each
of the Master Servicer and the Special Servicer shall, without charge, make a knowledgeable Servicing Officer via telephone available
to verbally answer questions from (a) ((i) prior to the occurrence of a Consultation Termination Event and (ii) other
than with respect to any Excluded Loan) the Directing Certificateholder and (b) upon the occurrence and during the continuance
of any Control Termination Event, the Operating Advisor (with respect to the Special Servicer only), regarding the performance
and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may
be, is responsible.

 

Section 3.23     Controlling
Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder. (a)  Each
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its
name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator, the Special
Servicer and the Operating Advisor of the transfer of any Certificate of a Controlling Class by delivering a notice to each such
Person substantially in the form of Exhibit NN attached hereto, the selection of a Directing Certificateholder or
the resignation or removal thereof. The Directing Certificateholder is hereby deemed to have agreed by virtue of its purchase
of a Certificate to notify the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
Advisor when such Certificateholder is appointed Directing Certificateholder and when it is removed or resigns. To the extent
there is only one Controlling Class Certificateholder and it is also the Special Servicer, it shall be the Directing Certificateholder.

 

On
the Closing Date, the initial Directing Certificateholder shall deliver a certification substantially in the form of Exhibit
P-1G to this Agreement. Upon the resignation or removal of the existing Directing Certificateholder, any successor Directing
Certificateholder shall also deliver a certification substantially in the form of Exhibit P-1G to this Agreement prior
to being recognized as the new Directing Certificateholder.

 

(b)     Once
a Directing Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the

 

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Operating
Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection
unless the Controlling Class Certificateholders entitled to appoint the Directing Certificateholder, by Certificate Balance,
or such Directing Certificateholder shall have notified the Master Servicer, Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor and each other Controlling Class Certificateholder, in writing, of the resignation of
such Directing Certificateholder or the selection of a new Directing Certificateholder. Upon the resignation of a
Directing Certificateholder, the Certificate Administrator
shall request the Controlling Class Certificateholders to select a new Directing Certificateholder. In the event that
(i) the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor
receives written notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder is no
longer designated and (ii) the Controlling Class Certificateholder that owns the largest aggregate Certificate
Balance of the Controlling Class (or a representative thereof) becomes the Directing Certificateholder pursuant to the
proviso of the definition of “Directing Certificateholder”, then the Controlling Class Certificateholder
that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) shall provide its name
and address to the Certificate Administrator and notify the Master Servicer, the Certificate Administrator, the Special
Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided that the
Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor shall be entitled
to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the largest
aggregate Certificate Balance of the Controlling Class without independently verifying that such Controlling Class
Certificateholder actually owns the largest aggregate Certificate Balance of the Controlling Class.

 

(c)     Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of the Controlling
Class Certificateholder and the Directing Certificateholder.

 

(d)     In
the event that no Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer,
as applicable, and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until
such time as the new Directing Certificateholder is identified, the Master Servicer or the Special Servicer, as applicable, shall
have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Certificateholder as the
case may be.

 

(e)     Upon
request, the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the
Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, a list of each
Controlling Class Certificateholder as reflected in the Certificate Registrar, including names and addresses. In addition to the
foregoing, within five (5) Business Days of receiving notice of the selection of a new Directing Certificateholder or the existence
of a new Controlling Class Certificateholder, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the
Master Servicer and the Special Servicer. Notwithstanding the foregoing, BlackRock Realty

 

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Advisors,
Inc. as agent for its managed account, shall be the initial Directing Certificateholder and shall remain so until a successor
is appointed pursuant to the terms of this Agreement or until a Consultation Termination Event occurs.

 

Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing
Certificateholder.

 

(f)     If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling
Class.

 

(g)     Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the
Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing
Certificateholder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling
Class; (iv) the Directing Certificateholder may take actions that favor interests of the Holders of the Controlling Class
over the interests of the Holders of one or more other Classes of Certificates; and (v) the Directing Certificateholder shall
have no liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted, and no Certificateholder
may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal
of the Directing Certificateholder for having so acted.

 

(h)     (i)  All
requirements of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information (including
the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply to each
Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan, as applicable;
provided, however, that nothing in this subsection (h) shall in any way eliminate the obligation to
deliver any information required to be delivered under the related Intercreditor Agreement.

 

(i)     Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
and the Operating Advisor shall be entitled to rely on the most recent notification with respect to the identity and contact information
of the Controlling Class Certificateholder, the Directing Certificateholder and any AB Whole Loan Controlling Holder.

 

(j)     With
respect to a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced Whole Loan,
the related Serviced Whole Loan Controlling Holder shall exercise such rights in accordance with the related Intercreditor Agreement.

 

(k)     The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master

 

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Servicer,
Special Servicer, Certificate Administrator, Trustee, or any Certificateholder and provide such information to the requesting
party.

 

(l)     At
any time that the Controlling Class Certificateholder is the holder of a majority of the Class F Certificates and the Class
F Certificates are the Controlling Class, it may waive its right (a) to appoint the Directing Certificateholder and
(b) to exercise any of the Directing Certificateholder’s rights under this Agreement by irrevocable written notice
delivered to the Depositor, the Certificate Administrator (which shall be via email to
trustadministrationgroup@wellsfargo.com), the Master Servicer, the Special Servicer and the Operating Advisor.
Notwithstanding anything to the contrary contained herein, during such time as a Control Termination Event or Consultation
Termination Event is in existence solely as a result of the operation of clause (ii) of the definition of Control
Termination Event and clause (ii) of the definition of Consultation Termination Event, such Control Termination
Event or Consultation Termination Event shall be deemed to no longer be in existence and have not occurred with respect to
any unaffiliated third party to whom the Controlling Class Certificateholder that irrevocably waived its right to exercise
any of the rights of the Controlling Class Certificateholder has sold or transferred all or a portion of its interest in the
Class F Certificates if such unaffiliated third party holds the majority of the Controlling Class after giving effect to such
transfer (the “Non-Waiving Successor”). Following any such sale or transfer, the Non-Waiving
Successor shall again have the rights of the Controlling Class Certificateholder as set forth herein (including the rights to
appoint a Directing Certificateholder or cause the exercise of the rights of the Directing Certificateholder) without regard
to any prior waiver by the predecessor Controlling Class Certificateholder. The Non-Waiving Successor shall also have the
right to irrevocably waive its right to appoint the Directing Certificateholder and to exercise any of the rights of the
Controlling Class Certificateholder. No Non-Waiving Successor described above shall have any consent rights with respect to
any Mortgage Loan that became a Specially Serviced Loan prior to the sale or transfer of the Class F Certificates to the
Non-Waiving Successor and had not also become a Corrected Loan prior to such sale or transfer until such time as such
Mortgage Loan becomes a Corrected Loan.

 

(m)     Promptly
upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include on its statement
made available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide
to the Master Servicer, the Special Servicer and the Operating Advisor notice of such event and the identity and contact information
of the new Controlling Class Certificateholder (the cost of obtaining such information from DTC being an expense of the Trust).
The Certificate Administrator shall notify the Operating Advisor and the Special Servicer within ten (10) Business Days of the
existence or cessation of (i) any Control Termination Event or (ii) any Consultation Termination Event. Upon the Certificate
Administrator’s determination that a Control Termination Event or a Consultation Termination Event has occurred or is terminated,
the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s
Website pursuant to this provision.

 

In
the event that a Control Termination Event has occurred due to a reduction of the Certificate Balance of the Class F Certificates
(taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class
in accordance with Section 4.05(a) hereof) to less than 25% of the Original Certificate Balance

 

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thereof,
such special notice shall state “A Control Termination Event has occurred due to the reduction of the Certificate Balance
of the Class F Certificates to less than 25% of the Original Certificate Balance thereof.”

 

In
the event that a Control Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a
Class F Certificateholder who has become the Controlling Class Certificateholder of its right to appoint a Directing
Certificateholder or to exercise any of the rights of the Controlling Class Certificateholder, such special notice shall
state “A Control Termination Event and a Consultation Termination Event has occurred due to the irrevocable waiver by
the Controlling Class Certificateholder of its rights as Controlling Class Certificateholder.”

 

In
the event that a Consultation Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates
below 25% of its Original Certificate Balance, in each case without regard to the application of any Appraisal Reduction Amounts,
such special notice shall state: “A Consultation Termination Event has occurred because no Class of Control Eligible Certificates
exists where such Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of
that Class, in each case without regard to the application of any Appraisal Reduction Amounts.”

 

In
the event of any transfer of a Class F Certificate, and upon notice to the Certificate Administrator in the form of Exhibit NN
that results in a termination of a Control Termination Event or a Consultation Termination Event, such “special notice”
shall state: “A Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect
due to a transfer of a majority interest of the Controlling Class Certificates to an unaffiliated third party which has terminated
any waiver by the prior Holder.”

 

Section 3.24     Intercreditor
Agreements. (a)  Each of the Master Servicer and Special Servicer acknowledges and agrees that each Serviced Whole
Loan being serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject to the terms and provisions of
the related Intercreditor Agreement and each agrees to service each such Serviced Whole Loan and each Mortgage Loan with mezzanine
debt in accordance with the related Intercreditor Agreement and this Agreement, including, without limitation, effecting distributions
and allocating reimbursement of expenses in accordance with the related Intercreditor Agreement and, in the event of any conflict
between the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall govern.
Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer agrees not to take any action
with respect to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt or the related Mortgaged Property without the prior
consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the related Intercreditor Agreement
provides that such Companion Holder or mezzanine lender, as applicable, is required or permitted to consent to such action. Each
of the Master Servicer and Special Servicer acknowledges and agrees that each Companion Holder and each mezzanine lender or its
respective designee has the right to purchase the related Mortgage Loan pursuant to the terms and conditions of this Agreement
and the related Intercreditor Agreement to the extent provided for therein. Each of the Master Servicer and the Special Servicer
further acknowledges and agrees that any AB Whole Loan Controlling Holder will have the right to replace the Special

 

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Servicer
solely with respect to the related Serviced AB Whole Loan, to the extent provided for herein and in the related Intercreditor
Agreement.

 

(b)     Neither
the Master Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises from any
entitlement in favor of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict
between the terms of this Agreement and the terms of such Intercreditor Agreement. Notwithstanding any provision of any
Intercreditor Agreement that may otherwise require the Master Servicer or the Special Servicer to abide by any instruction or
direction of a Companion Holder or a mezzanine lender, neither the Master Servicer nor the Special Servicer shall be required
to comply with any instruction or direction the compliance with which requires an Advance that constitutes or would
constitute a Nonrecoverable Advance. In no event shall any expense arising from compliance with an Intercreditor Agreement
constitute an expense to be borne by the Master Servicer or Special Servicer for its own account without reimbursement. In no
event shall the Master Servicer or the Special Servicer be required to consult with or obtain the consent of any Companion
Holder or a mezzanine lender unless such Companion Holder or mezzanine lender has delivered notice of its identity and
contact information to each of the parties to this Agreement (upon which notice each of the parties to this Agreement shall
be conclusively entitled to rely). As of the Closing Date, the contact information for the Companion Holders and mezzanine
lenders is as set forth in the related Intercreditor Agreement. In no event shall the Master Servicer or the Special
Servicer, as applicable, be required to consult with or obtain the consent of a new Directing Certificateholder or a new
Controlling Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or the
Special Servicer, as applicable, as required under Section 3.23(e) or the Master Servicer or Special Servicer, as
applicable, have actual knowledge of the identity and contact information of a new Directing Certificateholder or a new
Controlling Class Certificateholder.

 

(c)     No
direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master Servicer
or Special Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this
Agreement, including the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing
Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result
in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions
or (c) materially expand the scope of the Special Servicer’s, Trustee’s, the Certificate Administrator’s
or the Master Servicer’s responsibilities under this Agreement.

 

(d)     With
respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor or the Directing Certificateholder
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Companion Loan,
to the extent the related Intercreditor Agreement provides that such right is exercisable by the related Companion Holder or is
exercisable in conjunction with any related Companion Holder, the Directing Certificateholder shall not be permitted to exercise
such right or, to the extent provided in the related Intercreditor Agreement, shall be required to exercise such right in conjunction
with the related Companion Holder, as applicable (except to the extent that the Directing Certificateholder is the related Serviced
Whole Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer
or

 

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Special Servicer, as applicable, shall consult, seek the approval or obtain the consent of the holder of any Serviced Companion
Loan with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Intercreditor
Agreement and shall not take such actions requiring consent of the related Companion Holder without such consent. In addition,
notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices
to the related Companion Holder as required under the Intercreditor Agreement.

 

(e)     Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall be required (i) to provide copies of any notice, information
and report that it is required to provide to the Controlling Class Certificateholder pursuant to this Agreement with respect to
any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to a Serviced
Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the Controlling Class Certificateholder
(for this purpose, without regard to whether such items are actually required to be provided to the Controlling Class Certificateholder
under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to
consult with any related Companion Holder on a strictly non-binding basis, to the extent having received such notices, information
and reports, such related Companion Holder requests consultation with respect to any such Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider alternative actions
recommended by such related Companion Holder; provided that after the expiration of a period of ten (10) Business Days
from the delivery to such related Companion Holder by the Special Servicer of written notice of a proposed action, together with
copies of the notice, information and report required to be provided to the Controlling Class Certificateholder, the Special Servicer
shall no longer be obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded
within such ten (10) Business Day period (unless, the Special 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 deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion
Holder set forth in the immediately preceding sentence, the Special Servicer may make any Major Decision or take any action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholders and the
related Companion Holder. In no event shall the Special Servicer be obligated at any time to follow or take any alternative actions
recommended by the related Companion Holder.

 

(f)     In
addition to the consultation rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately preceding
paragraph, such Companion Holder shall have the right to attend (in person or telephonically, in the discretion of the Master
Servicer or Special Servicer, as applicable) annual meetings with the Master Servicer or the Special Servicer at the offices of
the Master Servicer or Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master
Servicer or Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

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(g)     With
respect to any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related Intercreditor
Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2 Business Days
after receipt by the Master Servicer of the related Periodic Payment without the consent of the Master Servicer.

 

Section 3.25     Rating
Agency Confirmation. (a)  Notwithstanding the terms of any related Mortgage Loan documents or other provisions
of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a
condition precedent to such action, if the party (the “RAC Requesting Party”) required to obtain such
Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency
Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation request being posted to the 17g-5
Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that
indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation, then such RAC Requesting Party shall be required to confirm (through direct communication and not by posting
any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating
Agency Confirmation request, and, if it has, promptly request the related Rating Agency Confirmation again. The circumstances
described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.”
Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such
Requesting Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the
procedures set forth in Section 13.10(d).

 

If
there is no response to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC
No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing
such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage
Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the
servicing of the Mortgage Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating
Agency Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and
the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special
Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect
to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with
respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply (as if such requirement
did not exist) if (i) it has been appointed and currently serves as a master servicer or special servicer on a transaction-level
basis on a transaction currently rated by Moody’s that currently has securities outstanding and for which Moody’s
has not cited servicing concerns of the applicable replacement as the sole or a material factor in such rating action or any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in a commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer
or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable
replacement master servicer or special

 

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servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3”
(in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) DBRS has not cited servicing
concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material factor in any
qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings
downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the applicable
replacement master servicer or special servicer prior to the time of determination, if DBRS is the non-responding Rating Agency.

 

Any
Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable,
pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating
Agency Confirmation request, and shall contain all back-up material necessary for the Rating Agency to process such request. Such
written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5
Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly
following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.25(a)
following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not
exist), the Master Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information
Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such
notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

(b)     Notwithstanding
anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan document relating
to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release or
substitution of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which the Master
Servicer or Special Servicer would have been permitted to waive obtaining or to make a determination with respect to such Rating
Agency Confirmation pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

(c)     For
all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting Party
shall deliver Rating Agency Confirmation from each Rating Agency.

 

Section 3.26     The
Operating Advisor. (a)  The Operating Advisor shall promptly review (i) all information made available to
Privileged Persons on the Certificate Administrator’s Website (A) that relates to any Specially Serviced Loan, and
(B) that is contained in the CREFC® Servicer Watch List prepared by the Master Servicer and (ii) each
Final Asset Status Report delivered to the Operating Advisor by the Special Servicer.

 

(b)     The
Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled as “Privileged
Information” received from the Special Servicer or Directing Certificateholder in connection with the Directing

 

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Certificateholder’s
exercise of its rights under this Agreement (including, without limitation, in connection with the review and/or approval of any
Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees
that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of
complying with its duties and obligations hereunder.

 

(c)     (i)  After
the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any
assessment of compliance report, attestation report, Asset Status Report and other information delivered to the Operating Advisor
by the Special Servicer, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall
(if any Mortgage Loans were Specially Serviced Loans during the prior calendar year) deliver to the Certificate Administrator
and the 17g-5 Information Provider within one hundred twenty (120) days of the end of the prior calendar year for which a Control
Termination Event was continuing as of December 31, an annual report (the “Operating Advisor Annual Report”),
substantially in the form of Exhibit V (which form may be modified or altered as to either its organization or content
by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without
limitation, provisions herein relating to Privileged Information; provided, however, that in no event shall the
information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement),
setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties under this Agreement
during the prior calendar year on a “platform-level basis” with respect to the resolution and/or liquidation of Specially
Serviced Loans that the Special Servicer is responsible for servicing under this Agreement; provided, further, however,
that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer
that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the
date of such Operating Advisor Annual Report. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no Operating
Advisor Annual Report will be permitted to include an assessment of the Special Servicer’s performance in respect of such
Serviced AB Whole Loan until after the occurrence and during the continuance of an AB Control Appraisal Period under the related
Intercreditor Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(d)
hereof, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing
Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation
of Specially Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other
than with respect to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality
requirements described in this Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating
Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual
Report on the Certificate Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information
Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in
accordance with Section 3.13(c)); provided, however, that the Special Servicer shall be given an opportunity
to review the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery to the Certificate Administrator
and

 

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the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor
Annual Report that are provided by the Special Servicer. Only as used in this Section 3.26 in connection with the
Operating Advisor Annual Report, the term “platform-level basis” refers to the Special Servicer’s performance
of its duties as they relate to the resolution and/or liquidation of Specially Serviced Loans, taking into account the Special
Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance
with the Servicing Standard, with reasonable consideration by
the Operating Advisor of any assessment of compliance report, attestation report, Asset Status Report and other information delivered
to the Operating Advisor by the Special Servicer (other than any communications between the Directing Certificateholder and the
Special Servicer that would be Privileged Information) pursuant to this Agreement.

 

(ii)         In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such
limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of
any information it is provided without liability for any such reliance hereunder.

 

(d)     Prior
to the occurrence and continuance of a Control Termination Event (or, with respect to a Serviced AB Whole Loan, prior to the occurrence
and continuance of both a Control Termination Event and a related AB Control Appraisal Period), the Special Servicer will forward
any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination of what course
of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor after such
calculations have been finalized. The Operating Advisor shall review such calculations but shall not opine on or take any affirmative
action with respect to such Appraisal Reduction Amount calculations and/or net present value calculations.

 

(e)     (i)  After
the occurrence and during the continuance of a Control Termination Event, and with respect to any Serviced AB Whole Loan, after
the occurrence and during the continuance of both a Control Termination Event and an AB Control Appraisal Period, after the calculation
but prior to the utilization by the Special Servicer of any of the calculations related to (i) Appraisal Reduction Amounts
or (ii) net present value in accordance with Section 1.02(iv), the Special Servicer shall forward such calculations,
together with any supporting material or additional information necessary in support thereof (including such additional information
reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any
Privileged Communications), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing
such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation. 

 

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(ii)          In
connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical
calculations of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the
application of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the
Operating Advisor and Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical
calculations or the application of the non-discretionary portions of the related formula in arriving at those mathematical
calculations or any disagreement within five (5) Business Days of delivery of such calculations. The Master Servicer shall
cooperate with the Special Servicer and provide any information reasonably requested by the Special Servicer necessary for
the calculation of the Appraisal Reduction Amount that is in the Master Servicer’s possession or reasonably obtainable
by the Master Servicer. In the event the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or
disagreement prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the
Certificate Administrator of such disagreement and the Certificate Administrator shall examine the calculations and
supporting materials provided by the Operating Advisor and the Special Servicer and determine which calculation is to
apply (and shall provide prompt written notice of such determination to the Operating Advisor and Special Servicer).

 

(iii)     Notwithstanding
the foregoing, the consultation duties of the Operating Advisor set forth in this Agreement shall not be permitted to be exercised
by the Operating Advisor with respect to any Serviced AB Whole Loan until after the occurrence and during the continuance of both
a Control Termination Event (except with respect to any Excluded Loan) and a related AB Control Appraisal Period.

 

(f)     [Reserved].

 

(g)     The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not disclose such information to any other Person (including any Certificateholders which are not then
included in the Control Eligible Certificates), other than any party hereto, to the extent expressly set forth herein, and the
Operating Advisor shall not, without the prior written consent of the Special Servicer, disclose any such Privileged Information
to any other Person, except to the extent that (i) such Privileged Information becomes generally available and known to the
public other than as a result of a disclosure directly or indirectly by such parties, (ii) it is reasonable and necessary
for such parties to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies, (iii) such
Privileged Information was already known to such party and otherwise not subject to a confidentiality obligation or (iv) such
disclosure is required pursuant to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information, as evidenced by an Opinion of Counsel (which shall be an expense of the Trust) delivered to the Master Servicer,
the Operating Advisor, the Certificate Administrator, the Special Servicer, the Directing Certificateholder and the Trustee. Notwithstanding
the foregoing, the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors
of the Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating
Advisor.

 

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(h)     Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance
with the terms of Section 4.07(a).

 

(i)     As
compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each
Distribution Date with respect to each Mortgage Loan (including the Serviced Mortgage Loans and the Non-Serviced Mortgage Loans
but not any Companion Loan) or each REO Loan. As to each Mortgage Loan and each REO Loan, the Operating Advisor Fee shall accrue
from time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the Stated Principal Balance of such
Mortgage Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the related Mortgage Loan or
REO Loan, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which
any related interest payment due on the related Mortgage Loan or deemed to be due on such REO Loan is computed.

 

The
Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a)
and/or 6.04(b) hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided
by Section 3.05(a). Each successor Operating Advisor shall be required to acknowledge and agree to the terms of the
preceding sentence.

 

In
addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for
which the Operating Advisor has consultation obligations hereunder. The Operating Advisor Consulting Fee shall be payable from
funds on deposit in the Collection Account as provided in Section 3.05(a)(ii) of this Agreement, but only to the extent
such Operating Advisor Consulting Fee is actually received from the related Mortgagor; provided, however, that to
the extent such fee is incurred after the outstanding Certificate Balances of the Control Eligible Certificates have been reduced
to zero as a result of the allocation of Realized Losses to such Certificates, such fee shall be payable in full to the Operating
Advisor as a Trust Fund expense. When the Operating Advisor has consultation obligations with respect to a Major Decision under
this Agreement, the Master Servicer or the Special Servicer, as applicable, shall use commercially reasonable efforts consistent
with the Servicing Standard to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection
with such Major Decision, but only to the extent not prohibited by the related Mortgage Loan documents (for the avoidance of doubt,
the Master Servicer or the Special Servicer, as applicable, shall continue to use commercially reasonable efforts consistent with
the Servicing Standard to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor, even after such
fee becomes payable to the Operating Advisor as a Trust Fund expense to the extent such fee is incurred after the outstanding
Certificate Balances of the Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized
Losses to such Certificates). The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult,

 

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on
a non-binding basis, with the Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing, the
Operating Advisor shall have no obligations or consultation rights as Operating Advisor with respect to: (i) any Non-Serviced
Whole Loan or any related REO Property or (ii) with respect to any AB Mortgage Loan, prior to the occurrence and continuance
of both an AB Control Appraisal Period and a Control
Termination Event; provided, further, that the Operating Advisor shall not be entitled to an Operating Advisor
Consulting Fee with respect to any Non-Serviced Whole Loan.

 

(j)     After
the occurrence of a Consultation Termination Event, the Operating Advisor may be removed upon (i) the written direction of
Holders of Certificates evidencing not less than 25% of the aggregate Certificate Balance of all Classes of Principal Balance
Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances
of Classes to which such Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a
replacement Operating Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor
is an Eligible Operating Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt
by the Trustee and the Certificate Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will
be obtained by the Certificate Administrator at the expense of such Holders and will not constitute an additional expense of the
Trust). The Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting
such notice on the Certificate Administrator’s Website in accordance with Section 3.13(b), and concurrently
by mail conduct the solicitation of votes of all Certificates in such regard. Upon the vote or written direction of Holders of
at least 75% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates (taking into account the application
of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts
are allocable), the Trustee shall immediately replace the Operating Advisor with the replacement Operating Advisor.

 

(k)     After
the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders
representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for
cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided that no such termination
shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating
Advisor under this Agreement. The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible
Operating Advisor. Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the
Trustee will, as soon as possible, be required to give written notice of the termination and appointment to the Special Servicer,
the Master Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Depositor, the Directing Certificateholder
(but only if no Control Termination Event or Consultation Termination Event has occurred) and the Certificateholders.

 

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(l)       The
holders of certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event
hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the
certificate administrator of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating
Advisor Termination Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been
remedied for every purpose hereunder. Upon any such waiver of an Operating Advisor Termination Event by certificateholders,
the trustee and the certificate administrator shall be entitled to recover all costs and expenses incurred by it in
connection with enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from
the Trust.

 

(m)     Prior
to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right to consent,
such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed
pursuant to this Section 3.26; provided, further, that such consent will be deemed to have been granted
if no objection is made within ten (10) Business Days following the Directing Certificateholder’s receipt of the request
for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)     The
Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior written
notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer and the Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such
appointment by, a successor Operating Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency
Confirmation from each Rating Agency. No such resignation by the Operating Advisor shall become effective until the replacement
Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating
Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator)
associated with a transfer of its duties pursuant to this Section 3.26.

 

(o)     In
the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates and the Class R Certificates,
then all of the rights and obligations of the Operating Advisor shall terminate without payment of any termination fee (other
than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation)
and other than indemnification rights arising out of events occurring prior to such termination). In connection with any termination
pursuant to this Section 3.26(o), no successor Operating Advisor shall be appointed. Upon receipt of written notice
of such acts by a Responsible Officer of the Trustee, the Trustee shall provide the Operating Advisor with prompt notice upon
its termination pursuant to this Section 3.26(o).

 

(p)     In
the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and
unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

    	-259-

    	 

    

 

(q)     The
parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed,
that (i) subject to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for
any actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act
solely as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no
(A) fiduciary duty, or (B) other duty except with respect to its specific obligations under this Agreement, and
shall have no duty to any particular Class of Certificates or particular Certificateholders, and (iv) the Operating
Advisor does not constitute an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as
amended.

 

(r)     The
Operating Advisor shall not make any investment in any Class of Certificates; provided, however, that such prohibition
shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Operating Advisor or
(ii) investments by an Affiliate of the Operating Advisor if the Operating Advisor and such Affiliate maintain policies and
procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel
involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access
to information regarding the Trust and the Operating Advisor and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

Section 3.27     Companion
Paying Agent. (a)  With respect to each of the Serviced Companion Loans, the Master Servicer shall be the Companion
Paying Agent hereunder. The Companion Paying Agent undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement.

 

(b)     No
provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent failure
to act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the Companion
Paying Agent shall be determined solely by the express provisions of this Agreement. The Companion Paying Agent shall not be liable
except for the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement
against the Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying
Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions,
certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by
any Person and which on their face do not contradict the requirements of this Agreement.

 

(c)     In
the case of each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to Article VII
of this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

(d)     This
Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion Paying
Agent, as regards to rights accrued prior to such resignation or removal.

 

    	-260-

    	 

    

 

Section 3.28     Companion
Register. The Companion Paying Agent shall maintain a register (the “Companion Register”) with
respect to each Serviced Companion Loan on which it will record the names and address of, and wire transfer instructions for,
the Companion Holders from time to time, to the extent such information is provided in writing to it by each Companion
Holder. The initial Companion Holders, along with their respective name and address, are listed on Exhibit S
hereto. In the event a Companion Holder transfers a Companion Loan without notice to the Companion Paying Agent, the
Companion Paying Agent shall have no liability for any misdirected payment in such Companion Loan and shall have no
obligation to recover and redirect such payment.

 

The
Companion Paying Agent shall promptly provide the name and address of the Companion Holder to any party hereto or any successor
Companion Holder upon written request and any such Person may, without further investigation, conclusively rely upon such information.
The Companion Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For
the avoidance of doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to
a Companion Holder with respect to a Companion Loan that has been included in an Other Securitization shall be provided to the
Other Servicer under the Other Pooling and Servicing Agreement.

 

Section 3.29     Certain
Matters Relating to the Non-Serviced Mortgage Loans. (a)  In the event that any of the applicable Non-Serviced
Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer shall be replaced in accordance
with the terms of the applicable Non-Serviced PSA, the Master Servicer and the Special Servicer shall acknowledge its successor
as the successor to the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced
Special Servicer, as the case may be.

 

(b)     If
any of the Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the Master
Servicer is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then the
Trustee, the Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer
of the same.

 

(c)     In
connection with the securitization of each Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced Companion
Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master
Servicer, the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion
Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes,
and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.

 

(d)     In
connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials
required to be furnished by such Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan

 

    	-261-

    	 

    

 

pursuant
to the related Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control Termination
Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required. The Special Servicer
may (with the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event)
waive any timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor Agreement.

 

(e)     With
respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of a Control
Termination Event, or the Operating Advisor, following the occurrence and during the continuance of a Control Termination Event,
shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling
Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(f)     With
respect to the servicing of each Non-Serviced Mortgage Loan, this Agreement is subject to the related Intercreditor Agreement
and incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

(g)     With respect to each Whole Loan, if any Serviced
Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related Other Pooling
and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer,
the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to the
Other Pooling and Servicing Agreement in connection with such Asset Review by providing the Other Asset Representations Reviewer
or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other
requesting party, but only to the extent such documents are in the possession of the Master Servicer, the Special Servicer, the
Trustee or the Custodian, as the case may be.

 

Section 3.30     [Reserved].

 

Section 3.31     [Reserved].

 

Section 3.32     [Reserved]. 

 

Section 3.33     Delivery
of Excluded Information to the Certificate Administrator. (a) Any Excluded Information that the Master Servicer, the
Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate
Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as
is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the
applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that
is not appropriately labeled and delivered in accordance with this Section 3.33(a) shall not be separately posted
as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered
to the Certificate Administrator pursuant to this Section 3.33(a) shall be posted on the Certificate Administrator’s
Website under the “Excluded Information” section, as provided under Section 3.13. When so posted, the
Excluded Controlling

 

    	-262-

    	 

    

 

 

Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans).
None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and
deliver any Excluded Information in accordance with this Section 3.33(a) until such party has received written notice
with respect to the related Excluded Controlling Class Loan in the form of Exhibit P-1E to this Agreement. Nothing set
forth in this Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving,
requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing
Certificateholder or such Controlling Class
Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s
Website, such Directing Certificateholder or Controlling Class Certificateholder that is not a Borrower Party with respect to
the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with Section 3.13(a).

 

(b)     Nothing
set forth in this Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving,
requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing
Certificateholder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not
available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website, such Directing Certificateholder
or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan
shall be permitted to obtain such information in accordance with Section 4.02(f) of this Agreement.

 

[End
of Article III]

 

Article IV

distributions TO CERTIFICATEHOLDERS

 

Section 4.01     Distributions.
(a)  On each Distribution Date, to the extent of the Available Funds for such Distribution Date, the Certificate Administrator
shall be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier
REMIC Distribution Account in the amounts and priorities set forth in Section 4.01(c) with respect to each Class of
Lower-Tier Regular Interests, and immediately thereafter, shall make distributions thereof from the Upper-Tier REMIC Distribution
Account in the following order of priority, satisfying in full, to the extent required and possible, each priority before making
any distribution with respect to any succeeding priority:

 

(i)            first,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates,
the Class A-5 Certificates, the Class A-SB Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-C
Certificates, the Class X-D Certificates and the Class X-E Certificates, pro rata (based upon their respective entitlements
to interest for such Distribution Date), in respect of 

 

    	-263-

    	 

    

 

 

interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Classes of Certificates for such Distribution Date;

 

(ii)          second,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates,
the Class A-5 Certificates and the Class A-SB Certificates in reduction of the Certificate Balances thereof: (I) prior to
the Cross-Over Date (1) first, to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution
Amount, until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal
Balance for such Distribution Date; (2) second, to the Holders of the Class A-1 Certificates, in an amount up to the
Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclause (1) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of the Class
A-2 Certificates in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions
specified in subclauses (1) and (2) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-2 Certificates has been reduced to zero; (4) fourth, to the Holders of the Class
A-3 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions
specified in subclauses (1), (2) and (3) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-3 Certificates has been reduced to zero; (5) fifth, to the Holders of the Class
A-4 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions
specified in subclauses (1), (2), (3) and (4) above have been made on such Distribution Date), until
the outstanding Certificate Balances of the Class A-4 Certificates have been reduced to zero; (6) sixth, to the Holders
of the Class A-5 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any
distributions specified in subclauses (1), (2), (3), (4) and (5) above have been made on such
Distribution Date), until the outstanding Certificate Balances of the Class A-5 Certificates have been reduced to zero; and (7) seventh,
to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclauses (1), (2), (3), (4), (5) and (6) above
have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced
to zero; and (II) on or after the Cross-Over Date, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-SB Certificates, pro rata (based on their respective Certificate Balances) in an amount equal to the Principal Distribution
Amount for such Distribution Date, until the Certificate Balance of each of the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5 and Class A-SB Certificates is reduced to zero;

 

(iii)         third,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates,
the Class A-5 Certificates and the Class A-SB Certificates, pro rata (based upon the aggregate unreimbursed Realized Losses
previously allocated to each such Class), plus interest on that amount at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class; 

 

    	-264-

    	 

    

  

(iv)          fourth,
to the Holder of the Class A-S Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(v)           fifth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates have been
reduced to zero, to the Holder of the Class A-S Certificates, in reduction of the Certificate Balance thereof, up to an amount
equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates on such Distribution Date), until the outstanding Certificate
Balance of the Class A-S Certificates has been reduced to zero;

 

(vi)         sixth,
to the Holder of the Class A-S Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(vii)        seventh,
to the Holder of the Class B Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(viii)       eighth,
after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holder of the Class B Certificates,
in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof
remaining after any distributions in respect of the Class A Certificates on such Distribution Date), until the outstanding Certificate
Balance of the Class B Certificates has been reduced to zero;

 

(ix)          ninth,
to the Holder of the Class B Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to such
Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Realized
Loss was allocated to such Class;

 

(x)           tenth,
to the Holder of the Class C Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xi)          eleventh,
after the Certificate Balances of the Class A Certificates and the Class B Certificates have been reduced to zero, to the
Holder of the Class C Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution
Amount (or the portion thereof remaining after any distributions in respect of the Class A Certificates and Class B Certificates
on such Distribution Date), until the outstanding Certificate Balance of the Class C Certificates is reduced to zero;

 

(xii)         twelfth,
to the Holder of the Class C Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to such
Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Realized
Loss was allocated to such Class;

 

 

    	-265-

    	 

    

 

 

(xiii)        thirteenth,
to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xiv)        fourteenth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates and the Class C Certificates have been reduced
to zero, to the Holders of the Class D Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to
the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A Certificates,
Class B Certificates and Class C Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class
D Certificates has been reduced to zero;

 

(xv)         fifteenth,
to the Holders of the Class D Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated
to such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xvi)       sixteenth,
to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xvii)      seventeenth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates and the Class
D Certificates have been reduced to zero, to the Holders of the Class E Certificates, in reduction of the Certificate Balance
thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions
in respect of the Class A Certificates, Class B Certificates, Class C Certificates and Class D Certificates on such Distribution
Date), until the outstanding Certificate Balance of the Class E Certificates has been reduced to zero;

 

(xviii)     eighteenth,
to the Holders of the Class E Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xix)        nineteenth,
to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xx)         twentieth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates
and the Class E Certificates have been reduced to zero, to the Holders of the Class F Certificates, in reduction of the Certificate
Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions
in respect of the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E Certificates
on such Distribution Date), until the outstanding Certificate Balance of the Class F Certificates has been reduced to zero; 

 

    	-266-

    	 

    

 

(xxi)        twenty-first,
to the Holders of the Class F Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xxii)       twenty-second,
to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xxiii)      twentieth-third,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates,
the Class E Certificates and Class F Certificates have been reduced to zero, to the Holders of the Class G Certificates, in reduction
of the Certificate Balance thereof, up to an amount equal to the principal Distribution Amount (or the portion thereof
remaining after any distributions in respect of the Class A Certificates, Class B Certificates, Class C Certificates, Class D
Certificates, Class E Certificates and Class F Certificates on such Distribution Date), until the outstanding Certificate Balance
of the Class G Certificates has been reduced to zero;

 

(xxiv)      twenty-fourth,
to the Holders of the Class G Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xxv)       twenty-fifth,
to the Holders of the Class NR Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xxvi)      twenty-sixth,
after the Certificate Balances of the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates,
Class E Certificates, Class F Certificates and Class G Certificates have been reduced to zero, to the Holders of the Class NR
Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or
the portion thereof remaining after any distributions in respect of the Class A Certificates, Class B Certificates, Class C Certificates,
Class D Certificates, Class E Certificates, Class F Certificates and Class G Certificates on such Distribution Date), until the
outstanding Certificate Balance of the Class NR Certificates has been reduced to zero;

 

(xxvii)     twenty-seventh,
to the Holders of the Class NR Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class; and

 

(xxviii)    twenty-eighth,
to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any, of the Available Funds remaining
in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If,
in connection with any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution
to DTC based on the receipt of payments as of

 

    	-267-

    	 

    

 

the
Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments are subsequently received
by the Master Servicer and required to be part of the Available Funds for such Distribution Date, the Master Servicer shall promptly
notify the Certificate Administrator and the Certificate Administrator will use commercially reasonable efforts to cause DTC to
make the revised distribution on a timely basis on such Distribution Date. None of the Master Servicer, the Special Servicer or
the Certificate Administrator shall be liable or held responsible for any resulting delay in the making of such distribution to
Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)     [Reserved].

 

(c)      On
each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal or reimbursement
of Realized Loss in an amount equal to the amount of principal or reimbursement of Realized Loss actually distributable
to the Holders of the respective Related Certificates as provided in Sections 4.01(a), 4.01(d), 4.01(f)
and 4.01(i) such that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests is
equal to the Certificate Balance of the Class of Related Certificates. On each Distribution Date, each Lower-Tier Regular Interest
shall be deemed to receive distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect
of its Related Certificates plus a pro rata portion of the Interest Distribution Amount in respect of (i) in the case
of the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB and Class LAS Uncertificated
Interest, the Class X-A Certificates, (ii) in the case of the Class LB Uncertificated Interest, the Class X-B Certificates,
(iii) in the case of the Class LC Uncertificated Interest, the Class X-C Certificates, (iv) in the case of the
Class LD Uncertificated Interest, the Class X-D Certificates and (v) in the case of the Class LE Uncertificated Interest,
the Class X-E Certificates, in each case, computed based on an interest rate equal to the excess of the Weighted Average Net Mortgage
Rate over the Pass-Through Rate of the Related Certificates and a notional amount equal to its related Lower-Tier Principal Amount,
in each case to the extent actually distributable thereon as provided in Section 4.01(a). Amounts distributable pursuant
to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be
made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier REMIC
Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As
of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates
with respect thereto, as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b) and 4.04(c).
The initial principal balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier Principal Amount.
The pass-through rate with respect to each Lower-Tier Regular Interest shall be the rate per annum set forth in the Preliminary
Statement hereto.

 

Any
amount that remains in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier
Distribution Amount, distribution of $100 to the beneficial owner of the Class X-C Certificates on the first Distribution Date
pursuant to Section 4.01(l) and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e)(iii)
shall be distributed to the Holders of the Class R Certificates in 

 

    	-268-

    	 

    

 

respect
of the Class LR Interest (but only to the extent of the Available Funds for such Distribution Date remaining in the Lower-Tier
REMIC Distribution Account, if any).

 

(d)     After
the Class Principal Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further
distributions in respect of interest or principal other than reimbursement of Realized Losses and other amounts provided for in
this Section 4.01.

 

(e)     (i) On
each Distribution Date, Prepayment Premiums and Yield Maintenance Charges, if any, collected in respect of the Mortgage Loans
during the related Collection Period will be required to be distributed by the Certificate Administrator to the Holders of each
Class of Regular Certificates (excluding the Class F, Class G and Class NR Certificates) in the following manner: (1) pro rata,
among (v) the YM Group A, (w) the YM Group B, (x) the YM Group C, (y) the YM Group D and (z) the YM Group
E, and based upon the aggregate of principal distributed to the classes of Principal Balance Certificates in each YM Group on
such Distribution Date, and (2) among the Classes of Certificates in each YM Group, in the following manner: (A) the holders
of each Class of Principal Balance Certificates in such YM Group shall be entitled to receive on each Distribution Date an amount
of Prepayment Premiums or Yield Maintenance Charges equal to the sum, for all mortgage loan prepayments, of the product of (a)
a fraction whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator
is the total amount of principal distributed to all of the Principal Balance Certificates in that YM Group representing principal
payments in respect of the Mortgage Loans on such Distribution Date, (b) the Base Interest Fraction for the related principal
prepayment and such Class of Principal Balance Certificates, and (c) the Prepayment Premiums or Yield Maintenance Charges
collected during the related Collection Period and allocated to such YM Group and (B) any Prepayment Premiums or Yield Maintenance
Charges allocated to such YM Group collected during the related Collection Period remaining after such distributions will be distributed
to the Class of Class X Certificates in such YM Group. If there is more than one such Class of Certificates entitled to distributions
of principal on any particular Distribution Date on which Prepayment Premiums or Yield Maintenance Charges relating to the Mortgage
Loans are distributable, the aggregate amount of such Prepayment Premiums or Yield Maintenance Charges will be allocated among
all such Classes of Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto
in accordance with the first sentence of this paragraph.

 

For
purposes of the first paragraph of this (e), the relevant “Base Interest Fraction” with respect to any
Principal Prepayment on any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and
with respect to any Class of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class
D and Class E Certificates, shall be a fraction (A) whose numerator is the greater of (x) zero and (y) the difference
between (i) the Pass-Through Rate on such Class of Certificates, and (ii) the applicable Discount Rate used in accordance
with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment
and (B) whose denominator is the greater of zero and the difference between (i) the Mortgage Rate on such Mortgage Loan
(or with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the Mortgage Rate of such Serviced Whole Loan), and
(ii) the applicable Discount Rate used in accordance with the related Mortgage Loan documents in calculating the 

 

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Yield
Maintenance Charge with respect to such Principal Prepayment. However, (1) under no circumstances shall the Base Interest
Fraction be greater than one or less than zero, (2) if the applicable Discount Rate is greater than or equal to the Mortgage
Rate on such Mortgage Loan or Serviced Whole Loan, as applicable, and is greater than or equal to the Pass-Through Rate on such
Class of Certificates, then the Base Interest Fraction will equal zero and (3) if the applicable Discount Rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan or Serviced Whole Loan, as applicable, and is less than the Pass-Through
Rate on such Class of Certificates, then the Base Interest Fraction will be one (1).

 

For
purposes of the preceding paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium
or Yield Maintenance Charge collected on any prepaid Mortgage Loan or REO Mortgage Loan and distributable on any Distribution
Date shall be a rate per annum equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium
or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Mortgage Loan, as the case may be, such
discount rate (as reported by the applicable Master Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if
a discount rate was not used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the
terms of the relevant Mortgage Loan or REO Mortgage Loan, as the case may be, the yield calculated by the linear interpolation
of the yields (as reported under the heading “U.S. Government Securities/Treasury Constant Maturities” in Federal
Reserve Statistical Release H.15 (519) published by the Federal Reserve Board for the week most recently ended before the date
of the relevant prepayment (or deemed prepayment) of U.S. Treasury constant maturities with a maturity date, one longer and one
shorter, most nearly approximating the related Stated Maturity Date (in the case of a Mortgage Loan or REO Mortgage Loan that
is not related to an ARD Mortgage Loan) or the related Anticipated Repayment Date (in the case of a Mortgage Loan or REO Mortgage
Loan that is related to an ARD Mortgage Loan), such interpolated yield converted to a monthly equivalent yield. If Federal Reserve
Statistical Release H.15 (519) is no longer published, the Certificate Administrator shall select a comparable publication as
the source of the applicable yields of U.S. Treasury constant maturities.

 

(ii)     No
Yield Maintenance Charge or Prepayment Premium shall be distributed to the Holders of the Class F Certificates, Class G Certificates,
Class NR Certificates or Class R Certificates. After the Certificate Balances of the Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-4 Certificates, Class A-5, Class A-SB Certificates, Class A-S Certificates, Class B Certificates,
Class C Certificates, Class D Certificates and Class E Certificates have been reduced to zero, all Yield Maintenance Charges and
Prepayment Premiums with respect to the Mortgage Loans shall be distributed to the Holder of the Class X-C Certificates.

 

(iii)        All
distributions of Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates
on each Distribution Date pursuant to Section 4.01(e) shall first be deemed to be distributed from the Lower-Tier
REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests, pro rata, based upon the amount of principal
distributed in respect of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c)
above.

 

 

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(f)      On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (other than
amounts with respect to a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the Holders of the Regular
Certificates (in order of distribution priority) (first deeming such amounts to be distributed with respect to the Related Lower-Tier
Regular Interests) up to an amount equal to all Realized Losses, if any, previously deemed allocated to them and unreimbursed
after application of the Available Funds for such Distribution Date. Amounts paid from the Gain-on-Sale Reserve Account will not
reduce the Certificate Balances of the Classes of Certificates receiving such distributions. Any amounts remaining in the Gain-on-Sale
Reserve Account after such distributions shall be applied to offset future Realized Losses with respect to the Principal Balance
Certificates and related Realized Losses in each case allocable to the Regular Certificates. Upon termination of the Trust, any
amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to the Holders of the Class R Certificates from the
Lower-Tier REMIC in respect of the Class LR Interest.

 

(g)     All
distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata
among the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise
specifically provided in Sections 4.01(h), 4.01(i) and 9.01, all such distributions with respect to
each Class on each Distribution Date shall be made to the Certificateholders of the respective Class of record at the close
of business on the related Record Date and shall be made by wire transfer of immediately available funds to the account of
any such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Certificate Administrator with wiring instructions no less than five (5) Business Days prior to the related
Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Distribution
Dates), or otherwise by check mailed to such Certificateholder at its address in the Certificate Register. The final
distribution on each Certificate (determined without regard to any possible future reimbursement of Realized Losses
previously allocated to such Certificate) will be made in like manner, but only upon presentation and surrender of such
Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

 

Each
distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall
be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with
its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners
that it represents and to each indirect participating brokerage firm (a ”brokerage firm” or “indirect participating
firm”) for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners
that it represents. None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer,
the Special Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement
or applicable law.

 

(h)     Except
as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution
with respect to any Class of Certificates (determined without regard to any possible future reimbursement of any amount of Realized
Losses previously allocated to such Class of Certificates) will be made on the next Distribution 

 

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Date,
the Certificate Administrator shall, no later than the related P&I Advance Determination Date, post on the Certificate Administrator’s
Website pursuant to Section 3.13(b) a notice in electronic format to the effect that:

 

(i)          the
Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made on such
Distribution Date but only upon presentation and surrender of such Certificates at the offices of the Certificate Registrar or
such other location therein specified; and

 

(ii)         no
interest shall accrue on such Certificates from and after such Distribution Date.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(h) shall not have been surrendered for cancellation within six (6) months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders
to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one
year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable
to any Certificateholder on any amount held in trust hereunder by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).

 

(i)     Distributions
in reimbursement of Realized Losses previously allocated to the Regular Certificates shall be made in the amounts and manner specified
in Section 4.01(a) or Section 4.01(d), as applicable, to the Holders of the respective Class otherwise
entitled to distributions of interest and principal on such Class on the relevant Distribution Date; provided that all
distributions in reimbursement of Realized Losses previously allocated to a Class of Certificates which has since been retired
shall be to the prior Holders that surrendered the Certificates of such Class upon retirement thereof and shall be made by check
mailed to the address of each such prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior
Holder shall be made in accordance with Section 13.05 at such last address. The amount of the distribution to each
such prior Holder shall be based upon the aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If
the check mailed to any such prior Holder is returned uncashed, then the amount thereof shall be set aside and held uninvested
in trust for the benefit of such prior Holder, and the Certificate Administrator shall attempt to contact such prior Holder in
the manner contemplated by Section 4.01(h) as if such Holder had failed to surrender its Certificates.

 

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(j)     On
each Distribution Date, any Excess Interest received during the related Collection Period with respect to the Mortgage Loans shall
be distributed solely to the Holders of the Class NR Certificates from the Excess Interest Distribution Account. Excess Interest
will not be available to pay any other amounts except for distributions on Class NR Certificates set forth in the prior sentence.

 

(k)     On
the Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals
and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)          to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Companion Distribution Account not required to
be deposited therein;

 

(ii)         to
the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee
or the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts
payable or reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely
to a Serviced Whole Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder
pursuant to the related Intercreditor Agreement;

 

(iii)        to
pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related Companion
Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)        to
clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All
distributions from the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related
Companion Holder by wire transfer in immediately available funds on the Serviced Whole Loan Remittance Date to the account of
such Companion Holder or an agent therefor appearing on the Companion Register on the related Record Date (or, if no such account
so appears or information relating thereto is not provided at least five Business Days prior to the related Record Date, by check
sent by first class mail to the address of such Companion Holder or its agent appearing on the Companion Register). Any such account
shall be located at a commercial bank in the United States.

 

On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date in accordance with Section 3.05(g)(v).

 

(l)     On
the first Distribution Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC Distribution Account
and distribute $100 to the Class X-C Certificates. Such distribution shall be deemed a payment of principal on the

 

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principal
balance of the REMIC regular interest represented by the Class X-C Certificates (such principal balance being $100) for federal
income tax purposes.

 

Section 4.02     Distribution
Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney. (a)  On
each Distribution Date, the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate
Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G
hereto and based in part upon information supplied to the Certificate Administrator in the related CREFC® Investor
Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution Date
(each, a “Distribution Date Statement”) which shall include:

 

(i)           the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the Certificate
Balance thereof;

 

(ii)          the
aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including the
previous Distribution Date to and including such Distribution Date and details of P&I Advances as of the Master Servicer
Remittance Date;

 

(iii)         the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid to the Master
Servicer and the Special Servicer, compensation paid to the Operating Advisor and CREFC® Intellectual Property
Royalty License Fees paid to CREFC®, in each case, with respect to the Collection Period for such Determination
Date together with detailed calculations of servicing compensation paid to the Master Servicer and the Special Servicer;

 

(iv)         the
aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans, outstanding
immediately before and immediately after such Distribution Date;

 

(v)          the
aggregate amount of unscheduled payments received;

 

(vi)         the
number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage
Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period for such
Distribution Date;

 

(vii)        the
number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which
the related Mortgagor is subject to oversight by a bankruptcy court;

 

(viii)       the
value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included in the Trust
Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on the most recent
Appraisal or valuation;

 

 

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(ix)          the
Available Funds for such Distribution Date;

 

(x)           the
Interest Accrual Amount in respect of such Class of Certificates for such Distribution Date, separately identifying any Interest
Accrual Amount for such Distribution Date allocated to such Class of Certificates;

 

(xi)          the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable to (A) Prepayment
Premiums and Yield Maintenance Charges and (B) (in the case of the Class NR Certificates) Excess Interest;

 

(xii)         the
Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiii)        the
Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with respect
to the pool of Mortgage Loans;

 

(xiv)        the
Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after
such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss on such
Distribution Date and the aggregate amount of all reductions as a result of allocations of Realized Losses in respect of the Principal
Balance Certificates to date;

 

(xv)    
    the Certificate Factor for each Class of Certificates (other than the Class R Certificates)
immediately following such Distribution Date;

 

(xvi)        the
amount of any Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the amount allocable to
the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the
total Appraisal Reduction Amount effected in connection with such Distribution Date, together with a detailed worksheet showing
the calculation of each Appraisal Reduction Amount on a current and cumulative basis;

 

(xvii)       the
current Controlling Class;

 

(xviii)      the
number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination Date (or
in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)        a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination Date
(or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment occurring;

 

(xx)         a
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of the first
Distribution Date, as of the Cut-off Date);

 

 

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(xxi)        all
deposits into, withdrawals from, and the balance of the Interest Reserve Account on the Master Servicer Remittance Date;

 

(xxii)       in
the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(b), 4.01(c) and 4.01(f);

 

(xxiii)      the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously
allocated Realized Loss;

 

(xxiv)      the
aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)   with
respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in the case
of the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment in
full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in
connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the
Certificates), and (C) the amount of any Realized Loss allocated to the Principal Balance Certificates in connection
with such Liquidation Event;

 

(xxvi)  with
respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein) included
in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments or recoveries
with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan
number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with that determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the
amount of any Realized Loss allocated to the Principal Balance Certificates in respect of the related REO Loan in connection with
that determination;

 

(xxvii)     the
aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)    [Reserved];

 

(xxix)       the
then-current credit support levels for each Class of Certificates;

 

(xxx)        the
aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified) collected
since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)       a
loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

 

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(xxxii)      a
loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan by the
applicable Mortgage Loan Seller;

 

(xxxiii)     an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates with respect
to the related Distribution Date, which information will be provided to the Certificate Administrator by the Master Servicer;
and

 

(xxxiv)     the
amount of any Excess Interest actually received.

 

In
the case of information furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii),
(xxiv) and (xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates
of each applicable Class and per Definitive Certificate.

 

The
Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by
virtue of its receipt and posting of such information to the Certificate Administrator’s Website.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses (i)
and (x) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which
person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable,
or that a Certificateholder or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns
for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the
Code as from time to time are in force.

 

Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in accordance
with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post such
Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt
of such Asset Review Report Summary from the Asset Representations Reviewer.

 

(b)     [Reserved].

 

(c)     Each
of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media, bulletin
board service or, if applicable, Internet website (in addition to making information available as provided herein) any reports
or other information the Master Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party
to this Agreement, the Rating Agencies or any Certificateholder or any prospective Certificateholder that has provided the Certificate
Administrator, the Master Servicer or the Special Servicer, as applicable, with an Investor Certification or has executed a “click-through”
confidentiality agreement in accordance with Section 3.13 hereof (which may be a licensed or registered investment
advisor) to the extent such action does not conflict with the 

 

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terms of this Agreement (including
without limitation, any requirements to keep Privileged Information confidential), the terms of the Mortgage Loans or
applicable law. Notwithstanding this paragraph, the availability of such information or reports on the Internet or similar
electronic media shall not be deemed to satisfy any specific delivery requirements in this Agreement except as set forth
herein. In connection with providing access to the Master Servicer’s Internet website, the Master Servicer shall take
reasonable measures to ensure that only such parties listed above may access such information including, without limitation,
requiring registration, a confidentiality agreement and acceptance of a disclaimer. The Master Servicer or the Special
Servicer, as applicable, shall not be liable for dissemination of this information in accordance with this Agreement, and
neither the Master Servicer nor the Special Servicer shall be responsible for any information delivered, produced, or made
available pursuant to Sections 3.13 and 4.02(c), other than information produced by the Master Servicer or
Special Servicer, as applicable; provided that such information otherwise meets the requirements set forth herein with
respect to the form and substance of such information or reports. The Master Servicer shall be entitled to attach to any
report provided pursuant to this subsection, any reasonable disclaimer with respect to information provided, or any
assumptions required to be made by such report.

 

The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the
Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary
for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate
Administrator. Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute, verify or recalculate
the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report
or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely
thereon in calculating and making distributions to Certificateholders in accordance with Section 4.01, preparing the
Distribution Date Statement required by Section 4.02(a) and allocating Realized Losses to the Certificates in accordance
with Section 4.04.

 

Notwithstanding
the foregoing, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to be disclosed
pursuant to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c)
or of Section 4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure,
in the reasonable belief of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law
or any provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged
Properties. The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate
in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(d)     Upon
the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of a Certificate
that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate as such
and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as reasonably
practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting party
such information that is in the 

 

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Certificate
Administrator’s possession or can reasonably be obtained by the Certificate Administrator as is requested by such person,
for purposes of satisfying applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate
Registrar, nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule 144A or any other
securities laws of any available information so furnished to any person including any prospective purchaser of a Certificate or
any interest therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to them
by another.

 

(e)     The
information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as specifically provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)     Upon
the reasonable request of any Excluded Controlling Class Holder identified to the Master Servicer (in the case of a
Non-Specially Serviced Loan) or the Special Servicer (in the case of a Specially Serviced Loan) to the Master
Servicer’s or Special Servicer’s reasonable satisfaction (at the expense of such Excluded Controlling Class
Holder) and if such information is in the Master Servicer’s or Special Servicer’s possession, the Master Servicer
or Special Servicer, as applicable, shall provide or make available (or forward electronically) to such Excluded Controlling
Class Holder (at the expense of such Excluded Controlling Class Holder) any Excluded Information (available to Privileged
Persons through the Certificate Administrator’s Website but not accessible to such Excluded Controlling Class Holder
through the Certificate Administrator’s Website on account of it constituting Excluded Information) relating to any
Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party; provided
that, in connection therewith, the Master Servicer or Special Servicer may require a written confirmation executed by the
requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer,
generally to the effect that such Person is the Directing Certificateholder or a Controlling Class Certificateholder, will
keep such Excluded Information confidential and is not a Borrower Party, upon which the Master Servicer or Special Servicer
may conclusively rely. In addition, the Master Servicer and the Special Servicer shall be entitled to conclusively rely on
delivery from the Directing Certificateholder or a Controlling Class Certificateholder, as applicable, of an
Investor Certification substantially in the form of Exhibit P-1B that such Directing Certificateholder or Controlling
Class Certificateholder is not an Excluded Controlling Class Holder with respect to a particular Mortgage Loan. For the
avoidance of doubt, the Special Servicer referenced in this Section 4.02(f) shall include any applicable Excluded
Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 4.03     P&I
Advances. (a)  On or before 4:00 p.m., New York City time, on each Master Servicer Remittance Date, the Master
Servicer shall (i) remit to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC Distribution
Account, an amount equal to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans to be made in
respect of the related Distribution Date, (ii) apply amounts held in the Collection Account, for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make P&I Advances with respect to the Mortgage Loans or

 

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(iii) make
P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances
to be made. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances with respect
to the Mortgage Loans shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer
by deposit in the Collection Account on or before the next succeeding Master Servicer Remittance Date (to the extent not previously
replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which P&I Advances
were made). The Master Servicer shall notify the Certificate Administrator of (i) the aggregate amount of P&I Advances with
respect to the Mortgage Loans for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances with
respect to the Mortgage Loans for such Distribution Date, on or before two (2) Business Days prior to such Distribution Date.
If the Master Servicer fails to
make a required P&I Advance by 4:00 p.m., New York City time, on any Master Servicer Remittance Date, the Trustee shall
make such P&I Advance pursuant to Section 7.05 by noon, New York City time, on the related Distribution Date,
unless the Master Servicer shall have cured such failure (and provided written notice of such cure to the Trustee and the
Certificate Administrator) by 11:00 a.m., New York City time, on such Distribution Date. In the event that the Master
Servicer fails to make a required P&I Advance hereunder, the Certificate Administrator
shall notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the related Master Servicer
Remittance Date. Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC®
Intellectual Property Royalty License Fee for the related Mortgage Loans shall not be remitted to the Certificate
Administrator for deposit into the Lower-Tier REMIC Distribution Account but shall be deposited into the Collection Account
for payment to CREFC® on such Distribution Date.

 

(b)     Subject
to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master
Servicer with respect to any Distribution Date and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net
of related Servicing Fees) other than Balloon Payments, that were due on the Mortgage Loans (including any Non-Serviced Mortgage
Loan) and any REO Loan (other than any portion of an REO Loan related to a Companion Loan) during the related Collection Period
and delinquent as of the close of business on the Business Day preceding the related Master Servicer Remittance Date (or not advanced
by any Sub-Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of
its Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled
Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances
is mandatory, and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion
of an REO Loan related to a Companion Loan), shall continue until the Distribution Date on which the proceeds, if any, received
in connection with a Liquidation Event or the disposition of the REO Property, as the case may be, with respect thereto are to
be distributed. No P&I Advances shall be made with respect to any Companion Loan.

 

(c)     Notwithstanding
anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. With respect to each Non-Serviced Mortgage Loan, the Master Servicer will be required
to make its determination (based on information provided by the applicable Non-

 

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Serviced Master Servicer and Non-Serviced Special
Servicer) that it has made a P&I Advance on such Non-Serviced Mortgage Loan that is a Nonrecoverable Advance or that any proposed
P&I Advance would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently
of any determination made by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the
case may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master Servicer
or Special Servicer determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage Loan, if made, or any outstanding
P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance, the Master Servicer shall provide the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written
notice of such determination within two (2) Business
Days of the date of such determination. If the Master Servicer receives written notice from the related Non-Serviced Master
Servicer or the related Non-Serviced Special Servicer, as the case may be, that either has determined in accordance with the
applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that any proposed advance under the applicable
Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance under such Non-Serviced PSA that
is similar to a P&I Advance is, a nonrecoverable advance,
then the Master Servicer or the Trustee may, based upon such determination, determine that any P&I Advance previously
made or proposed to be made with respect to the related Non-Serviced Mortgage Loan, will be a Nonrecoverable P&I Advance.
Thereafter, in either case, the Master Servicer shall not be required to make any additional P&I Advances with respect to
the related Non-Serviced Mortgage Loan unless and until the Master Servicer or the Trustee, as the case may be, determines
that any such additional P&I Advances with respect to the related Non-Serviced Mortgage Loan would not be a
Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related Non-Serviced Master
Servicer or the related Non-Serviced Special Servicer, as the case may be, or otherwise. For the avoidance of doubt, the
Master Servicer or the Trustee, as the case may be, shall have the sole discretion provided in this Agreement to determine
that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable
Advance.

 

(d)     In
connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a), the
Master Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any amounts
then on deposit in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder (unless
related thereto), except to the extent permitted pursuant to the terms of the related Intercreditor Agreement), interest at the
Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including
the date of reimbursement; provided, however, that no interest will accrue on any P&I Advance (i) made
with respect to a Mortgage Loan until after the related Due Date has passed or (ii) if the related Periodic Payment is received
after the Determination Date but on or prior to the related Master Servicer Remittance Date. The Master Servicer shall reimburse
itself and/or the Trustee, as the case may be, for any outstanding P&I Advance, subject to Section 3.17 of this
Agreement, as soon as practicably possible after funds available for such purpose are deposited in the Collection Account.

 

(e)     Notwithstanding
the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest, Yield Maintenance
Charges, Default Interest,

 

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late
payment charges, Prepayment Premiums, Balloon Payments or any P&I Advance with respect to any Companion Loan and (ii) if
an Appraisal Reduction Amount has been made with respect to any Mortgage Loan (or, in the case of a Non-Serviced Whole Loan, an
Appraisal Reduction Amount has been made in accordance with the related Non-Serviced PSA and the Master Servicer has notice of
such Appraisal Reduction Amount) then in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance
in respect of such Mortgage Loan for the related Distribution Date shall be reduced (it being herein acknowledged that there shall
be no reduction in the principal portion of such P&I Advance) to equal the product of (x) the amount of the interest
portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this clause (ii),
and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage
Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount (or, in the case of a Serviced
Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan), if any, and the denominator
of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. For purposes
of the immediately preceding sentence, the Periodic Payment due on the Maturity Date for a Balloon Mortgage Loan will be the Assumed
Scheduled Payment for the related Distribution Date.

 

(f)     In
no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion Loan.

 

Section 4.04     Allocation
of Realized Losses. (a)  On each Distribution Date, immediately following the distributions to be made on such date
pursuant to Section 4.01, the Certificate Administrator shall calculate the amount, if any, by which (i) the
aggregate Stated Principal Balance (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal
Balance for payments of principal collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement
Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise
determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related
Companion Loan, if applicable) expected to be outstanding immediately following such Distribution Date, is less than (ii) the
then aggregate Certificate Balance of the Principal Balance Certificates after giving effect to distributions of principal on
such Distribution Date (any such deficit, the “Realized Loss”). Any allocation of Realized Losses to a Class
of Regular Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses
so allocated to a Class of Regular Certificates shall be allocated among the respective Certificates of such Class in proportion
to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation of losses and
other shortfalls experienced by the Trust. Reimbursement of previously allocated Realized Losses will not constitute distributions
of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates
in respect of which any such reimbursement is made. With respect to any Class of Principal Balance Certificates, to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and
previously resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan,
the amount of such recovery will be added to the Certificate Balance of the Class or Classes of Principal Balance Certificates
that previously were allocated Realized 

 

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Losses,
in sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such Class of Principal Balance
Certificates.

 

(b)     On
each Distribution Date, the Certificate Balances of the Principal Balance Certificates will be reduced without distribution, as
a write-off to the extent of any Realized Losses, if any, allocable to such Certificates with respect to such Distribution Date.
Any such write off shall be allocated first, to the Class NR Certificates, second, to the Class G Certificates,
third, to the Class F Certificates, fourth, to the Class E Certificates, fifth, to the Class D Certificates,
sixth, to the Class C Certificates, seventh, to the Class B Certificates, eighth, to the Class A-S Certificates
and then, pro rata (based on their respective Certificate Balances), to the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 and Class A-SB Certificates, in each case until the remaining Certificate Balances of such Classes of Certificates
have been reduced to zero.

 

(c)     With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates pursuant to Section 4.04(a)
or Section 4.04(b),

respectively,
with respect to such Distribution Date shall reduce the Lower-Tier Principal Amount of the Related Lower-Tier Regular Interest
with respect thereto as a write-off.

 

(d)     [Reserved].

 

Section 4.05     Appraisal
Reduction Amounts. (a)  For purposes of (x) determining the Controlling Class (and whether a Control Termination
Event has occurred and is continuing) and (y) determining the Voting Rights of the related Classes for purposes of removal
of the Special Servicer or the Operating Advisor, Appraisal Reduction Amounts (with respect to a Serviced Whole Loan, to the extent
allocated to the related Mortgage Loan) will be allocated to each Class of Certificates in reverse sequential order to notionally
reduce the related Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first,
to the Class NR Certificates, second, to the Class G Certificates, third, to the Class F Certificates, fourth,
to the Class E Certificates, fifth, to the Class D Certificates, sixth, to the Class C Certificates, seventh,
to the Class B Certificates, eighth, to the Class A-S Certificates, and finally, pro rata based on their respective
interest entitlements, to the Senior Certificates). Following receipt from the Special Servicer, the Master Servicer shall notify
the Certificate Administrator of the amount of any Appraisal Reduction Amount with respect to each Mortgage Loan (which notification
may be satisfied through delivery of such information included in the CREFC® Loan Periodic Update File or the CREFC®
Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package). Based on information
in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates is the Controlling
Class. The Certificate Administrator shall provide notice of the identity of the Controlling Class as set forth in Section 3.23(m).
With respect to any Appraisal Reduction Amount calculated for purposes of determining the Controlling Class, the appraised value
of the related Mortgaged Property will be determined on an “as-is” basis.

 

(b)     (i)  The
Holders of the majority of Voting Rights of any Class of Control Eligible Certificates that is determined at any time of determination
to no longer be the Controlling Class (any such Class, an “Appraised-Out Class”) as a result of an Appraisal
Reduction Amount in respect of such Class shall have the right, at their sole expense, to require

 

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the
Special Servicer to order a second Appraisal with respect to any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal
Reduction Event has occurred (such Holders, the “Requesting Holders”). The Special Servicer shall use its reasonable
best efforts to ensure that such second Appraisal is delivered within thirty (30) days from receipt of the Requesting Holders’
written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser (provided
that such MAI appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Requesting Holders
are requesting the Special Servicer to obtain an additional Appraisal).

 

(ii)          Upon
receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in
accordance with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any
recalculation of the Appraisal Reduction Amount is warranted, and if so warranted, the Special Servicer shall recalculate the
Appraisal Reduction Amount based on such supplemental appraisal. If required by such recalculation, the Appraised-Out Class
shall be reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have its related
Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount. The
Holders of an Appraised-Out Class requesting any supplemental Appraisal pursuant to clause (i) above shall
refrain from exercising any direction, control, consent and/or similar rights of the Controlling Class until such time, if
any, as the Class is reinstated as the Controlling Class (such period beginning upon receipt by the Special Servicer of any
request to obtain a supplemental Appraisal pursuant to clause (i) above to but excluding the date on which either
(A) the Special Servicer determines that no recalculation of the Appraisal Reduction Amount is warranted or (B) the
Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental Appraisal, the “Appraisal
Review Period”). The rights of the Controlling Class during each Appraisal Review Period shall be exercised by the
most senior Control Eligible Certificates, if any.

 

(c)     With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such purposes
taking into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole Loan)),
the Special Servicer shall (1) within thirty (30) days of each anniversary of the related Appraisal Reduction Event, and
(2) upon its determination that the value of the related Mortgaged Property has materially changed, notify the Master Servicer
of the occurrence of such anniversary or determination and order an Appraisal (which may be an update of a prior Appraisal), the
cost of which shall be paid by the Master Servicer as a Servicing Advance or to the extent it would be a Nonrecoverable Advance,
an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following receipt of any such Appraisal
or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section 4.05(b) above),
shall deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior
to the occurrence of any Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing
Certificateholder. Based upon such Appraisal or internal valuation (or any Appraisal obtained in accordance with Section 4.05(b)
above) and receipt of information reasonably requested by the Special Servicer from the Master Servicer necessary to calculate
the Appraisal Reduction Amount that is either in the Master Servicer’s possession or reasonably

 

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obtainable
by the Master Servicer, the Special Servicer shall determine or redetermine, as applicable, and report to the Master
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior to the occurrence of any
Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder,
the amount and calculation or recalculation of the Appraisal Reduction Amount with respect to such Mortgage Loan, Companion
Loan or Serviced Whole Loan, as applicable, and such report shall be delivered in the CREFC® Appraisal
Reduction Amount Template format; provided, however, that the Special Servicer shall not be liable for failure to comply with
such duties insofar as such failure results from a failure of the Master Servicer to provide sufficient information to the
Special Servicer to comply with such duties or failure by the Master Servicer to otherwise comply with its obligations
hereunder. Such report shall also be forwarded by the Master Servicer (or the Special Servicer if the related Mortgage
Loan is a Specially Serviced Loan), to the extent the related Serviced Companion Loan has been included in an Other
Securitization, to the Other Servicer of such Other Securitization into which the related Serviced Companion Loan has been
sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or the Special Servicer if the related
Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required to redetermine the Appraisal
Reduction Amount, such redetermined Appraisal Reduction Amount shall replace the prior Appraisal Reduction Amount with
respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable. Prior to the occurrence of a
Consultation Termination Event and other than with respect to any Excluded Loan, the Special Servicer shall consult with the
Directing Certificateholder with respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal
Reduction Amount. Notwithstanding the foregoing but subject to Section 4.05(b), the Special Servicer will not be
required to obtain an Appraisal or conduct an internal valuation, as applicable, with respect to a Mortgage Loan or related
Companion Loan or Serviced Whole Loan as to which an Appraisal Reduction Event has occurred to the extent the
Special Servicer has obtained an Appraisal or conducted such a valuation (in accordance with requirements of this Agreement),
as applicable, with respect to the related Mortgaged Property within the twelve-month period immediately prior to the
occurrence of such Appraisal Reduction Event. Instead, the Special Servicer may use such prior Appraisal or valuation, as
applicable, in calculating any Appraisal Reduction Amount with respect to such Mortgage Loan or related Companion Loan or
Serviced Whole Loan; provided that the Special Servicer is not aware of any material change to the related Mortgaged
Property having occurred and affecting the validity of such Appraisal or valuation.

 

The
Master Servicer shall deliver by electronic mail to the Special Servicer any information in its possession that is reasonably
required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver
such information, within four (4) Business Days following the Special Servicer’s reasonable request therefor (which request
shall be made promptly, but in no event later than five (5) Business Days, after the Special Servicer’s receipt of the applicable
Appraisal or preparation of the applicable internal valuation); provided that the Special Servicer’s failure to timely
make such request shall not relieve the Master Servicer of its obligation to use reasonable efforts to provide such information
to the Special Servicer within four (4) Business Days following the Special Servicer’s reasonable request.

 

(d)     Any
Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole Loan, previously
subject to an

 

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Appraisal
Reduction Amount, which has become a Corrected Loan (for such purposes taking into account any amendment or modification of such
Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable), and with respect to which no other
Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal Reduction Amount. Any Appraisal
Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in accordance with
and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)     Each
Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount with respect
to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount
in respect of a Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation
is specified in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion Loan (until its principal
balance is notionally reduced to zero by such Appraisal Reduction Amounts) and second, to the related AB Mortgage Loan. Any Appraisal
Reduction Amount in respect of any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor
Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related
Serviced Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan, based upon their respective Stated Principal
Balances.

 

Section 4.06     Grantor
Trust Reporting. (a) The parties intend that the portion of the Trust Fund constituting the Grantor Trust, shall constitute,
and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a “grantor trust” under
subpart E, part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, neither the Trustee nor the Certificate Administrator shall have the power to vary
the investment of the Holders of the Class NR Certificates in the Grantor Trust so as to improve their rate of return. The Certificate
Administrator shall prepare or cause to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute
and timely return to the Certificate Administrator) and timely file all Tax Returns in respect of the Grantor Trust. In addition,
the Certificate Administrator shall (A) file, or cause to be filed, Internal Revenue Service Form 1041 on Form 1099)
or such other form as may be applicable with the Internal Revenue Service with copies of the statements in the following clause
and (B) furnish, or cause to be furnished, to the Holders of the Class NR Certificates, their allocable share of income and
expense with respect to the Excess Interest and the Excess Interest Distribution Account, in the time or times and in the manner
required by the Code.

 

(b)     The
Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator will report as required under the WHFIT Regulations to
the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate
Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that DTC is the only “middleman”
as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen”
that are Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance with the terms of
this Agreement in the event that the Internal Revenue Service makes a determination that the first sentence of this paragraph
is incorrect. 

 

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(c)     The
Certificate Administrator shall report required WHFIT information using the accrual method, except to the extent the WHFIT Regulations
specifically require a different method. The Certificate Administrator shall be under no obligation to determine whether any Certificateholder
uses the cash or accrual method. The Certificate Administrator shall make available (via its website) WHFIT information to Certificateholders
annually. In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised
or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(d)     The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for
any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the
Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each Holder of a Class NR Certificate, by acceptance of its interest in such class of securities, will be deemed to have agreed
to provide the Certificate Administrator with information regarding any sale of such securities, including the price, amount of
proceeds and date of sale. Absent receipt of information regarding any sale of a Class NR Certificate, including the price, amount
of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there
is no secondary market trading of WHFIT interests.

 

(e)     To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate
website the CUSIP for the Class NR Certificates. The CUSIP so published will represent the Rule 144A CUSIP. The Certificate
Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent such CUSIP has been
received. Absent the receipt of such CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu of a
CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate
or untimely CUSIP information.

 

Section 4.07     Investor
Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a)  The Certificate
Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A Forum”
shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and beneficial
owners of Certificates that are Privileged Persons may submit questions to (A) the Certificate Administrator relating to
the Distribution Date Statement, (B) the Master Servicer or the Special Servicer, as applicable, relating to the reports
being made available pursuant to Section 3.13(b), the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or
the related Mortgaged Properties or (C) the Operating Advisor relating to the Operating Advisor Annual Report or other reports
prepared by the Operating Advisor or actions by the Special Servicer referenced in any Operating Advisor Annual Report (each an
“Inquiry” and collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries
that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Master
Servicer, the Special Servicer, Certificate Administrator or the Operating Advisor, as applicable, and in the case of any Inquiry
relating to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer,
as applicable, the Certificate Administrator shall forward the Inquiry to the appropriate person (in the case of the Master 

 

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Servicer
to the following: REAM_InvestorRelations@wellsfargo.com), in each case within a commercially reasonable period of time following
receipt thereof. Following receipt of an Inquiry, the Master Servicer, the Special Servicer, the Certificate Administrator or
the Operating Advisor, as applicable, unless such party determines not to answer such Inquiry as provided below, shall reply to
the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor, as applicable, shall be delivered
to the Certificate Administrator by electronic mail. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate
Administrator shall make reasonable efforts to obtain an answer from the related Non-Serviced Master Servicer or the related Non-Serviced
Special Servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of
such answer or any delay or failure to obtain such answer. The Certificate Administrator shall post (within a commercially reasonable
period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the
Certificate Administrator’s Website. If the Certificate Administrator, the Master Servicer, the Special Servicer or the
Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described
above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering
any Inquiry would be in violation of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Master Servicer,
the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, (v) answering any Inquiry would
require the disclosure of Privileged Information (subject to the Privileged Information Exception), or (vi) answering any
Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the Master
Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator of such determination.
In addition, no party shall post or otherwise disclose any direct communications with the Directing Certificateholder as part
of its response to any Inquiries. The Certificate Administrator shall notify the Person who submitted such Inquiry in the event
that the Inquiry will not be answered. Any notice by the Certificate Administrator to the Person who submitted an Inquiry that
will not be answered shall include the following statement: “Because the Pooling and Servicing Agreement provides that the
Master Servicer, the Special Servicer, the Certificate Administrator and the Operating Advisor shall not answer an Inquiry if
it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the
Pooling and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law or the applicable Mortgage Loan documents, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional costs or expenses to the Trustee, the
Master Servicer, the Special Servicer, the Certificate Administrator or Operating Advisor, as applicable, (v) answering any
Inquiry would require the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise, for any reason,
not advisable, no inference should or may be drawn from the fact that the Master Servicer, the Special Servicer, the Certificate
Administrator or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum
will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters
or any of their respective Affiliates. None of the Underwriters, Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor or any of their respective Affiliates will certify to any of the information

 

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posted
in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.
The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer
thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The
Investor Q&A Forum will not reflect questions, answers and other communications that are not submitted via the Certificate
Administrator’s Website. Notwithstanding the foregoing, the Operating Advisor shall not be required to respond to any Inquiries
from Certificateholders for which its response would require the Operating Advisor to provide information to such inquiring Certificateholders
that they are otherwise not entitled to receive under the terms of this Agreement.

 

(b)     The
Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged
Person, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the
Certificate Administrator’s Website, where Certificateholders and Certificate Owners that are Privileged Persons can
register and thereafter obtain information with respect to any other Certificateholder or Certificate Owner that has so
registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Certificate Owner and a Privileged Person and (b) it grants authorization to the Certificate
Administrator to make its name and contact information available on the Investor Registry for at least forty-five (45) days
from the date of such certification to persons entitled to access to the Investor Registry. Such Person shall then be asked
to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain
optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner
notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be
within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the
Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The
Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)     The
17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The
“Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any Distribution
Date Statements, or submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports prepared
by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency Inquiries
that have been previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the forum to
submit requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer for loan-level
reports and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special Servicer,
the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate person (in the case of the Master Servicer
to the following: RAInvRequests@wellsfargo.com), in each case within a commercially reasonable period of time following receipt
thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Master Servicer or the Special
Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as 

 

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provided
below, shall reply by email to the Certificate Administrator. The 17g-5 Information Provider shall post (within a
commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry with the related
response thereto (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. Any reports
posted by the 17g-5 Information Provider in response to an inquiry may be posted on a separate website or web page accessible
by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Master Servicer or the
Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry would be in
violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents, (ii) answering any
Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege with, or the
disclosure of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the
duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the
Special Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as
applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate
Administrator) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its
duties in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable, under this
Agreement, it shall not be required to answer such Rating Agency Inquiry and shall promptly notify the 17g-5 Information
Provider by email of such determination. The 17g-5 Information Provider shall promptly thereafter post the Rating Agency
Inquiry with the reason it was not answered to the Rating Agency Q&A Forum and Document Request Tool. The 17g-5
Information Provider will not be liable for the failure by any other such Person to so answer. Questions posted on the Rating
Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on the Rating
Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be
answers from any other person. None of the Underwriters, the Depositor, or any of their respective Affiliates will certify to
any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall have any
responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to
post to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and
Document Request Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5
Information Provider’s Website.

 

Section 4.08     Secure
Data Room.  (a)     On or before June 1, 2016, the Certificate Administrator shall create a
Secure Data Room. Upon written notice from the Certificate Administrator that the Secure Data Room has been created, the Depositor
shall deliver to the Certificate Administrator an electronic copy of the Diligence Files for the Mortgage Loans that have been
uploaded by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly
upload the contents of each Diligence File actually received by it to the Secure Data Room. Provided that the Certificate Administrator
has received the Diligence File Certification from each Mortgage Loan Seller pursuant to Section 2.01(h), access to
the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any
other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt
by the Certificate Administrator of a certification substantially in the form of Exhibit RR 

 

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hereto
(which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate Administrator’s
website). In no case whatsoever shall Certificateholders be permitted to access the Secure Data Room. For the avoidance of doubt,
the Certificate Administrator shall be under no obligation to post any documents or information to the Secure Data Room other
than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)     The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the
type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to
the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the
Secure Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such
document or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical
or electronic copies of any document or information provided to it for posting to the Secure Data Room. The Certificate Administrator
shall not be responsible or held liable for any other Person’s use or dissemination of the documents or information contained
on the Secure Data Room; provided that such event or occurrence is not also a result of its own negligence, bad faith or
willful misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan
basis and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its
duties and responsibilities under this Agreement.

 

(c)     Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the
Depositor or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable
as part of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the
Certificate Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full,
liquidated, repurchased or otherwise removed from the Trust, the Master Servicer or the Special Servicer, as applicable, may direct
the Certificate Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room;
provided that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File
from the Secure Data Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate Administrator
shall be permitted to delete all files from the Secure Data Room. Upon deletion, in no event shall the Certificate Administrator
be obligated to reproduce or retrieve such deleted files.

 

[End
of Article IV]

 

 

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Article V

THE CERTIFICATES

 

Section 5.01     The
Certificates. (a)  The Certificates will be substantially in the respective forms annexed hereto as Exhibits A-1
through and including A-24, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate
or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith, be
determined by the officers executing such Certificates, as evidenced by their execution thereof. The Class X Certificates
will be issuable only in minimum Denominations of authorized initial Notional Amount of not less than $1,000,000 and in integral
multiples of $1.00 in excess thereof. The Offered Certificates (other than the Class X-A Certificates, Class X-B Certificates,
Class X-C Certificates and Class X-D Certificates) will be issuable only in minimum Denominations of authorized initial Certificate
Balance of not less than $10,000, and in integral multiples of $1.00 in excess thereof. The Non-Registered Certificates (other
than the Class X-E and Class R) will be issuable in minimum Denominations of authorized initial Certificate Balance of not less
than $100,000, and in integral multiples of $1.00 in excess thereof. If the Original Certificate Balance or initial Notional Amount,
as applicable, of any Class does not equal an integral multiple of $1.00, then a single additional Certificate of such Class may
be issued in a minimum denomination of authorized initial Certificate Balance or initial Notional Amount, as applicable, that
includes the excess of (i) the Original Certificate Balance or initial Notional Amount, as applicable, of such Class over
(ii) the largest integral multiple of $1.00 that does not exceed such amount. The Class R Certificates shall be issued, maintained
and transferred in minimum percentage interests of 10% of such Class R Certificates and in integral multiples of 1% in excess
thereof.

 

(b)     One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02     Form
and Registration. No transfer of any Non-Registered Certificate shall be made unless that transfer is made pursuant to an
effective registration statement under the Securities Act, and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such registration or qualification. If a transfer (other than
one by the Depositor to an Affiliate thereof or by the Initial Purchasers to BlackRock Realty Advisors, Inc. as agent for its
managed account) is to be made in reliance upon an exemption from the Securities Act, and under the applicable state securities
laws, then either:

 

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(a)     Each
Class of the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore Transactions
in reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate in definitive,
fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers
of the Non-Registered Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian,
for the Depository, and registered in the name of the Depository or the nominee of the Depository for the account of designated
agents holding on behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period commencing on the later
of the commencement of the offering and the Closing Date (the “Restricted Period”), beneficial interests in
each Temporary Regulation S Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration
of the Restricted Period, a beneficial interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an
interest in the related Regulation S Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance
with the procedures set forth in Section 5.03(f). During the Restricted Period, distributions due in respect of a
beneficial interest in a Temporary Regulation S Book-Entry Certificate shall only be made upon delivery to the Certificate
Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of
the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Book-Entry Certificate
shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S
Book-Entry Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S
Book-Entry Certificate or a Regulation S Book-Entry Certificate may from time to time be increased or decreased by adjustments
made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by
the Certificate Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National
Association is hereby initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the
authentication and delivery of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo
Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated
as Authenticating Agent. If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent,
which may be the Trustee or an Affiliate thereof.

 

(b)     Certificates
of each Class of Non-Registered Certificates offered and sold to Qualified Institutional Buyers in reliance on Rule 144A
under the Act (“Rule 144A”) shall be represented by Rule 144A Book-Entry Certificates, which shall
be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered
in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Book-Entry
Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as
custodian for the Depository, as hereinafter provided. 

 

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(c)     Certificates
of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional Accredited
Investors that are not Qualified Institutional Buyers (the “Non-Book Entry Certificates”) shall be in the form
of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the
name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry
Certificates to the respective beneficial owners or owners. For the avoidance of doubt, the Class R Certificates shall only be
in the form of Definitive Certificates.

 

(d)     Owners
of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates of such Class or
ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within
ninety (90) days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding
to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding
it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Non-Registered Certificates be issued to beneficial owners of a
Temporary Regulation S Book-Entry Certificate. Upon notice of the occurrence of any of the events described in clause (i)
or (ii) above with respect to any Certificates of a Class that are in the form of Book-Entry Certificates and upon
surrender by the Depository of any Book-Entry Certificate of such Class and receipt from the Depository of instructions for re-registration,
the Certificate Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case
of a Definitive Certificate issued for a Rule 144A Book-Entry Certificate, the same legends regarding transfer restrictions
borne by such Book-Entry Certificate), and thereafter the Certificate Registrar shall recognize the Holders of such Definitive
Certificates as Certificateholders under this Agreement. Unless and until Definitive Certificates are issued in respect of a Class
of Book-Entry Certificates, beneficial ownership interests in such Class of Certificates will be maintained and transferred on
the book entry records of the Depository and Depository Participants, and all references to actions by Holders of such Class of
Certificates will refer to action taken by the Depository upon instructions received from the related registered Holders of Certificates
through the Depository Participants in accordance with the Depository’s procedures and, except as otherwise set forth herein,
all references herein to payments, notices, reports and statements to Holders of such Class of Certificates will refer to payments,
notices, reports and statements to the Depository or its nominee as the registered Holder thereof, for distribution to the related
registered Holders of Certificates through the Depository Participants in accordance with the Depository’s procedures.

 

Section 5.03     Registration
of Transfer and Exchange of Certificates. (a)  The Certificate Administrator shall keep or cause to be kept at the
Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations
as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and exchanges
of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).
In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate
Register and a record of the

 

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aggregate
holdings of Certificates of each Class of Non-Registered Certificates represented by a Temporary Regulation S Book-Entry
Certificate, a Regulation S Book-Entry Certificate and a Rule 144A Book-Entry Certificate and accepting Certificates
for exchange and registration of transfer and (ii) transmitting to the Depositor, the Master Servicer and the Special Servicer
any notices from the Certificateholders.

 

(b)     Subject
to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)     Rule 144A
Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the
Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time
during the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the Temporary
Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry
Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange
of such interest for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate. Upon receipt
by the Certificate Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) instructions
given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to
credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount
equal to the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given
in accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to
be credited with such increase and the name of such account and (3) a certificate in the form of Exhibit I hereto
given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the
transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S, then
the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A
Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry
Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry Certificate to be
exchanged, to credit or cause to be credited to the account of the Person specified in such instructions (who shall be the agent
member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Book-Entry Certificate equal
to the reduction in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited,
from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate
that is being exchanged or transferred.

 

(d)     Rule 144A
Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule 144A
Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time following the
Restricted Period to exchange its interest in such

 

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Rule 144A Book-Entry Certificate for an interest in the Regulation S
Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate to a Person
who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry Certificate, such holder
may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent
beneficial interest in such Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest
in the Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit J
hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in
compliance with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S,
or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest
in the Regulation S
Book-Entry Certificate, without any registration of such Certificates under the Act (in which case such certificate shall enclose
an Opinion of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate
Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry
Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S Book-Entry Certificate
by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged,
to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Regulation S
Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to
debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the
Rule 144A Book-Entry Certificate that is being exchanged or transferred.

 

(e)     Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry
Certificate of the same Class, or to transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry
Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository,
exchange or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Book-Entry Certificate
of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07
hereof, of (1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar,
as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the
beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be
exchanged, such instructions to contain information regarding the 

 

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participant account with the Depository to be credited with
such increase, (2) with respect to a transfer of an interest in the Regulation S Book-Entry Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of
an interest in the Temporary Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate
(i) during the Restricted Period, a certificate in the form of Exhibit K hereto given by the holder of such beneficial
interest and stating that the Person transferring such interest in the Temporary Regulation S Book-Entry Certificate reasonably
believes that the Person acquiring such interest in the Rule 144A Book-Entry Certificate is a Qualified Institutional Buyer
or (ii) after the Restricted Period, an Investment Representation Letter in the form of Exhibit C attached hereto
from the transferee to the effect that such transferee is a Qualified Institutional Buyer (an “Investment Representation
Letter”) and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then
the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to increase, or cause to be increased,
the Certificate Balance of the Rule 144A Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest
in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be
exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause
to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Book-Entry
Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate and to debit, or cause to be debited, from the account of the Person making such transfer the beneficial
interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)       Temporary
Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation S
Book-Entry Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a
certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream,
as applicable, has received a certificate substantially in the form of Exhibit L hereto from the holder of a beneficial
interest in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests
in the Regulation S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering
to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry
Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry Certificate
initially exchanged for interests in the Regulation S Book-Entry Certificate. The delivery to the Certificate Registrar by
Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate
Registrar as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear
or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Book-Entry Certificate. Upon any exchange
of interests in the Temporary Regulation S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate,
the Certificate Registrar shall endorse the Temporary Regulation S Book-Entry Certificate to reflect the reduction in the
Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Book-Entry Certificate
to reflect the corresponding increase in the amount represented thereby. Until so exchanged in full and except as provided therein,
the Temporary Regulation S Book-Entry Certificate, and the Certificates evidenced thereby, shall in all respects be entitled
to the same 

 

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benefits
under this Agreement as the Regulation S Book-Entry Certificate and Rule 144A Book-Entry Certificate authenticated and
delivered hereunder.

 

(g)      Non-Book
Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than a Class R Certificate)
wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of
the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in a Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream,
if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial
interest in the appropriate Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided
herein, (2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited,
a beneficial interest in the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book
Entry Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit M
hereto (in the event that the applicable Book-Entry Certificate is the Temporary Regulation S Book-Entry Certificate),
in the form of Exhibit N hereto (in the event that the applicable Book-Entry Certificate is the Regulation S
Book-Entry Certificate) or in the form of Exhibit O hereto (in the event that the applicable Book-Entry Certificate
is the Rule 144A Book-Entry Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled,
all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and deliver to the transferor a new
Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct
the Depository to increase, or cause to be increased, such Book-Entry Certificate by the aggregate Certificate Balance of the
portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the Person
specified in such instructions a beneficial interest in the applicable Book-Entry Certificate equal to the Certificate Balance
of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction of the Depositor (which may be by email
to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall execute any instrument as may be reasonably
required by the Depository to effect such exchange.

 

(h)     Non-Book
Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by
Section 5.02(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A
Book-Entry Certificate, Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate or to a
transferee of a Non-Book Entry Certificate (or any portion thereof).

 

(i)     Other
Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates may be
exchanged only in accordance with such procedures as are substantially consistent with the provisions of subsections (c)
through (f) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A
or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar. 

 

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(j)     Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S) shall be limited to
transfers made pursuant to the provisions of subsection (e) above.

 

(k)     If
Non-Registered Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.

 

(l)     All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)     With
respect to the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial transfer
to the Initial Purchasers) of any such Certificate shall be made unless the Trustee and Certificate Administrator shall have received
either (i) a representation letter from the proposed purchaser or transferee of such Certificate substantially in the form
of Exhibit F-1 attached hereto, to the effect that such proposed purchaser or transferee is not (A) an employee
benefit plan subject to the fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the Code, or
a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA) for
which no election has been made under Section 410(d) of the Code or any other plan subject to any federal, state or local
law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code
(each, a “Plan”) or (B) a person acting on behalf of or using the assets of any such Plan (including an
entity whose underlying assets include Plan assets by reason of investment in the entity by such Plan and the application of Department
of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an insurance company using
the assets of its general account under circumstances whereby the purchase and holding of such Certificates by such insurance
company would be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of Prohibited
Transaction Class Exemption 95-60 (or, in the case of a Plan subject to Similar Law, would not result in a non-exempt violation
of Similar Law) or (ii) if such Certificate which may be held only by a person not described in clauses (A) or
(B) above, is presented for registration in the name of a purchaser or transferee that is any of the foregoing, an Opinion
of Counsel in form and substance satisfactory to the Trustee, the Certificate Administrator and the Depositor to the effect that
the acquisition and holding of such Certificate by such purchaser or transferee will not constitute or result in a non-exempt
“prohibited transaction” within the meaning of ERISA, Section 4975 of the Code or a non-exempt violation of any
Similar Law, and will not subject the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Initial
Purchasers, the Underwriters, the Operating Advisor or the Depositor to any obligation or liability (including obligations or
liabilities under ERISA, Section 4975 of the Code or any such 

 

    	-299-

    	 

    

 

Similar
Law) in addition to those set forth in the Agreement. The Trustee and Certificate Administrator shall not register the sale, transfer,
pledge or other disposition of any ERISA Restricted Certificate unless the Trustee and Certificate Administrator have received
either the representation letter described in clause (i) above or the Opinion of Counsel described in clause (ii)
above. The costs of any of the foregoing representation letters or Opinions of Counsel shall not be borne by any of the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Initial Purchasers, the Underwriters,
the Operating Advisor or the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed to represent that
it is not a Person specified in clauses (i)(A) or (i)(B) above. Any transfer, sale, pledge or other disposition
of any ERISA Restricted Certificates that would constitute or result in a prohibited transaction under ERISA, Section 4975
of the Code or any Similar Law, or would otherwise violate the provisions of this Section 5.03(m) shall be deemed
absolutely null and void ab initio, to the extent permitted under applicable law.

 

(n)     No
Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be a Plan,
or any person acting on behalf of a Plan or using the assets of a Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation §
2510.3-101, as modified by Section 3(42) of ERISA) to purchase such Class R Certificate. Each prospective transferee of
a Class R Certificate shall deliver to the transferor and the Certificate Administrator a representation letter,
substantially in the form of Exhibit F-2, stating that the prospective transferee is not a Plan or a person
acting on behalf of or using the assets of a Plan. Any attempted or purported transfer in violation of these transfer
restrictions shall be null and void ab initio and shall vest no rights in any purported transferee and shall not
relieve the transferor of any obligations with respect to the applicable Certificates.

 

Each
Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:

 

(i)           Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in
the first sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who is acting
as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately
preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership
Interest as soon and as fully as possible.

 

(ii)          No
Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and
such proposed Transfer shall not be effective, without such consent with respect thereto. In

 

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connection
with any proposed Transfer of any Residual Ownership Interest, the Certificate Registrar shall, as a condition to such consent,
(x) require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar and
to the proposed transferor, an affidavit in substantially the form attached as Exhibit D-1 (a “Transferee
Affidavit”) of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating
that (1) the proposed transferee historically has paid its debts as they have come due and intends to do so in the future,
(2) the proposed transferee understands that, as the holder of a Residual Ownership Interest, it may incur liabilities in
excess of cash flows generated by the residual interest, (3) the proposed transferee intends to pay taxes associated with
holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not cause income with respect
to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base, within the meaning of
an applicable income tax treaty, of such proposed transferee or any other U.S. Tax Person, (5) the proposed transferee will
not transfer the Residual Ownership Interest to any Person that does not
provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted
Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee,
and (6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.03(n)
and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed
transferor substantially in the form attached as Exhibit D-2 (the
“Transferor Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is
not a Permitted Transferee and has no actual knowledge or reason to know that the proposed transferee’s statements therein
are false.

 

(iii)         Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer
of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such
proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
however, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to
any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention
of the foregoing restrictions, and in any event not later than sixty (60) days after a request for information from the transferor
of such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue Service
and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e)
of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor
or to such agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing
such information.

 

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(o)     The
Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(p)     Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding,
and the Certificateholders shall be required to provide the Certificate Administrator with such forms and such other information
reasonably required by the Certificate Administrator. If the Certificate Administrator does withhold any amount from interest
or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements,
the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed
to such Persons for all purposes of this Agreement.

 

 

Section 5.04     Mutilated,
Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required by it
to save it harmless, then, in the absence of actual notice to the Certificate Registrar that such Certificate has been
acquired by a bona fide purchaser, the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust.
In connection with the issuance of any new Certificate under this Section 5.04, the Certificate Registrar may
require the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.04 shall constitute complete
and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

 

Section 5.05     Persons
Deemed Owners. The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate Registrar,
and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and neither the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent of
any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a party
to this Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders
has been provided an Investor Certification, such party to this Agreement shall distribute such report, statement or other information
to such beneficial owner (or prospective transferee).

 

Section 5.06     Access
to List of Certificateholders’ Names and Addresses; Special Notices. (a) The Certificate Registrar shall maintain
in as current form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders.
If any Certificateholder that has provided an Investor Certification (i) requests in writing from the Certificate Registrar
a list of the names and addresses of 

 

    	-302-

    	 

    

 

Certificateholders,
(ii) states that such Certificateholder desires to communicate with other Certificateholders with respect to its rights under
this Agreement or under the Certificates and (iii) provides a copy of the communication which Certificateholder proposes
to transmit, then the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such
Certificateholder (at such Certificateholder’s sole cost and expense) access during normal business hours to a current list
of the Certificateholders related to the Class of Certificates held by such Certificateholder. Every Certificateholder, by receiving
and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure of
any such information as to the list of the Certificateholders hereunder, regardless of the source from which information was derived.
The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Depositor
shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

(b)     (i)  The
Certificate Administrator shall include in any Form 10-D any written request received in accordance with Section 11.04(a)
prior to the Distribution Date to

which
the Form 10-D relates (and on or after the Distribution Date preceding such Distribution Date) from a Certificateholder or
Certificate Owner to communicate with other Certificateholders or Certificate Owners related to Certificateholders or
Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing such disclosure (a
“Special Notice”) regarding the request to communicate shall include the following and no more than the
following (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request
was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in
communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this
Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to contact the
requesting Certificateholder or Certificate Owner.

 

(ii)          In
verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) another document confirming
ownership of such Certificate (e.g., trade confirmation, account statement, or a letter from a broker-dealer). The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any expenses the Certificate Administrator
incurs in connection with any request to communicate shall be paid by the Trust.

 

Section 5.07     Maintenance
of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency or
agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar initially
designates its office at Sixth Street and Marquette Avenue, 

 

    	-303-

    	 

    

 

Minneapolis,
Minnesota 55479-0113 as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders
and the Mortgagors of any change in the location of the Certificate Register or any such office or agency.

 

Section 5.08     Appointment
of Certificate Administrator. (a)  Wells Fargo Bank, National Association, is hereby initially appointed Certificate
Administrator in accordance with the terms of this Agreement. If the Certificate Administrator resigns or is terminated, the Trustee
shall appoint a successor certificate administrator which may be the Trustee or an Affiliate thereof to fulfill the obligations
of the Certificate Administrator hereunder which must satisfy the eligibility requirements set forth in Section 8.06.

 

(b)     The
Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s
Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, Appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties.

 

(c)     The
Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses of
the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and
the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)     The
Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)     The
Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall not
relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)     The
Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the Special Servicer
or the Depositor.

 

Section 5.09     [Reserved].

 

Section 5.10     Voting
Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator shall administer
such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders by mail with respect
to Definitive Certificates. In each case, such vote shall be administered in accordance with the following procedures, unless
different procedures are otherwise described herein with respect to a specific vote:

 

(a)     Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which 

 

    	-304-

    	 

    

 

shall
be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice and related
ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders of Definitive
Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices
delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice
and ballot.

 

(b)     In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking
into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and
shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)     The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be
counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of
the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition
and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)     Any
and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)     If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
the Certificate Administrator will conduct the requested vote in accordance with these

 

    	-305-

    	 

    

 

 procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

[End
of Article V]

 

Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, THE ASSET REPRESENTATIONS REVIEWER AND THE DIRECTING
CERTIFICATEHOLDER

 

Section 6.01     Representations,
Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer.
(a)  The Master Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and

the
benefit of the Certificateholders, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Special
Servicer, the Asset Representations Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)           The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and

the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

 

(iii)         The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding
in equity or at law;

 

 

    	-306-

    	 

    

 

(v)          The
Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Master Servicer to
perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vi)         No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this Agreement;

 

(vii)        The
Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)       No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court
is required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance
by the Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated
hereby, other than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or
notices as have been obtained, made or given prior to the actual performance by the Master Servicer of its obligations under
this Agreement or (B) where the lack of such consent, approval, authorization, order, qualification, registration,
filing or notice would not have a material adverse effect on the performance by the Master Servicer under this
Agreement.

 

(b)     The
Special Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)           The
Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States, and the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents, (B) constitute a
default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect 

 

    	-307-

    	 

    

 

either the ability of the Special Servicer
to perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding
in equity or at law;

 

(v)          The
Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any
order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Special Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability
of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special
Servicer;

 

(vi)         No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer, which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations under this
Agreement;

 

(vii)        The
Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect to such
risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)       The
Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer and the Special Servicer,
as of the Closing Date, that: 

 

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(i)            The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Delaware, and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor
or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability
of the Operating Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(v)          The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any
order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating
Advisor’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(vi)         The
Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof;

 

(vii)        No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and

 

 

    	-309-

    	 

    

 

(viii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this Agreement
or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor of
its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the
Operating Advisor to perform its obligations hereunder.

 

(d)      The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)           The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under
the laws of the State of Delaware, and the Asset Representations Reviewer is in compliance with the laws of each State in
which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default)
under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable
to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be performed
by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

 

    	-310-

    	 

    

 

(v)          The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)         No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset
Representations Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement
or, in the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely
affect the ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)      The
Asset Representations Reviewer has errors and omissions coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)     No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(ix)        The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(e)     The
representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery of this Agreement.
Upon receipt of written notice or actual knowledge by any party to this Agreement (or upon written notice thereof from any Certificateholder
or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section which materially and
adversely affects the interests of any party to this Agreement, the Certificateholders, the party discovering such breach shall
give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder.

 

Section 6.02     Liability
of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer.
The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer shall be
liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken by, and
no implied duties or obligations may be 

 

    	-311-

    	 

    

 

asserted
against, the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer
herein.

 

Section 6.03     Merger,
Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations
Reviewer. (a)  Subject to subsection (b) below, the Depositor, the Master Servicer and the Special Servicer
each will keep in full effect its existence, rights and franchises as an entity under the laws of the jurisdiction of its incorporation
or organization, and each will obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in
which qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or
any of the Mortgage Loans or Companion Loans and to perform its respective duties under this Agreement.

 

(b)     The
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each may be
merged or consolidated with or into any Person, or transfer all or substantially all of its assets (which may be limited to all
or substantially all of its assets related to commercial mortgage loan servicing or commercial mortgage surveillance, as the case
may be) to any Person, in which case any Person resulting from any merger or consolidation to which the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer shall be a party, or any Person succeeding
to the business of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations
Reviewer, shall be the successor of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset
Representations Reviewer (such Person, in the case of the Master Servicer or the Special Servicer, in each of the foregoing cases,
the “Surviving Entity”), as the case may be, hereunder, without the execution or filing of any paper (other
than an assumption agreement wherein the successor shall agree to perform the obligations of and serve as the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer, as the case may be, in accordance
with the terms of this Agreement) or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that with respect to such merger, consolidation or succession, Rating Agency
Confirmation is received from each Rating Agency with respect to the Classes of Certificates and, with respect to any class of
Serviced Companion Loan Securities, a confirmation is received from each applicable rating agency that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates as described in Section 3.25); provided, further, that if the Master Servicer, the Special
Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor,
as applicable, is the surviving entity under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor,
as applicable, shall not, as a result of the merger, be required to provide a Rating Agency Confirmation with respect to ratings
of the Classes of Certificates or, with respect to any class of Serviced Companion Loan Securities, a confirmation of the rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings; provided,
further, that for so long as the Trust, and, with respect to any Companion Loan included as part of the trust in a related
Other Securitization, is subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer
or the Operating Advisor notifies the

 

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Depositor in writing (a “Merger Notice”) of any such merger, consolidation,
conversion or other change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor
in such Other Securitization, as the case may be, has discovered that such successor entity has not complied with its Exchange
Act reporting obligations under any other commercial mortgage loan securitization (and specifically identifying the instance of
noncompliance), then it shall be an additional condition to such succession that the Depositor or the depositor in such Other
Securitization, as the case may be, shall have consented (which consent shall not be unreasonably withheld or delayed) to such
successor entity. Notwithstanding the foregoing, no Master Servicer, Special Servicer or Operating
Advisor may remain the Master Servicer, Special Servicer or Operating Advisor, as applicable, under this Agreement after (x) being
merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or substantially all of
its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master Servicer, the Special
Servicer or Operating Advisor, as applicable, is the surviving entity of such merger, consolidation or transfer and has been and
continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such
merger, consolidation or transfer, which consent shall not be unreasonably withheld. If, within sixty (60) days following the
date of delivery of the Merger Notice to the Depositor or the depositor in such Other Securitization, as the case may be, the
Depositor or depositor in such Other Securitization, as the case may be, shall have failed to notify the Master Servicer or the
Special Servicer, as applicable, in writing of the Depositor’s determination, or depositor’s determination, in the
case of an Other Securitization, to grant or withhold such consent, such failure shall be deemed to constitute a grant of such
consent. If the conditions to the provisions in the second preceding sentence are not met, the Trustee may terminate, and if the
conditions set forth in the third proviso of the second preceding sentence are not met the Trustee shall terminate, the applicable
Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such termination to be effected in the manner set forth
in Section 13.01.

 

(i)          The
Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction
of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties
under this Agreement.

 

(ii)         Any
Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any merger or
consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the Asset
Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to have
assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

  Section 6.04     Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and Others. (a)  None of the Depositor, the Master Servicer (including in its capacity as Companion Paying 

 

    	-313-

    	 

    

 

Agent),
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any breach of warranties
or representations made by it herein or any liability which would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of such party’s obligations or duties or by reason of negligent disregard of such
party’s obligations and duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer, shareholder,
member, manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent),
the Special Servicer, the Operating Advisor or the Asset Representations Reviewer may rely on any document of any kind which,
prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and any partner, director, officer, shareholder, member, manager, employee or agent of any of the foregoing
shall be indemnified and held harmless by the Trust against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with any legal
or administrative action (whether in equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion
Loans or the Certificates, other than any loss, liability or expense: (i) specifically required to be borne thereby pursuant
to the terms hereof; (ii) incurred in connection with any breach of a representation or warranty made by it herein; (iii) incurred
by reason of bad faith, willful misconduct or negligence in the performance of its obligations or duties hereunder, or by reason
of negligent disregard of such obligations or duties; or (iv) in the case of the Depositor and any of its partners, directors,
officers, shareholders, members, managers, employees and agents, incurred in connection with any violation by any of them of any
state or federal securities law. In addition, absent actual fraud (as determined by a final non-appealable court order), neither
the Trustee nor the Certificate Administrator shall be liable for special, punitive, indirect or consequential loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee or the Certificate Administrator has been
advised of the likelihood of such loss or damage and regardless of the form of action. Each of the Master Servicer (including
in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
conclusively may rely on, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial
statement, agreement, appraisal, bond or other document (in electronic or paper format) as contemplated by and in accordance with
this Agreement and reasonably believed or in good faith believed by the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Operating Advisor or the Asset Representations Reviewer to be genuine and to have been
signed or presented by the proper party or parties and each of them may consult with counsel, in which case any written advice
of counsel or Opinion of Counsel shall be full and 

 

    	-314-

    	 

    

  

complete authorization and protection with
respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion
of Counsel.

 

(b)     None
of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any legal or administrative
action (whether in equity or at law), proceeding, hearing or examination that is not incidental to its respective duties under
this Agreement or which in its opinion may involve it in any expense or liability not recoverable from the Trust; provided,
however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer may in its discretion undertake any such action, proceeding, hearing or examination that it may deem necessary or desirable
in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders (and,
in the case of any Serviced Whole Loan, the rights of the Certificateholders and the holders of a Serviced Companion Loan (as
a collective whole) taking into account the subordinate or pari passu nature of such Serviced Companion Loan); provided,
however, that if a Serviced Whole Loan and/or the holder of any related Companion Loan are involved, such expenses, costs
and liabilities will be payable out of funds related to the applicable Serviced Whole Loan in accordance with the related Intercreditor
Agreement and will also be payable out of the other funds in the Collection Account if amounts on deposit with respect to such
Serviced Whole Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan or Companion
Loan, then any subsequent recovery on that Mortgage Loan or Companion Loan, as applicable, will be used to reimburse the Trust
for any amounts advanced for the payment of such expenses, costs or liabilities. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust, and the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Operating Advisor and the Asset Representations Reviewer shall be entitled to be reimbursed therefor out of amounts attributable
to the Mortgage Loans or the Companion Loan on deposit in the Collection Account (including, without duplication, any subaccount
thereof), as provided by Section 3.05(a)(xii).

 

(c)     Each
of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the related Serviced
Companion Noteholder, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
(including in its capacity as Companion Paying Agent) (in the case of the Special Servicer), the Special Servicer (in the case
of the Master Servicer) and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as
a result of any willful misconduct, bad faith or negligence of the Master Servicer or the Special Servicer, as the case may be,
in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Master Servicer
or the Special Servicer, as the case may be, of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein by the Master Servicer or the Special Servicer, as applicable. The Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor or the Asset Representations Reviewer, as the case may be, shall immediately notify the Master
Servicer or the Special Servicer, as applicable, 

 

    	-315-

    	 

    

if
a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder,
whereupon the Master Servicer or the Special Servicer, as the case may be, shall assume the defense of such claim (with counsel
reasonably satisfactory to the Trustee, the Certificate Administrator or the Depositor) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them
in respect of such claim. Any failure to so notify the Master Servicer or the Special Servicer, as the case may be, shall not
affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Master
Servicer’s or the Special Servicer’s, as the case may be, defense of such claim is materially prejudiced thereby.

 

(d)     Each
of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify the
Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Certificate
Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating
Advisor, the Asset Representations Reviewer and the Trust and any partner, director, officer, shareholder, member, manager
employee or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that any
of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Trustee or the
Certificate Administrator, respectively, in the performance of its obligations and duties under this Agreement or by reason
of negligent disregard by the Trustee or the Certificate Administrator, respectively, of its duties and obligations hereunder
or by reason of breach of any representations or warranties made herein; provided that such indemnity shall not cover
indirect or consequential damages. The Depositor, the Master Servicer, the Special Servicer, the Asset Representations
Reviewer or the Operating Advisor, as the case may be, shall immediately notify the Trustee and the Certificate
Administrator, respectively, if a claim is made by a third party with respect to this Agreement or the Mortgage Loans
entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate Administrator shall assume the
defense of such claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer (including in its capacity
as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor) and pay all
expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Trustee or the Certificate
Administrator shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or
otherwise, unless the Trustee’s or the Certificate Administrator’s defense of such claim is materially prejudiced
thereby.

 

(e)     The
Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence
of the Depositor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by
the Depositor of its duties and obligations

 

    	-316-

    	 

    

 

hereunder or by reason of breach of any representations or warranties made herein;
provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall
immediately notify the Depositor if a claim is made by a third party with respect to this Agreement, whereupon the Depositor shall
assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion
Paying Agent) or the Special Servicer) and pay all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to
so notify the Depositor shall not affect any rights any of the foregoing Persons may have
to indemnification under this Agreement or otherwise, unless the Depositor’s defense of such claim is materially prejudiced
thereby.

 

(f)     The
Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust and any
partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other
costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad
faith or negligence of the Operating Advisor, in the performance of its obligations and duties under this Agreement or by
reason of negligent disregard by the Operating Advisor of its duties and obligations hereunder or by reason of breach of any
representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer or the Depositor, as the case may be, shall immediately notify the Operating Advisor if a claim is made by a third
party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the
Operating Advisor shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer
(including in its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the
Asset Representations Reviewer or the Depositor) and pay all expenses in connection therewith, including counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them in respect of such claim.
Any failure to so notify the Operating Advisor shall not affect any rights any of the foregoing Persons may have to
indemnification under this Agreement or otherwise, unless the Operating Advisor’s defense of such claim is materially
prejudiced thereby.

 

(g)     Neither
the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees
or agents of the Operating Advisor shall be under any liability to any Certificateholder for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Operating Advisor against any liability which would otherwise be imposed by reason of
willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations and
duties hereunder.

 

 

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(h)     The
Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent),
the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence
of the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be,
shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect to this Agreement
or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer shall assume
the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay
all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which
may be entered against it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall
not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset
Representations Reviewer’s defense of such claim is materially prejudiced thereby.

 

(i)     The
applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator, Non-Serviced Operating
Advisor, Non-Serviced Asset Representations Reviewer, Non-Serviced Depositor and Non-Serviced Trustee, and any of their respective
partners, directors, officers, shareholders, members, managers, employees or agents and the applicable Non-Serviced Trust (collectively,
the “Non-Serviced Indemnified Parties”), shall be indemnified by the Trust and held harmless against the Trust’s
pro rata share (subject to the applicable Non-Serviced Intercreditor Agreement) of any and all claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection
with the servicing and administration of a Non-Serviced Mortgage Loan and the related Non-Serviced Mortgaged Property (or with
respect to the Non-Serviced Operating Advisor and/or Non-Serviced Asset Representations Reviewer, incurred in connection with
the provision of services for such Non-Serviced Mortgage Loan) under the applicable Non-Serviced PSA (as and to the same extent
the applicable Non-Serviced Trust is required to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced
Trust pursuant to the terms of the related Non-Serviced PSA).

 

The
indemnification provided herein shall survive the termination of this Agreement and the termination or resignation of the Master
Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor.

 

 

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 Section 6.05     Depositor,
Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.03, neither the Master
Servicer nor the Special Servicer shall resign from their respective obligations and duties hereby imposed on each of them except
upon (a) determination that such party’s duties hereunder are no longer permissible under applicable law or (b) in
the case of the Master Servicer or the Special Servicer, upon the appointment of, and the acceptance of such appointment by, a
successor master servicer or special servicer, as applicable, and receipt by the Certificate Administrator and the Trustee of
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such determination
permitting the resignation of the Master Servicer or the Special Servicer pursuant to clause (a) above shall be evidenced
by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee and (prior to the occurrence
of a Consultation Termination Event) the Directing Certificateholder. No such resignation by the Master Servicer or the Special
Servicer shall become effective until the Trustee or a successor master servicer or successor special servicer, as applicable,
shall have assumed the Master Servicer’s or Special Servicer’s, as applicable, responsibilities and obligations in
accordance with Section 7.02 and no such resignation by the Master Servicer or the Special Servicer shall become effective
until the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any
other Form 8-K filings have been completed with respect to any related Companion Loan. Upon any termination (as described in Section 7.01(c))
or resignation of the Master Servicer or the Special Servicer, pursuant to this Section 6.05, the Master Servicer
or the Special Servicer, as applicable, shall have the right and opportunity to appoint any successor master servicer or special
servicer with respect to this Section 6.05; provided that, such successor master servicer or special servicer
shall not be the Asset Representations Reviewer, the Operating Advisor or one of their respective Affiliates and (prior to the
occurrence and continuance of a Control Termination Event) such successor special servicer is approved by the Directing Certificateholder,
such approval not to be unreasonably withheld. The resigning party shall pay all costs and expenses (including costs and expenses
incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.05.
Except as provided in Section 7.01(c), in no event shall the Master Servicer or the Special Servicer have the right
to appoint any successor master servicer or special servicer if such Master Servicer or Special Servicer, as applicable, is terminated
or removed pursuant to Section 7.01.

 

Section 6.06     Rights
of the Depositor in Respect of the Master Servicer and the Special Servicer. The Depositor may, but is not obligated to, enforce
the obligations of the Master Servicer and the Special Servicer hereunder and may, but is not obligated to, perform, or cause
a designee to perform, any defaulted obligation of the Master Servicer and the Special Servicer hereunder or exercise the rights
of the Master Servicer or Special Servicer, as applicable, hereunder; provided, however, that the Master Servicer
and the Special Servicer shall not be relieved of any of their respective obligations hereunder by virtue of such performance
by the Depositor or its designee. The Depositor shall not have any responsibility or liability for any action or failure to act
by the Master Servicer or the Special Servicer and is not obligated to

 

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supervise
the performance of the Trustee, the Master Servicer, the Operating Advisor or the Special Servicer under this Agreement or otherwise.

 

Section 6.07     The
Master Servicer and the Special Servicer as Certificate Owner. The Master Servicer, the Special Servicer or any Affiliate
thereof may become the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any Certificate
with (except as otherwise set forth in the definition of “Certificateholder”) the same rights it would have
if it were not the Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section 6.08     The
Directing Certificateholder. (a)  Other than with respect to any Serviced AB Whole Loan for which the related holder
of an AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period, for so long as no Control Termination Event
has occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the Special Servicer
with respect to all Specially Serviced Loans other than any Excluded Loan, (2) the Special Servicer with respect to Non-Specially
Serviced Loans other than any Excluded Loan, as to all matters for which the Master Servicer must obtain the consent or deemed
consent of the Special Servicer, and (3) the Special Servicer with respect to all Mortgage Loans other than any Excluded
Loan, for which an extension of maturity is being considered by the Special Servicer or by the Master Servicer subject to consent
or deemed consent of the Special Servicer, and notwithstanding anything herein to the contrary, except as set forth in, and in
any event subject to the second and third paragraphs of this Section 6.08, (i) the Master Servicer, shall not
be permitted to take any of the following actions, irrespective of whether any such Major Decision constitutes a “Major
Decision” under, and as defined in, the related Intercreditor Agreement (each a “Major Decision”) unless
it has obtained the consent of the Special Servicer (except as otherwise provided for in the first proviso following the Major
Decisions listed below) and (ii) with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan or any Excluded
Loan) or any Serviced Whole Loan, for so long as no Control Termination Event has occurred and is continuing, the Special Servicer
shall not be permitted to take any of the following actions or consent to the Master Servicer’s taking any of the following
actions (except as otherwise provided for in the first proviso following the Major Decisions listed below) as to which the Directing
Certificateholder has objected in writing within ten (10) Business Days (or thirty (30) days with respect to clause (x)
below) after receipt of the written recommendation and analysis (provided that if such written objection has not been
received by the Special Servicer within such ten (10) Business Day (or thirty (30) day) period, then the Directing Certificateholder
will be deemed to have approved such action):

 

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

 

(ii)        any
modification, consent to a modification or waiver of a monetary term or material non-monetary term (including, without limitation,
the timing of payments and acceptance of discounted payoffs but excluding waiver of Default Interest or late payment charges)
of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date of any
Mortgage Loan;

 

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(iii)       any
sale of a Defaulted Loan (other than a Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance
with this Pooling and Servicing Agreement) and any related defaulted Companion Loan, or any REO Property (other than in connection
with the termination of the Trust) for less than the applicable Purchase Price;

 

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

 

(v)        requests
for property releases or substitutions, other than (i) grants of easements or rights of way that do not materially affect
the use or value of a Mortgaged Property or the Mortgagor’s ability to make any payments with respect to a Mortgage Loan
(other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (ii) release of non-material parcels of a Mortgaged
Property (including, without limitation, any such releases (A) to which the related Mortgage Loan documents expressly require
the mortgagee thereunder to make such releases upon the satisfaction of certain conditions (and the conditions to the release
that are set forth in the related Mortgage Loan documents do not include the approval of the lender or the exercise of lender
discretion (other than confirming the satisfaction of the other conditions to the release set forth in the related Mortgage Loan
documents that do not include any other approval or exercise)) and such release is made as required by the related Mortgage Loan
documents or (B) that are related to any condemnation action that is pending, or threatened in writing, and would affect
a non-material portion of the Mortgaged Property), or (iii) the release of collateral securing any Mortgage Loan in connection
with a defeasance of such collateral;

 

(vi)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) or Serviced Whole Loan or any consent to such waiver or consent to a transfer of the Mortgaged Property
or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt
as may be effected without the consent of the lender under the related loan agreement;

 

(vii)      any
property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater than $2,500,000)
or franchise changes with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan for which
the lender is required to consent or approve under the Mortgage Loan documents;

 

(viii)     releases
of any amounts from escrow accounts, reserve accounts or letters of credit held as performance escrows (or reserves) or earn-out
escrows (or reserves) including, without limitation, with respect to certain Mortgage Loans identified on Schedule 3 hereto,
other than those required pursuant to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or a Serviced Whole Loan and for which there is no lender discretion;

 

(ix)        any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor or guarantor or
releasing a Mortgagor or

 

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guarantor from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan other than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion;

 

(x)         any
determination of an Acceptable Insurance Default;

 

(xi)        any
exercise of a material remedy with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
following a default or event of default under the related Mortgage Loan or Serviced Whole Loan documents;

 

(xii)       any
modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement related
to a Mortgage Loan, or any action to enforce rights with respect to the Mortgage Loan; and

 

(xiii)      any
consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor, to the
extent the mortgagee’s approval is required under the related Mortgage Loan documents;

 

provided,
however, that, in the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise
authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing
matters, or any other matter requiring consent of the Directing Certificateholder prior to the occurrence and continuance of a
Control Termination Event in this Agreement (or any matter requiring consultation with the Directing Certificateholder or the
Operating Advisor), is necessary to protect the interests of the Certificateholders (or, with respect to any Serviced Whole Loan,
the interest of the Certificateholders and the holders of any related Serviced Companion Loan) (as a collective whole (taking
into account the subordinate or pari passu nature of any Companion Loans)), the Special Servicer or Master Servicer, as
applicable may take any such action without waiting for the Directing Certificateholder’s response (or without waiting to
consult with the Directing Certificateholder or the Operating Advisor, as the case may be), provided that the Special Servicer
or Master Servicer, as applicable provides the Directing Certificateholder (or the Operating Advisor, if applicable) with prompt
written notice following such action including a reasonably detailed explanation of the basis therefor. The Special Servicer is
not required to obtain the consent of the Directing Certificateholder for any of the foregoing actions after the occurrence and
during the continuance of a Control Termination Event; provided, however, that, after the occurrence and during
the continuance of a Control Termination Event but, with respect to the Directing Certificateholder only, prior to the occurrence
of a Consultation Termination Event, the Special Servicer shall consult with the Directing Certificateholder in connection with
any Major Decision not relating to any Non-Serviced Mortgage Loan or Excluded Loan (and any other actions which otherwise require
consultation with the Directing Certificateholder prior to a Consultation Termination Event hereunder) and consider alternative
actions recommended by the Directing Certificateholder, in respect thereof. In the event the Special Servicer receives no response
from the Directing Certificateholder within ten (10) days following its written request for input on any required consultation,
the Special Servicer shall not be obligated to consult with the Directing Certificateholder on the specific matter; provided,
however, that the failure of the Directing Certificateholder to respond shall not relieve the Special Servicer from
consulting with the Directing Certificateholder on any future matters with respect to the applicable Mortgage 

 

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Loan or any other
Mortgage Loan. In addition, after a Control Termination Event, the Special Servicer will also be required to consult with the
Operating Advisor in connection with any proposed Major Decision (and any other actions which otherwise require consultation with
the Operating Advisor after the occurrence and during the continuance of a Control Termination Event hereunder) and consider alternative
actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding basis.
In the event that the Special Servicer receives no response from the Operating Advisor within ten (10) days following the
later of (i) its written request for input on any required consultation and (ii) delivery of all such additional information
reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Special Servicer shall not
be obligated to consult with the Operating Advisor on the specific matter; provided, however, that the failure of
the Operating Advisor to respond on any specific matters shall not relieve the Special Servicer from its obligation to consult
with the Operating Advisor on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding
anything herein to the contrary,
with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing), the
Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related
transactions involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in
respect thereof, in accordance with the procedures set forth in this Section 6.08 for consulting with the
Operating Advisor.

 

In
addition, with respect to any Mortgage Loan other than an Excluded Loan, for so long as no Control Termination Event has occurred
and is continuing, the Directing Certificateholder subject to any rights, if any, of the related Companion Holder to advise the
Special Servicer with respect to the related Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement,
may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the
Directing Certificateholder may deem advisable or as to which provision is otherwise made herein; provided that notwithstanding
anything herein to the contrary, no such direction or objection contemplated by the preceding paragraph or this paragraph, may
require or cause the Master Servicer or Special Servicer to violate any provision of any Mortgage Loan or related Intercreditor
Agreement or mezzanine intercreditor agreement, applicable law, this Agreement, or the REMIC Provisions (and, with respect to
a Serviced Whole Loan, subject to the rights of the holders of the related Companion Loan), including without limitation the obligation
of the Master Servicer and the Special Servicer to act in accordance with the Servicing Standard, or expose the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trust or the
Trustee to liability, or materially expand the scope of the responsibilities of the Master Servicer or the Special Servicer, as
applicable, hereunder or cause the Master Servicer or the Special Servicer, as applicable, to act, or fail to act, in a manner
which in the reasonable judgment of the Master Servicer or the Special Servicer, as applicable, is not in the best interests of
the Certificateholders.

 

In
the event the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder
or any advice from the Directing Certificateholder, would cause the Special Servicer or Master Servicer, as applicable, to violate
the terms of any Mortgage Loan, applicable law or this Agreement, including without limitation, the Servicing Standard, the Special
Servicer or Master Servicer, as applicable, shall disregard

 

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such
refusal to consent or advise and notify the Directing Certificateholder, the Trustee and the Rating Agencies of its determination,
including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the
Master Servicer or Special Servicer in accordance with the direction of or approval of the Directing Certificateholder that does
not violate the terms of any Mortgage Loan, applicable law or the Servicing Standard or any other provisions of this Agreement,
will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

The
Directing Certificateholder shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining
from the taking of any action, or for errors in judgment; provided, however, that the Directing Certificateholder
shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misconduct, bad faith or negligence in the performance of duties owed to the Controlling Class Certificateholders or
by reason of reckless disregard of obligations or duties owed to the Controlling Class Certificateholders. By its acceptance
of a Certificate, each Certificateholder acknowledges and agrees that the Directing Certificateholder may take actions that favor
the interests of one or more Classes of the Certificates including the Holders of the Controlling Class over other Classes of
the Certificates, and that the Directing Certificateholder may have special relationships and interests that conflict with those
of Holders of some Classes of the Certificates, that the Directing Certificateholder may act solely in the interests of the Holders
of the Controlling Class, including the Holders of the Controlling Class, that the Directing Certificateholder does not have any
duties or liability to the Holders of any Class of Certificates other than the Controlling Class, that the Directing Certificateholder
shall not be liable to any Certificateholder, by reason of its having acted solely in the interests of the Holders of the Controlling
Class, and that the Directing Certificateholder shall have no liability whatsoever for having so acted, and no Certificateholder
may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal
thereof for having so acted.

 

Any
Non-Serviced Whole Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or
the Certificateholders for any action taken, or for refraining from the taking of any action, or for errors in judgment. By its
acceptance of a Certificate, each Certificateholder acknowledges and agrees that any such Non-Serviced Whole Loan Controlling
Holder, with respect to the related Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes
of the certificates issued under the related Non-Serviced PSA including the Holders of the controlling class under such Non-Serviced
PSA over other Classes of the Certificates, and that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced
Whole Loan, may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates,
that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, may act solely in the interests
of the Holders of the controlling class under the related Non-Serviced PSA, that such Non-Serviced Whole Loan Controlling Holder,
shall not be liable to any Certificateholder, by reason of its having acted solely in the interests of the Holders of the controlling
class under the related Non-Serviced PSA, and that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced
Whole Loan, shall have no liability whatsoever for having so acted, and no Certificateholder may take any action whatsoever against

 

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such
Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, or any director, officer, employee,
agent or principal thereof for having so acted.

 

(b)     Notwithstanding
anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control Termination Event
(and at any time with respect to any Excluded Loan), the Directing Certificateholder shall have no right to consent to or direct
any action taken or not taken by any party to this Agreement; (ii) after the occurrence and during the continuance of a Control
Termination Event but prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder shall remain
entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer,
Special Servicer and any other applicable party shall consult with the Directing Certificateholder (other than with respect to
any Excluded Loan) in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after
the occurrence of a Consultation Termination Event (and at any time with respect to any Excluded Loan, the Directing Certificateholder
shall have no direction, consultation or consent rights hereunder and no right to receive any notices, reports or information
(other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing
Certificateholder.

 

[End
of Article VI]

 

Article VII

SERVICER TERMINATION EVENTS

 

  Section 7.01     Servicer
Termination Events; Master Servicer and Special Servicer Termination. (a)  “Servicer Termination Event,”
wherever used herein, means any one of the following events:

 

(i)          (A)  any
failure by the Master Servicer to make any deposit required to be made by the Master Servicer to the Collection Account, or remit
to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by the time such deposit
or remittance is first required to be made under the terms of this Agreement, which failure is not remedied within one (1) Business
Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into,
any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m.
(New York City time) on the relevant Distribution Date; or

 

(ii)        any
failure by the Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account hereunder, any
amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified by, the terms of
this Agreement; or

 

(iii)       any
failure on the part of the Master Servicer or the Special Servicer duly to observe or perform in any material respect any of its
other covenants or obligations 

 

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contained in this Agreement which continues unremedied for a period of thirty (30) days (or (A) with
respect to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Master
Servicer’s or Special Servicer’s obligations, as applicable, contemplated by Article XI, (B) fifteen
(15) days in the case of the Master Servicer’s failure to make a Servicing Advance or (C) fifteen (15) days in
the case of a failure to pay the premium for any property insurance policy required to be maintained) after the date on which
written notice of such failure, requiring the same to be remedied, shall have been given (A) to the Master Servicer or the
Special Servicer, as the case may be, by any other party hereto, or (B) to the Master Servicer or the Special Servicer, as
the case may be, with a copy to each other party to this Agreement, by the Holders of Certificates evidencing Percentage Interests
aggregating not less than 25% of all Voting Rights or, solely as it relates to the servicing of a Serviced Pari Passu Whole Loan,
if affected by that failure, by the related Serviced Companion Noteholder; provided, however, if such failure is
capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing such cure, such period
will be extended an additional thirty
(30) days; provided, further, however, that such extended period will not apply to the obligations regarding
Exchange Act reporting; or

 

(iv)       any
breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in Section 6.01(a)
and Section 6.01(b), as applicable, which materially and adversely affects the interests of any Class of Certificateholders
or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) and which continues unremedied for a period of
thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall have been given to the
Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator or the Trustee, or
to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by the Holders of Certificates
evidencing Percentage Interests aggregating not less than 25% of Voting Rights or, as it relates to the servicing of a Serviced
Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholder; provided, however,
that if such breach is capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing
such cure, such 30-day period will be extended an additional thirty (30) days; or

 

(v)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer or the Special
Servicer and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty (60)
days; or

 

(vi)       the
Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or
relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its property; or

 

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(vii)      the
Master Servicer or the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit
of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;
or

 

(viii)     either
of Moody’s or DBRS has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or
withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn
within sixty (60) days of such actual knowledge by the Master Servicer or the Special Servicer, as the case may be) and, in the
case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or Special Servicer,
as applicable, as the sole or a material factor in such rating action; or

 

(ix)        the
Master Servicer or Special Servicer is no longer rated at least “CMS3” or “CSS3”, respectively, by Fitch
and such Master Servicer or Special Servicer is not reinstated to at least that rating within sixty (60) days of the delisting.

 

     (b)        If
any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every
such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee or the Depositor may, and at the
written direction of ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than
with respect to any Excluded Loan) the Directing Certificateholder (solely with respect to the Special Servicer) or the Holders
of Certificates entitled to more than 50% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the
Trustee to terminate each of the Master Servicer or the Special Servicer, as applicable, upon five Business Days’ written
notice if there is a Servicer Termination Event under clause (iii)(A) above), by notice in writing to the Affected
Party, with a copy of such notice to the Depositor and the Operating Advisor, all of the rights (subject to Section 3.11
and Section 6.04) and obligations of the Affected Party under this Agreement and in and to the Mortgage Loans
and the proceeds thereof (other than as a Certificateholder or Companion Holder, if applicable); provided, however,
that the Affected Party shall be entitled to the payment of accrued and unpaid compensation and reimbursement through the date
of such termination as provided for under this Agreement for services rendered and expenses incurred. From and after the receipt
by the Affected Party of such written notice except as otherwise provided in this Article VII, all authority and power
of the Affected Party under this Agreement, whether with respect to the Certificates (other than as a Holder of any Certificate)
or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with respect to a termination of the Master Servicer
or the Special Servicer pursuant to and under this Section 7.01, and, without limitation, the Trustee is hereby authorized
and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans
and related documents, or otherwise. The Master Servicer and Special Servicer each agree that if it is terminated pursuant to
this Section 7.01(b), it shall promptly (and 

 

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in
any event no later than twenty (20) Business Days subsequent to its receipt of the notice of termination) provide the Trustee
with all documents and records requested by it to enable it to assume the Master Servicer’s or the Special
Servicer’s, as the case may be, functions hereunder, and shall cooperate with the Trustee in effecting the termination
of the Master Servicer’s or the Special Servicer’s, as the case may be, responsibilities and rights (subject to Section 3.11
and Section 6.04) hereunder, including, without limitation, the transfer within five (5) Business Days to the
Trustee for administration by it of all cash amounts which shall at the time be or should have been credited by the Master
Servicer to the Collection Account or any Servicing Account (if it is the Affected Party), by the Special Servicer to the REO
Account (if it is the Affected Party) or thereafter be received with respect to the Mortgage Loans or any REO Property
(provided, however, that the Master Servicer and the Special Servicer each shall, if terminated pursuant to
this Section 7.01(b) or pursuant to Section 7.01(d) (with respect to the Special Servicer), continue
to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such
termination, whether in respect of Advances (in the case of the Special Servicer or the Master Servicer) or otherwise, and it
and its Affiliates and the directors, managers, officers, members, employees and agents of it and its Affiliates shall
continue to be entitled to the benefits of Section 3.11 and Section 6.04 notwithstanding any such
termination).

 

(c)     If
the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination Event
under Section 7.01(a)(viii) or (ix), the Master Servicer shall have a forty-five (45) day period after such
notice in which to find a successor master servicer qualified to act as Master Servicer hereunder in accordance with Section 6.03
and Section 7.02 and to which the Master Servicer can sell its rights to service the Mortgage Loans under this
Agreement. During such forty-five (45) day period the Master Servicer may continue to serve as Master Servicer hereunder. In the
event that the Master Servicer is unable, within such forty-five (45) day period, to cause a qualified successor master servicer
to assume the duties of the Master Servicer hereunder, then and in such event, the Trustee shall assume the obligations of the
Master Servicer hereunder.

 

Notwithstanding
Section 7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing
that affects the Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated,
the Holder of such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing
Agreement, as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related
Serviced Pari Passu Whole Loan. Any Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari
Passu Mortgage Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion
Loan) the person (or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu
Companion Loan. Any such Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02
and the eligibility requirements of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply
with the provisions of Section 7.02. Any appointment of a replacement Special Servicer in accordance with this paragraph
shall be subject to the receipt of Rating Agency Confirmation and confirmation from the rating agencies that such appointment
or replacement will not result in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related
Serviced Companion Loan Securities

 

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(provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)     Subject
to the rights of the holder of a related AB Subordinate Companion Loan pursuant to the related Intercreditor Agreement at any
time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded Loan,
the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice
to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such termination
to be effective upon the appointment of a successor special servicer meeting the requirements of this Section 7.01(d).
Upon a termination of such Special Servicer, the Directing Certificateholder (other than with respect to any Excluded Loan) shall
appoint a successor special servicer; provided, however, that (i) such successor will meet the requirements
set forth in Section 7.02, (ii) each Rating Agency delivers Rating Agency Confirmation and, in the case
of any class of any Serviced Companion Loan Securities the applicable rating agencies deliver a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25) and (iii) no replacement of the Special Servicer shall
be effective until the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07
hereof and any other Form 8-K filings have been completed with respect to any related Companion Loan.

 

After
the occurrence and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of
Principal Balance Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal
Reduction Amounts to notionally reduce the Certificate Balances pursuant to Section 4.05 hereof) of the Principal
Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in such written
direction, (b) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any
legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and which will not be additional expenses of the Trust and (c) delivery by such Holders to the Certificate Administrator
and Trustee of Rating Agency Confirmation from each Rating Agency (which Rating Agency Confirmation shall be obtained at the expense
of such Holders), the Certificate Administrator shall promptly post notice to all Certificateholders of such request on the Certificate
Administrator’s Website in accordance with Section 3.13(b) and concurrently by mail conduct the solicitation
of votes of all Certificates in such regard, which requisite affirmative votes must be received within one hundred-eighty (180)
days of the posting of such notice, and if not so received, such votes shall be null and void ab initio. Upon the written
direction of Holders of Certificates evidencing at least 75% of a Certificateholder Quorum of Certificates, the Trustee shall
terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor special servicer
(which must be a Qualified Replacement Special Servicer) designated by such Certificateholders. The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder may (i) access such notices via
the Certificate

 

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Administrator’s
Website and (ii) register to receive electronic mail notifications when such notices are posted thereon. Notwithstanding
the foregoing, the Certificateholder’s direction to remove the Special Servicer shall not apply to any Serviced AB Whole
Loan for which the holder of the related AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period.

 

An
AB Whole Loan Controlling Holder shall have the right, prior to the occurrence and continuance of an AB Control Appraisal Period,
to replace the Special Servicer solely with respect to the related AB Whole Loan, so long as (A) each Rating Agency delivers
a Rating Agency Confirmation; (B) the successor special servicer has assumed in writing (from and after the date such successor
special servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under
this Agreement from and after the date it becomes the Special Servicer as they relate to any AB Whole Loan pursuant to an assumption
agreement reasonably satisfactory to the Certificate Administrator; and (C) the Certificate Administrator shall have received
an opinion of counsel reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation
of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound
by the terms of this Agreement with respect to any AB Whole Loan, and (z) subject to customary qualifications and exceptions,
this Agreement will be enforceable against such replacement in accordance with the terms hereof.

 

The
parties hereto acknowledge that, notwithstanding anything to the contrary contained in this section, in accordance with the related
Intercreditor Agreement, if a servicer termination event on the part of a Non-Serviced Special Servicer remains unremedied and
affects the holder of the related Non-Serviced Mortgage Loan, and such Non-Serviced Special Servicer has not otherwise been terminated,
the holder of the related Non-Serviced Mortgage Loan (or the Trustee (or, prior to a Control Termination Event, the Trustee acting
at the direction of the Directing Certificateholder)) shall be entitled to direct the related Non-Serviced Trustee to terminate
such Non-Serviced Special Servicer solely with respect to the related Non-Serviced Whole Loan(s). The appointment (or replacement)
of a special servicer with respect to a Non-Serviced Whole Loan will in any event be subject to Rating Agency Confirmation from
each Rating Agency. A replacement special servicer will be selected by the related Non-Serviced Trustee or, prior to a control
termination event (or similarly defined term) under the related Non-Serviced PSA, by the related Non-Serviced Whole Loan Controlling
Holder; provided, however, that any successor special servicer appointed to replace the special servicer with respect
to such Non-Serviced Whole Loan cannot at any time be the Person (or an Affiliate thereof) that was terminated at the direction
of the holder of such Non-Serviced Mortgage Loan, without the prior written consent of the Directing Certificateholder.

 

Following
the occurrence of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor
determines that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance
with the Servicing Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy
to the Special Servicer, a written report in the form of Exhibit W attached hereto (which form may be modified or
supplemented from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance
of such form with the terms and provisions of this Agreement; provided, further, that in no event shall 

 

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the
information or any other content included in such written recommendation contravene any provision of this Agreement)
detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation) and
recommending a suggested replacement special servicer, which shall be a Qualified Replacement Special Servicer. In such
event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the
related report on the Certificate Administrator’s Website in accordance with Section 3.13(b), and
concurrently by mail conduct the solicitation of votes of all Certificates in such regard, which requisite affirmative votes
must be received within one hundred-eighty (180) days of the posting of such notice, and if not so received, such votes shall
be null and void ab initio. Upon (i) the affirmative vote of Holders of Principal Balance Certificates evidencing
at least a majority of the aggregate Voting Rights (taking into account the application of any Appraisal Reduction Amounts to
notionally reduce the respective Certificate Balances of such Certificates pursuant to Section 4.05 hereof) of
all Principal Balance Certificates on an aggregate basis and (ii) receipt of Rating Agency Confirmation from each Rating
Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall
(i) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint a
successor special servicer approved by the Certificateholders and (ii) promptly notify such outgoing Special Servicer of
the effective date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and
expenses of outside counsel) associated with obtaining such Rating Agency Confirmations and administering such vote and the
Operating Advisor’s identification of a Qualified Replacement Special Servicer shall be an additional expense of the
Trust. In the event that the Trustee does not receive at least a majority of the requested votes, then the Trustee shall have
no obligation to remove the Special Servicer. Prior to the appointment of any replacement special servicer, such replacement
special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as
the Special Servicer’s successor hereunder. Notwithstanding the foregoing, the Operating Advisor shall not be permitted
to recommend the replacement of the Special Servicer with respect to an AB Whole Loan so long as the related Serviced
Companion Noteholder is not subject to an AB Control Appraisal Period under the related Intercreditor Agreement.

 

No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d).
All costs of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling
Class.

 

For
the avoidance of doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the
limitations set forth in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s
determination under this Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote of
the Certificateholders (regarding removal of the Special Servicer).

 

(e)     The
Master Servicer and Special Servicer shall, as the case may be, from time to time, take all such reasonable actions as are required
by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed on “watch”
status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency. In no event shall the
remedy for a breach of the foregoing covenant extend beyond termination

 

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pursuant
to Section 7.01(a)(viii) and (ix) and the resulting operation of Section 7.01(b) and (c).
The operation of this subsection (e) shall not be construed to limit the effect of Section 7.01(a)(viii)
or (ix).

 

(f)     Notwithstanding
the foregoing, (1) if any Servicer Termination Event on the part of the Master Servicer affects a Serviced Companion Loan, the
related holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially, by any Serviced
Companion Loan Securities, and if the Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the
part of the Master Servicer affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating
on any class of certificates backed, wholly or partially, by any Serviced Companion Loan Securities, then the Master Servicer
may not be terminated by or at the direction of the related holder of such Serviced Companion Loan or the holders of any certificates
backed, wholly or partially, by such Serviced Companion Loan, but upon the written direction of the related holder of such Serviced
Companion Loan, the Master Servicer shall be required to appoint a sub-servicer that will be responsible for servicing the related
Serviced Whole Loan.

 

(g)     Notwithstanding
anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer Loan, if any,
the Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence and continuance
of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded Loan, the Directing Certificateholder
shall select an Excluded Special Servicer, as successor to the resigning Special Servicer, for the related Excluded Special Servicer
Loan in accordance with this Agreement. After the occurrence and during the continuance of a Control Termination Event or if at
any time the applicable Excluded Special Servicer Loan is also an Excluded Loan, the resigning Special Servicer shall use reasonable
efforts to select the related Excluded Special Servicer. The Special Servicer shall not have any liability with respect to the
actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special
Servicer Special Servicer. It shall be a condition to any such appointment that (i) the Rating Agencies confirm that the
appointment would not result in a qualification, downgrade or withdrawal of any of their then-current ratings of the Certificates
and the equivalent from each NRSRO hired to provide ratings with respect to any Serviced Companion Loan Securities, (ii) the
related Excluded Special Servicer is a Qualified Replacement Special Servicer and (iii) the related Excluded Special Servicer
delivers to the Depositor and any applicable Other Depositor, the information, if any, required under Item 6.02 of Form 8-K
pursuant to the Exchange Act regarding itself in its role as Excluded Special Servicer.

 

If
at any time the Special Servicer is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged
Property becoming an REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer
shall resign, (2) the related Mortgage Loan or Serviced Whole Loan shall no longer be an Excluded Special Servicer Loan, (3) the
Special Servicer shall become the Special Servicer again for such related Mortgage Loan or Serviced Whole Loan and (4) the Special
Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned
during such time on and after such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan; provided,
however, that the related Excluded

 

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Special
Servicer will not be required to resign if the Directing Certificateholder determines that such Excluded Special Servicer may
continue to serve as special servicer for the applicable Excluded Special Servicer Loan.

 

The
applicable Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special
Servicer Loan and shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan
earned during such time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (provided
that the Special Servicer shall remain entitled to all other special servicing compensation with respect all Mortgage Loans
and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

If
a Servicing Officer of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual
knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer
Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide
prompt written notice thereof to each of the other parties to this Agreement.

 

Section 7.02     Trustee
to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer, as the case may be, either
resigns pursuant to subsection (a) of the first sentence of Section 6.05 or receives a notice of termination
for cause pursuant to Section 7.01(b), and provided that no acceptable successor has been appointed within
the time period specified in Section 7.01(c), the Trustee shall be the successor to such party, until such successor
to the Master Servicer or the Special Servicer, as applicable, is appointed as provided in this Section 7.02 or by
the Directing Certificateholder as provided in Section 7.01(d), as applicable, in all respects in its capacity as
Master Servicer or Special Servicer, as applicable, under this Agreement and the transactions set forth or provided for herein
and shall be subject to, and have the benefit of, all of the rights, (subject to Section 3.11 and Section 6.04)
benefits, responsibilities, duties, liabilities and limitations on liability relating thereto and that arise thereafter placed
on or for the benefit of the Master Servicer or Special Servicer, as applicable, by the terms and provisions hereof; provided,
however, that any failure to perform such duties or responsibilities caused by the terminated party’s failure under
Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor
hereunder. The appointment of a successor master servicer shall not affect any liability of the predecessor Master Servicer which
may have arisen prior to its termination as Master Servicer, and the appointment of a successor special servicer shall not affect
any liability of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee
in its capacity as successor to the Master Servicer or the Special Servicer, as the case may be, shall not be liable for any of
the representations and warranties of the Master Servicer or the Special Servicer, respectively, herein or in any related document
or agreement, for any acts or omissions of the predecessor Master Servicer or Special Servicer or for any losses incurred by the
predecessor Master Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase any
Mortgage Loan hereunder solely as a result of its obligations as successor master servicer or special servicer, as the case may
be. Subject to Section 3.11, as compensation therefor, the Trustee as successor master servicer shall be entitled
to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion Loans which the Master 

 

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Servicer
would have been entitled to if the Master Servicer had continued to act hereunder, including but not limited to any income or
other benefit from any Permitted Investment pursuant to Section 3.06, and subject to Section 3.11, and
the Trustee as successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special Servicer
would have been entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of
the Master Servicer or the Special Servicer, as the case may be, the Trustee shall be afforded the same standard of care and liability
as the Master Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01
to the contrary, but only with respect to actions taken by it in its role as successor master servicer or successor special servicer,
as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall
be unwilling to act as successor to the Master Servicer or the Special Servicer, as applicable, or shall, if it is unable to so
act, or if the Trustee is not approved as a servicer by each Rating Agency, or if, (i) prior to the occurrence and continuance
of a Control Termination Event and (ii) other than with respect to any Exclude Loan, the Directing Certificateholder or the
Holders of Certificates entitled to more than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint,
or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the
criteria set forth in Section 6.05 and otherwise herein, as the successor to the Master Servicer or the Special Servicer,
as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer
or Special Servicer hereunder. No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be
effective until (i) the assumption in writing by the successor to the Master Servicer or the Special Servicer of all its
responsibilities, duties and liabilities hereunder that arise thereafter, (ii) upon receipt of Rating Agency Confirmation
from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25), (iii) which appointment has been approved
(prior to the occurrence and continuance of a Control Termination Event) by the Directing Certificateholder, such approval not
to be unreasonably withheld and (iv) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07
hereof and any other Form 8-K filings have been completed with respect to any related Companion Loan. Pending appointment
of a successor to the Master Servicer or the Special Servicer hereunder, unless the Trustee shall be prohibited by law from so
acting, the Trustee shall act in such capacity as herein above provided. In connection with such appointment and assumption of
a successor to the Master Servicer or Special Servicer as described herein, the Trustee may make such arrangements for the compensation
of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however,
that no such compensation with respect to a successor master servicer or successor special servicer, as the case may be, shall
be in excess of that permitted the terminated Master Servicer or Special Servicer, as the case may be, hereunder. The Trustee,
the Master Servicer or the Special Servicer (whichever is not the terminated party) and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession. Any costs and expenses associated with
the transfer of the servicing function (other than with respect to a termination without cause) under this Agreement shall be
borne by the predecessor Master Servicer or Special Servicer, as applicable. If such 

 

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predecessor Master Servicer or Special Servicer (as the case may
be) has not reimbursed the party requesting such termination or the successor master servicer or special servicer for such
expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the
Trust; provided that the terminated Master Servicer or Special Servicer shall not thereby be relieved of its liability
for such expenses. If and to the extent that the terminated Master Servicer or Special Servicer has not reimbursed such costs
and expenses, the party requesting such termination shall have an affirmative obligation to take all reasonable actions to
collect such expenses on behalf of the Trust. In the event of a termination without cause, such costs and expenses shall be
borne by the party requesting such termination, or as otherwise set forth herein; provided that the Certificate
Administrator and the Trustee shall not bear any such costs and expenses. For the avoidance of doubt, if the Trustee is
terminating the Master Servicer or Special Servicer in accordance with this Agreement at the direction of any party or
parties permitted to direct the Trustee to so terminate the Master Servicer or Special Servicer
pursuant to this Agreement, the Trustee shall not have any liability for such expenses pursuant to this paragraph.

 

Section 7.03     Notification
to Certificateholders. (a)  Upon any resignation of the Master Servicer or the Special Servicer pursuant to Section 6.05,
any termination of the Master Servicer or the Special Servicer pursuant to Section 7.01 or any appointment of a successor
to the Master Servicer or the Special Servicer pursuant to Section 7.02, the Certificate Administrator shall give
prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register.

 

(b)     Not
later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse
of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator
would be deemed to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate
Administrator shall transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan is affected, the
related Serviced Companion Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section 7.04     Waiver
of Servicer Termination Events. The Holders of Certificates representing at least 66-2/3% of the Voting Rights allocated to
each Class of Certificates affected by any Servicer Termination Event hereunder may waive such Servicer Termination Event within
twenty (20) days of the receipt of notice from the Certificate Administrator of the occurrence of such Servicer Termination Event;
provided, however, that a Servicer Termination Event under clause (i), (ii), (viii) or
(ix) of Section 7.01(a) may be waived only by all of the Certificateholders of the affected Classes and a Servicer
Termination Event under clause (iii) of Section 7.01(a) relating to Exchange Act reporting may be waived only
with the consent of the Depositor. Upon any such waiver of a Servicer Termination Event, such Servicer Termination Event shall
cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver of a Servicer Termination
Event by Certificateholders, the Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses
incurred by it in connection with enforcement action taken with respect to such Servicer Termination Event prior to such waiver
from the Trust. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right consequent
thereon except to the extent expressly so waived. Notwithstanding any other provisions of this

 

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Agreement,
for purposes of waiving any Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the
name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters
described above as they would if any other Person held such Certificates.

 

Section 7.05     Trustee
as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances
and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following
such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii)
hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing
Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant
to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has
been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s
rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement
and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I
Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused
by such Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made
by the Trustee and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid,
all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding
to the Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect
to a Nonrecoverable Advance hereunder.

 

[End
of Article VII]

 

Article VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties
of the Trustee and the Certificate Administrator. (a)  The Trustee and the Certificate Administrator, prior
to the occurrence of a Servicer Termination Event and after the curing or waiving of all Servicer Termination Events which may
have occurred, undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If a Servicer
Termination Event occurs and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Agreement,
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of his own affairs. Any permissive right of the Trustee and the Certificate Administrator contained in this Agreement
shall not be construed as a duty.

 

  (b)     The
Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required to be furnished
to the Trustee or the Certificate Administrator pursuant to any provision of this

 

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Agreement
(other than the Mortgage Files, the review of which is specifically governed by the terms of Article II, any CREFC®
reports and any information delivered for posting to the Certificate Administrator’s Website or the 17g-5 Information
Provider’s Website), shall examine them to determine whether they conform to the requirements of this Agreement. If any
such instrument is found not to conform to the requirements of this Agreement in a material manner, the Trustee or the Certificate
Administrator shall notify the party providing such instrument and requesting the correction thereof. The Trustee or the Certificate
Administrator shall not be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report,
document, order or other instrument furnished by the Depositor, the Master Servicer or the Special Servicer or another Person,
and accepted by the Trustee or the Certificate Administrator in good faith, pursuant to this Agreement.

 

  (c)     No
provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)          Prior
to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which may have
occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the express
provisions of this Agreement, the Trustee and the Certificate Administrator shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee and the Certificate Administrator and, in the absence of bad faith on the part of the
Trustee and the Certificate Administrator, the Trustee and the Certificate Administrator may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
or the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)         Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it shall be
proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts; and

 

(iii)        Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates evidencing not less than 25% of the
Voting Rights entitled to direct the Trustee and/or Certificate Administrator pursuant to the terms of this Agreement, relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the Certificate Administrator,
or exercising any trust or power conferred upon the Trustee or the Certificate Administrator, under this Agreement (unless a higher
percentage of Voting Rights is required for such action).

 

  (d)     The
Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the Serviced Companion
Noteholders all reports that the

 

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Certificate Administrator has made available to Certificateholders under this Agreement to the
extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification pursuant
to this Agreement.

 

  Section 8.02     Certain
Matters Affecting the Trustee and the Certificate Administrator. Except as otherwise provided in Section 8.01:

 

(i)          The
Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution,
direction of the Depositor, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document reasonably believed by it to
be genuine and to have been signed or presented by the proper party or parties;

 

(ii)         The
Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good
faith and in accordance therewith;

 

(iii)        Neither
the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in
it by this Agreement or the Certificates or to make any investigation of matters arising hereunder or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant
to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities which may be incurred
therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is reasonably
assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of a Servicer
Termination Event which has not been cured, to exercise such of the rights and powers vested in it by this Agreement, and to use
the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs;

 

(iv)        Neither
the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)         Prior
to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events which may
have occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than 50% of
the Voting Rights; 

 

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provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate
Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively,
may require indemnity reasonably satisfactory to it from such requesting Holders against such expense or liability as a condition
to taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)        The
Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys
shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided, further,
that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person
that is a Prohibited Party;

 

(vii)      For
all purposes under this Agreement, neither the Trustee nor the Certificate Administrator shall be deemed to have notice of any
Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure or breach of any Person upon
the occurrence of which the Trustee or the Certificate Administrator may be required to act unless a Responsible Officer of the
Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of any event, act,
failure or breach which is in fact such a default is received by the Trustee or the Certificate Administrator at the respective
Corporate Trust Office, and such notice references the Certificates or this Agreement;

 

(viii)     Neither
the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer, the Special
Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall
only be responsible for its own actions as Master Servicer or Special Servicer), the Operating Advisor, the Asset Representations
Reviewer or the Depositor;

 

(ix)        Neither
the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund unless
it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s, as applicable,
negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)         In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

 

(xi)        Except
as otherwise expressly set forth in this Agreement, knowledge or information acquired by (i) Wells Fargo Bank, National Association,
as applicable, in any of its respective capacities hereunder or under any other document related to this transaction shall not
be imputed to Wells Fargo Bank, National Association in any of its

 

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other capacities hereunder or under such other documents, and
(ii) any Affiliate of Wells Fargo Bank, National Association shall not be imputed to Wells Fargo Bank, National Association
in any of its respective capacities hereunder and vice versa; and

 

(xii)       Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

  Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including, without
limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section 8.03     Trustee
and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans. The recitals contained
herein and in the Certificates, other than the acknowledgments of the Trustee or the Certificate Administrator in Sections 2.02
and 2.04 and the signature, if any, of the Certificate Registrar and Authenticating Agent set forth on any outstanding
Certificate, shall be taken as the statements of the Depositor, the Master Servicer or the Special Servicer, as the case may be,
and the Trustee or the Certificate Administrator assume no responsibility for their correctness. Neither the Trustee nor the Certificate
Administrator makes any representations as to the validity or sufficiency of this Agreement or of any Certificate (other than
as to the signature, if any, of the Trustee or the Certificate Administrator set forth thereon) or of any Mortgage Loan or related
document. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by the Depositor
of any of the Certificates issued to it or of the proceeds of such Certificates, or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from
the Collection Account or any other account by or on behalf of the Depositor, the Master Servicer, the Special Servicer or in
the case of the Trustee, the Certificate Administrator. The Trustee and the Certificate Administrator shall not be responsible
for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished
by the Depositor, the Master Servicer or the Special Servicer and accepted by the Trustee or the Certificate Administrator, in
good faith, pursuant to this Agreement.

 

Section 8.04     Trustee
or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in its individual capacity,
not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and may deal with the Depositor,
the Master Servicer, the Special Servicer or the Underwriters in banking transactions, with the same rights it would have if it
were not Trustee or the Certificate Administrator.

 

Section 8.05     Fees
and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator. (a)  As
compensation for the performance of their respective duties hereunder, the Trustee will be paid the Trustee Fee, which shall cover
recurring and otherwise reasonably anticipated expenses of the Trustee, and the Certificate Administrator will be paid the Certificate
Administrator Fee equal to the Certificate Administrator’s portion of one month’s interest at the Certificate Administrator
Fee Rate, which 

 

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shall
cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Trustee Fee and
Certificate Administrator Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and
REO Loan (other than the portion of an REO Loan related to any Companion Loan), the Certificate Administrator shall pay
to the Trustee monthly the Trustee Fee from the Certificate Administrator Fee, which Certificate Administrator Fee shall
accrue from time to time at the Certificate Administrator Fee Rate and the Certificate Administrator Fee shall be computed on
the basis of the Stated Principal Balance of such Mortgage Loan and a 360-day year consisting of twelve 30-day months. The
Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express
trust) shall constitute the Trustee’s sole form of compensation for all services rendered by it in the execution of the
trusts hereby created and in the exercise and performance of any of the powers, rights and duties of the Trustee hereunder,
except for the reimbursement of expenses specifically provided for herein. The Certificate Administrator Fee shall constitute
the Certificate Administrator’s sole form of compensation for the exercise and performance of its powers and duties
hereunder, except for the reimbursement of expenses specifically provided for herein. No Trustee Fee or Certificate
Administrator Fee shall be payable with respect to any Companion Loan.

 

(b)     The
Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity) and
any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts paid
in settlement, and expenses incurred in becoming successor master servicer or successor special servicer, to the extent not otherwise
paid hereunder) arising out of, or incurred in connection with, any act or omission of the Trustee or the Certificate Administrator,
respectively, relating to the exercise and performance of any of the powers, rights and duties of the Trustee or the Certificate
Administrator, respectively, hereunder; provided, however, that none of the Trustee or the Certificate Administrator,
nor any of the other above specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b)
for (i) allocable overhead, (ii) expenses or disbursements incurred or made by or on behalf of the Trustee or the Certificate
Administrator, respectively, in the normal course of the Trustee or the Certificate Administrator, respectively, performing its
duties in accordance with any of the provisions hereof, which are not “unanticipated expenses of the REMIC” within
the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically required
to be borne thereby pursuant to the terms hereof or (iv) any loss, liability or expense incurred by reason of willful misconduct,
bad faith or negligence in the performance of the Trustee’s or the Certificate Administrator’s, respectively, obligations
and duties hereunder, or by reason of negligent disregard of such obligations or duties, or as may arise from a breach of any
representation or warranty of the Trustee specified in Section 8.12 or the Certificate Administrator specified in
Section 8.14, respectively, made herein. The provisions of this Section 8.05(b) shall survive the termination
of this Agreement and any resignation or removal of the Trustee or the Certificate Administrator, respectively, and appointment
of a successor thereto. The foregoing indemnity shall also apply to the Certificate Administrator in all of its capacities hereunder,
including Custodian, Certificate Registrar and Authenticating Agent.

 

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(c)     The
Certificate Administrator shall indemnify and hold harmless the Depositor and Mortgage Loan Sellers from and against any
claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses incurred by the Depositor, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon
(i) a breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in
which the Certificate Administrator is required to make information available to a Privileged Person that is an NRSRO, of its
obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate
Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator
is required to make information available to a Privileged Person that is an NRSRO, in the performance of such obligations or
its negligent disregard of its obligations and duties under this Agreement.

 

Section 8.06     Eligibility
Requirements for Trustee and Certificate Administrator. Each of the Trustee and the Certificate Administrator hereunder shall
at all times be, and will be required to resign if it fails to be, (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 under this Agreement, having a combined capital
and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority and in the case of
the Trustee, shall not be an Affiliate of the Master Servicer or the Special Servicer (except during any period when the Trustee
is acting as, or has become successor to, the Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02),
(ii) an institution insured by the Federal Deposit Insurance Corporation, (iii) an institution whose long-term senior
unsecured debt is rated at least “A2” by Moody’s, “A” by Fitch and “A” by DBRS (or in
the case of the Trustee, a long-term unsecured debt rating of “A(low)” by DBRS if the Master Servicer maintains a
rating of at least “A” by DBRS); provided that the Trustee will not become
ineligible to serve based on a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt
rating of no less than “Baa2” by Moody’s and “A-” by Fitch,
(b) its short-term debt obligations have a short-term rating of not less than “P-2” from Moody’s and
“F1” by Fitch and (c) the Master Servicer maintains a rating of
at least “A2” by Moody’s and “A+” by Fitch; provided,
further, that if any such institution is not rated by DBRS, it maintains an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s and/or Fitch) or such other rating with respect to which the Rating Agencies have provided
a Rating Agency Confirmation and (iv) an entity that is not a Prohibited Party.

 

If
such corporation, national bank or national banking association publishes reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06
the combined capital and surplus of such corporation, national bank or national banking association shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. In the event the place of business
from which the Certificate Administrator administers the Trust REMICs or in which the Trustee’s office is located is in
a state or local jurisdiction that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to
a tax imposed under the REMIC Provisions), the Certificate Administrator or the Trustee, as applicable shall elect either to (i) resign
immediately in the manner and with the

 

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effect
specified in Section 8.07, (ii) pay such tax at no expense to the Trust or (iii) administer the Trust REMICs
from a state and local jurisdiction that does not impose such a tax.

 

Section 8.07     Resignation
and Removal of the Trustee and Certificate Administrator. (a)  The Trustee and the Certificate Administrator
may at any time resign and be discharged from the trusts hereby created by giving not less than sixty (60) days’ prior
written notice thereof to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee, as applicable, the Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and all
Certificateholders. The Certificate Administrator shall post such notice to the Certificate Administrator’s Website in
accordance with Section 3.13(b) and provide notice of such event to the Master Servicer, the Special Servicer,
the Depositor and the 17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c). Upon receiving such notice of resignation, the
Depositor shall use its reasonable best efforts to promptly appoint a successor trustee or certificate administrator
acceptable to, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder by
written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee or Certificate Administrator
and to the successor trustee or certificate administrator. A copy of such instrument shall be delivered to the Master
Servicer, the Special Servicer, the Certificateholders and the Certificate Administrator or the Trustee, as applicable, by
the Depositor. The resigning Trustee or Certificate Administrator, as the case may be, must pay all costs and expenses
associated with the transfer of its responsibilities. If no successor trustee or certificate administrator shall have been so
appointed and have accepted appointment within ninety (90) days after the giving of such notice of resignation, the resigning
Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment of a successor
trustee or certificate administrator, as applicable, and any expenses associated with such petition shall be an expense of
the Trust.

 

(b)     If
at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06
(and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign after written request
therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer
to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five
(5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint a successor trustee or certificate
administrator acceptable to the Master Servicer, by written instrument, in duplicate, which instrument shall be delivered to the
Trustee or Certificate Administrator so removed and to the successor trustee or certificate administrator in the case of

 

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the
removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered to the Master Servicer, the
Special Servicer and the Certificateholders by the Depositor. If no successor trustee or certificate administrator has accepted
an appointment within ninety (90) days after the giving of notice of removal, the removed trustee or certificate administrator,
as applicable, may petition any court of competent jurisdiction to appoint a successor trustee or certificate administrator, as
applicable, and such petition shall be an expense of the Trust.

 

(c)     The
Holders of Certificates entitled to at least 75% of the Voting Rights may at any time upon thirty (30) days’ prior written
notice, with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate
administrator by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate
Administrator so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the
Depositor, the Special Servicer and the remaining Certificateholders by the Master Servicer. In the event of any such termination
without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable,
shall be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)     Any
resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment
by the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed
with respect to any related Companion Loan.

 

If
the same party is acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party
in its capacity as Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its
capacity as Trustee or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator
and a successor trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon
any succession of the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator
shall be entitled to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for
services rendered and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator
shall be personally liable for any action or omission of any successor trustee or certificate administrator.

 

(e)     Upon
the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the termination
of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each Mortgage Loan
(to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee), without
recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered Holders
of JPMCC Commercial Mortgage 

 

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Securities
Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 or in blank, and (ii) in the case of the
other assignable Mortgage Loan documents (to the extent such other Mortgage Loan documents were assigned to the outgoing
trustee), assign such Mortgage Loan documents to such successor, and such successor shall review the documents delivered to
it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject
to this Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a
Mortgage Loan was not endorsed to the outgoing trustee, the Custodian shall, upon its receipt of a Request for
Release, deliver such Mortgage Note to the Depositor or the successor trustee, as requested, and the Master Servicer and the
Depositor shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the successor, as trustee for the registered Holders of JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 or in blank; provided, however,
that, notwithstanding anything to the contrary herein, to the extent any such endorsement of such Mortgage Note requires the
signature of the related Mortgage Loan Seller in order to comply with the foregoing, then the Master Servicer shall use
reasonable efforts to cause the related Mortgage Loan Seller to execute such endorsement; (c) if any other assignable
Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall, upon its receipt of a Request for
Release, deliver such Mortgage Loan document to the Depositor or the successor trustee, as requested, and the Master Servicer
and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Loan document is assigned to such
successor trustee; and (d) in any case, such successor trustee shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this
Agreement, such endorsements and assignments have been made or, in the event such endorsement or assignment cannot be made
for any reason, to note the same in such certification.

 

(f)     Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section 8.08     Successor
Trustee or Certificate Administrator. (a)  Any successor trustee or certificate administrator appointed as provided
in Section 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer
and to its predecessor Trustee or Certificate Administrator an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator shall become effective and such successor trustee
or certificate administrator without any further act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator
herein. The predecessor Trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements
held by it hereunder (other than any Mortgage Files at the time held on its behalf by a Custodian, which Custodian, at Custodian’s
option shall become the agent of the successor trustee), and the Depositor, the Master Servicer, the Special Servicer and the
predecessor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more
fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the
successor trustee to perform its obligations hereunder.

 

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(b)     No
successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this Section 8.08
unless at the time of such acceptance such successor trustee or successor certificate administrator, as applicable, shall
be eligible under the provisions of Section 8.06.

 

(c)     Upon
acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable, to the
Depositor and the Certificateholders. If the Master Servicer fails to deliver such notice within ten (10) days after acceptance
of appointment by the successor trustee or successor certificate administrator, as applicable, such successor trustee or
successor certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

Section 8.09     Merger
or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate Administrator
may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion or consolidation
to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially all of
the corporate trust business of the Trustee or the Certificate Administrator shall be the successor of the Trustee or the Certificate
Administrator, as applicable, hereunder; provided that, in the case of the Trustee, such successor person shall be eligible
under the provisions of Section 8.06, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding. The Certificate Administrator shall post such notice
to the Certificate Administrator’s Website in accordance with Section 3.13(b) and shall provide notice of such
event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information Provider, which shall post such notice
to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Section 8.10     Appointment
of Co-Trustee or Separate Trustee. (a)  Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the
same may at the time be located or for enforcement actions or where a conflict of interest exists, the Master Servicer and
the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the
Trust, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Master Servicer and the Trustee may consider necessary or desirable. If the Master
Servicer shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request to do so, or
in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make
such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08 hereof. All co-trustee fees shall be
payable out of the Trust Fund.

 

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(b)     In
the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers,
duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by
the Trustee and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special
Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall
be exercised and performed by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)     Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including
every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

 

(d)     Any
separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor trustee.

 

(e)     The
appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties
and responsibilities hereunder.

 

Section 8.11     Appointment
of Custodians. The Certificate Administrator is hereby appointed as the Custodian to hold all or a portion of the Mortgage
Files. The Custodian shall be a depository institution subject to supervision by federal or state authority, shall have combined
capital and surplus of at least $15,000,000 and shall be qualified to do business in the jurisdiction in which it holds any Mortgage
File. The Custodian shall be subject to the same obligations and standard of care as would be imposed on the Certificate Administrator
hereunder in connection with the retention of Mortgage Files directly by the Certificate Administrator. Upon termination or resignation
of the Custodian, the Certificate Administrator may appoint another Custodian meeting the foregoing requirements. The appointment
of one or more Custodians by the Certificate Administrator shall not relieve the Certificate Administrator from any of its obligations
hereunder, and the Certificate Administrator shall remain responsible for all acts and omissions of any Custodian other than the
initial Custodian. Any Custodian appointed hereunder must maintain a fidelity bond and errors and omissions policy in an amount
customary for Custodians which serve in such capacity in commercial mortgage loan securitization transactions, or may self-insure.

 

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Section 8.12     Representations
and Warranties of the Trustee. The Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder and the Certificate Administrator
for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)          The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America;

 

(ii)         The
execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement by
the Trustee, will not violate the Trustee’s charter and by-laws 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 which is applicable to it or any of its assets;

 

(iii)        The
Trustee 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, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms
of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory authority, which violation, in the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement;

 

(vi)        No
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit the
Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement; and

 

(vii)      No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions contemplated
by this Agreement, except for any consent, approval, authorization or order

 

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which has not been obtained or cannot be obtained
prior to the actual performance by the Trustee of its obligations under this Agreement, and which, if not obtained would not have
a materially adverse effect on the ability of the Trustee to perform its obligations hereunder.

 

Section 8.13     Provision
of Information to Certificate Administrator, Master Servicer and Special Servicer. The Master Servicer shall promptly, upon
request, provide the Special Servicer and the Certificate Administrator with notice of any change in the identity and/or contact
information of any Serviced Companion Noteholder (to the extent it receives written notice of such change). The Certificate Administrator,
Master Servicer and Special Servicer may each conclusively rely on the information provided to them regarding identity and/or
contact information regarding any Serviced Companion Noteholder, and the Certificate Administrator, Master Servicer and Special
Servicer, as applicable, shall have no liability for notices not sent to the correct Serviced Companion Noteholders or any obligation
to determine the identity and/or contact information of the Serviced Companion Noteholders to the extent updated or correct information
regarding the holders of any of the Serviced Companion Noteholders or the most recent identity and/or contact information regarding
any of the Serviced Companion Noteholders has not been provided to the Certificate Administrator, Master Servicer or Special Servicer,
as applicable.

 

Section 8.14     Representations
and Warranties of the Certificate Administrator. The Certificate Administrator hereby represents and warrants to the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion
Noteholder, and the Trustee, for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)          The
Certificate Administrator is a national banking association duly organized under the laws of the United States of America, duly
organized, validly existing and in good standing under the laws thereof;

 

(ii)         The
execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the terms of
this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws 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 which is applicable to it or any of its assets;

 

(iii)        The
Certificate Administrator 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, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance with
the terms hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors’ rights generally and the

 

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rights of creditors of national banking associations specifically and
(b) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or
any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Certificate
Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the Certificate
Administrator to perform its obligations under this Agreement or the financial condition of the Certificate Administrator;

 

(vi)       No
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

(vii)      No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement or the consummation
of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order which has not been
obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations under this
Agreement, and which, if not obtained would not have a materially adverse effect on the ability of the Certificate Administrator
to perform its obligations hereunder.

 

Section 8.15     Compliance
with the PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time
applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable
Laws”), each of the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer is required
to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable. Accordingly, each of the
parties to this Agreement agrees to provide to the Trustee, the Certificate Administrator, the Special Servicer and the Master
Servicer, upon its respective reasonable request from time to time such identifying information and documentation as may be available
for such party in order to enable the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer to
comply with Applicable Laws.

 

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[End
of Article VIII]

 

Article IX

TERMINATION

 

Section 9.01     Termination
upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section 9.01 and Section 9.02,
the Trust and the respective obligations and responsibilities under this Agreement of the Certificate Administrator (other
than the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter set
forth), the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the
Certificate Administrator and required hereunder to be so paid on the Distribution Date following the earlier to occur of
(i) the final payment (or related Advance) or other liquidation of the last Mortgage Loan and REO Property (as
applicable) subject hereto, (ii) the purchase or other liquidation by the Holders of the majority of the Controlling
Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of priority, of
all the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund at a price equal to
(a) the sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) included in the
Trust Fund, (2) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust
Fund (such Appraisals in clause (a)(2) to be conducted by an Independent MAI-designated appraiser selected by the
Master Servicer, and approved by more than 50% of the Voting Rights of the Classes of Certificates then outstanding (other
than the Controlling Class unless the Controlling Class is the only Class of Certificates then outstanding)) (which approval
shall be deemed given unless more than 50% of such Certificateholders object within twenty (20) days of receipt of notice
thereof), (3) the reasonable out-of-pocket expenses of the Master Servicer with respect to such termination, unless the
Master Servicer is the purchaser of such Mortgage Loans and (4) if a Mortgaged Property secures a Non-Serviced Mortgage Loan
and is an “REO property” under the terms of the related Non-Serviced PSA, the pro rata portion of the fair
market value of the related Mortgaged Property, as determined by the Non-Serviced Master Servicer in accordance with
clause (2) above, minus (b) solely in the case where the Master Servicer is exercising such purchase right,
the aggregate amount of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in
respect of such Advances in accordance with Sections 3.03(d) and 4.03(d) and any unpaid Servicing
Fees, remaining outstanding and payable solely to the Master Servicer (which items shall be deemed to have been paid or
reimbursed to the Master Servicer in connection with such purchase) or (iii) so long as the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates are no longer
outstanding, the voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class R
Certificates) for the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant to the terms of the immediately
succeeding paragraph; provided, however, that in no event shall the Trust created hereby continue beyond the
expiration of twenty-one (21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James’s, living on the date hereof.

 

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Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class
D and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in
unanimity) of the then outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have
the right, with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (iii)
of the first paragraph of this Section 9.01 by giving written notice to all the parties hereto no later than
sixty (60) days prior to the anticipated date of exchange. In the event that the Sole Certificateholder elects to exchange
all of its Certificates (other than the Class R Certificates) for all of the Mortgage Loans and the Trust’s portion of
each REO Property remaining in the Trust in accordance with the preceding sentence, such Sole Certificateholder, not later
than the Distribution Date on which the final distribution on the Certificates is to occur, shall deposit in the Collection
Account an amount in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer,
the Special Servicer, the Trustee and the Certificate Administrator hereunder through the date of the liquidation of the
Trust that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties hereto,
pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account pursuant to Section 3.05(a),
but only to the extent that such amounts are not already on deposit in the Collection Account. In addition, the Master
Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC Distribution Account and Excess
Interest Distribution Account on the Master Servicer Remittance Date related to such Distribution Date in which the final
distribution on the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section 3.04(b)
(provided, however, that if a Serviced Whole Loan is secured by REO Property, the portion of the
above-described purchase price allocable to such Trust’s portion of REO Property shall initially be deposited into the
related REO Account). Upon confirmation that such final deposits have been made and following the surrender of all its
Certificates (other than the Class R Certificates) on the applicable Distribution Date, the Custodian shall, upon receipt of
a Request for Release from the Master Servicer, release or cause to be released to the Sole Certificateholder or any designee
thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other
instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties remaining in the Trust Fund, and the Trust shall be liquidated in accordance with Section 9.02.
Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the
Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of the Principal Balance Certificates, plus
accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts
distributable in respect of such Certificates and Related Lower-Tier Regular Interests.

 

The
obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent
(i) its related Serviced Mortgage Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts
payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related
Intercreditor Agreement remain due and owing.

 

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The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R
Certificates, in that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO
Property remaining in the Trust Fund as contemplated by clause (ii) of the first paragraph of this Section 9.01
by giving written notice to the Trustee, the Certificate Administrator, and the other parties hereto no later than sixty (60)
days prior to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class,
the Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the
Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans
held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the
Preliminary Statement. This purchase shall terminate the Trust and retire the then-outstanding Certificates. In the event
that the Master Servicer or the Special Servicer purchases, or the Holders of the majority of the Controlling Class or the
Holders of the Class R Certificates purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property
remaining in the Trust Fund in accordance with the preceding sentence, the Master Servicer, the Special Servicer, the Holders
of the majority of the Controlling Class or the Holders of the Class R Certificates, as applicable, shall deposit in the
Lower-Tier REMIC Distribution Account not later than the Master Servicer Remittance Date relating to the Distribution Date on
which the final distribution on the Certificates is to occur, an amount in immediately available funds equal to the
above-described purchase price (exclusive of any portion thereof payable to any Person other than the Certificateholders
pursuant to Section 3.05(a), which portion shall be deposited in the Collection Account). In addition, the Master
Servicer shall transfer to the Lower-Tier REMIC Distribution Account all amounts required to be transferred thereto on such
Master Servicer Remittance Date from the Collection Account pursuant to the first paragraph of Section 3.04(b),
together with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution.
Upon confirmation that such final deposits and payments have been made, the Custodian shall release or cause to be released
to the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the
Class R Certificates, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments,
endorsements and other instruments furnished to it by the Master Servicer, the Special Servicer, the Holders of the majority
of the Controlling Class or the Holders of the Class R Certificates, as applicable, as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund.

 

For
purposes of this Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to
terminate the Upper-Tier REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders
of the Class R Certificates. For purposes of this Section 9.01, the Directing Certificateholder with the consent of
the Holders of the Controlling Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets of
the Trust and terminating the Trust.

 

Notice
of any termination pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter
to the Certificateholders, each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions
of

 

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Section 3.13(c) (who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01,
to the other parties hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage
Loans and each REO Property remaining in the Trust Fund, not earlier than the 15th day and not later than the 25th day of the
month next preceding the month of the final distribution on the Certificates, or (b) otherwise during the month of such final
distribution on or before the P&I Advance Determination Date in such month, in each case specifying (i) the Distribution
Date upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being
made only upon presentation and surrender of the Certificates at the offices of the Certificate Registrar or such other location
therein designated.

 

After
transferring the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges
distributable to the Regular Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution
Account, in each case pursuant to Section 3.04(b) and upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Certificate Administrator shall distribute to each Certificateholder
so presenting and surrendering its Certificates (i) such Certificateholder’s Percentage Interest of that portion
of the amounts then on deposit in the Upper-Tier REMIC Distribution Account that are allocable to payments on the Class of
Regular Certificates so presented, (ii) to Holders of the Class NR Certificates so presented, any amounts remaining on
deposit in the Excess Interest Distribution Account, (iii) any remaining amounts of Prepayment Premiums and Yield
Maintenance Charges distributable to the Holders of the Class X-C Certificates pursuant to Section 4.01(e),
and (iv) any remaining amount shall be distributed to the Class R Certificates in respect of the Class LR Interest
or the Class UR Interest, as applicable. Amounts transferred from the Lower-Tier REMIC Distribution Account to the
Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination and liquidation
of the Lower-Tier Regular Interests and the Class LR Interest in accordance with Sections 4.01(a), 4.01(c), 4.01(d),
and 4.01(e). Any funds not distributed on such Distribution Date shall be set aside and held uninvested in trust for
the benefit of the Certificateholders not presenting and surrendering their Certificates in the aforesaid manner and shall be
disposed of in accordance with this Section 9.01 and Section 4.01(h).

 

Section 9.02     Additional
Termination Requirements. In the event the Master Servicer or the Special Servicer purchases, or the Holders of the Controlling
Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the Trust’s portion of each REO
Property remaining in the Trust Fund as provided in Section 9.01, the Upper-Tier REMIC and Lower-Tier REMIC shall
be terminated in accordance with the following additional requirements, which meet the definition of a “qualified liquidation”
in Section 860F(a)(4) of the Code:

 

(i)     the
Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date of mailing
of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’ final
Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

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(ii)     during
the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates, the Certificate
Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the Master Servicer, the Special
Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates, as applicable, for cash; and

 

(iii)     within
such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular Interests and
the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited, to the Holders
of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC) and in respect of the
Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to meet claims), and the
Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End
of Article IX]

 

Article X

ADDITIONAL REMIC PROVISIONS

 

Section 10.01     REMIC
Administration. (a)  The Certificate Administrator shall make elections or cause elections to be made to treat
each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each such election will
be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day of the calendar
year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC election in respect
of the Upper-Tier REMIC, each Class of the Regular Certificates (exclusive of the portion of the Class NR Certificates representing
an interest in the Grantor Trust) shall be designated as the “regular interests” and the Class UR Interest shall
be designated as the sole class of “residual interests” in the Upper-Tier REMIC. For purposes of the REMIC election
in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests shall be designated as a class of “regular
interests” and the Class LR Interest shall be designated as the sole class of “residual interests” in the
Lower-Tier REMIC. None of the Special Servicer, the Master Servicer or the Trustee shall permit the creation of any “interests”
(within the meaning of Section 860G of the Code) in any Trust REMIC other than the foregoing interests.

 

(b)     The
Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust REMIC within
the meaning of Section 860G(a)(9) of the Code.

 

(c)     The
Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving either
such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’ or
accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05(a) unless such

 

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legal expenses
and costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Holder
of the largest Percentage Interest in the Class R Certificates shall be designated, in the manner provided under Treasury Regulations
Section 1.860F-4(d) and temporary Treasury Regulations Section 301.6231(a)(7)-1T, as the “tax matters person”
of each Trust REMIC. By their acceptance thereof, the Holder of the largest Percentage Interest in the Class R Certificates hereby
agrees to irrevocably appoint the Certificate Administrator as its agent to perform all of the duties of the “tax matters
person” for the Trust REMICs.

 

(d)     The
Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax Returns that
it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to sign (and the Trustee
shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns shall be borne by the
Certificate Administrator without any right of reimbursement therefor.

 

(e)     The
Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate such information
as is necessary for the application of any tax relating to the transfer of such Class R Certificate to any Person who is a Disqualified
Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders such information
or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount
and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service on Form 8811,
within thirty (30) days after the Closing Date, the name, title, address and telephone number of the “tax matters person”
who will serve as the representative of each of the Trust REMICs created hereunder.

 

(f)     The
Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within the
Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate
Administrator to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the
Special Servicer shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail
to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify
as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust (including but not limited to the
tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to
a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”)
(either such event, an “Adverse REMIC Event”) unless the Certificate Administrator receives an Opinion of Counsel
(at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Certificate Administrator
determines that taking such action is in the best interest of the Trust and the Certificateholders, at the expense of the Trust,
but in no event at the expense of the Certificate Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to the Trust, any Trust REMIC created hereunder, endanger such status or, unless the Certificate Administrator
determines in its sole

 

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discretion to indemnify the Trust against such tax, result in the imposition of such a tax (not including
a tax on “net income from foreclosure property”). The Trustee shall not take or fail to take any action (whether or
not authorized hereunder) as to which the Certificate Administrator has advised it in writing that it has received an Opinion
of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action. The Certificate Administrator may
consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action
not expressly permitted by this Agreement, but in no event at the expense of the Certificate Administrator or the Trustee. At
all times as may be required by the Code, the Certificate Administrator will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the assets of each Trust REMIC as “qualified
mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5)
of the Code.

 

(g)     In
the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the
Holders of the Certificates, except as provided in the last sentence of this Section 10.01(g); provided
that with respect to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant
to Section 860G(c) of the Code or any similar tax imposed by a state or local tax authority, the Special Servicer shall
retain in the related REO Account a reserve for the payment of such taxes in such amounts and at such times as it shall deem
appropriate (or as advised by the Certificate Administrator in writing), and shall remit to the Master Servicer such reserved
amounts as the Master Servicer shall request in order to pay such taxes. Except as provided in the preceding sentence, the
Master Servicer shall withdraw from the Collection Account sufficient funds to pay or provide for the payment of, and to
actually pay, such tax as is estimated to be legally owed by any Trust REMIC (but such authorization shall not prevent the
Certificate Administrator from contesting, at the expense of the Trust (other than as a consequence of a breach of its
obligations under this Agreement), any such tax in appropriate proceedings, and withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings). The Certificate Administrator is hereby authorized to and shall segregate,
into a separate non-interest bearing account, the net income from any “prohibited transaction” under
Section 860F(a) of the Code or the amount of any taxable contribution to any Trust REMIC after the Startup Day that is
subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such
prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect of “net income
from foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax authorities, the
Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of Class R
Certificates (as applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier
Regular Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom
and then to the Holders of the Class R Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(c) and
(y) in the case of the Upper-Tier REMIC, to the Holders of the Principal Balance Certificates in the manner specified in Section 4.01(a),
to the extent they are fully reimbursed for any Realized Losses arising therefrom and then to the Holders of the Class R
Certificates in respect of the Class UR Interest. None of the Trustee, the Certificate Administrator, the Master
Servicer or the Special Servicer shall be responsible for any taxes imposed on any Trust REMIC except to the

 

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extent such
taxes arise as a consequence of a breach of their respective obligations under this Agreement which breach constitutes
willful misconduct, bad faith, or negligence by such party.

 

(h)     The
Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records with respect
to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(i)     Following
the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets to any Trust REMIC
unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense of the party seeking
to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause an Adverse REMIC
Event to occur.

 

(j)     Neither
the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC will
receive a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets
other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
investments” as defined in Section 860G(a)(5) of the Code.

 

(k)     Solely
for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” by
which the Certificate Balance or Notional Amount of each Class of Regular Certificates and by which the Lower-Tier Principal Amount
of each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is the Rated Final Distribution Date.

 

(l)      None
of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure
of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed
in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or Article III
of this Agreement) or acquire any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection
Account or the REO Account for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will
not (a) affect adversely the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, has determined in its sole discretion to indemnify the Trust against
such tax, cause the Trust or any Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC
Provisions.

 

(m)     The
Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the
Code (or successor provisions) to any Trust REMIC and (ii) to avoid payment by any Trust REMIC under Section 6225 of
the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be
imposed on any Holder of Class R Certificate,

 

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past or present. Each Holder of Class R Certificate agrees, by acquiring
such Certificate, to any such elections.

 

Section 10.02     Use
of Agents. (a)  The Trustee shall execute all of its obligations and duties under this Article X through
its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this Article X either
directly or by or through agents or attorneys. The Trustee shall not be relieved of any of its duties or obligations under this
Article X by virtue of the appointment of any such agents or attorneys.

 

(b)     The
Certificate Administrator may execute any of its obligations and duties under this Article X either directly or by
or through agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

Section 10.03     Depositor,
Master Servicer and Special Servicer to Cooperate with Certificate Administrator. (a)  The Depositor shall
provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor receives a request
from the Certificate Administrator, all information or data that the Certificate Administrator reasonably determines to be
relevant for tax purposes as to the valuations and issue prices of the Certificates, including, without limitation, the
price, yield, Prepayment Assumptions and projected cash flow of the Certificates.

 

(b)     The
Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable
notice and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates
or the Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform its duties
hereunder.

 

Section 10.04     Appointment
of REMIC Administrators. (a)  The Certificate Administrator may appoint at the Certificate Administrator’s
expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the Certificate Administrator in performing
the functions set forth in Section 10.01 herein. The Certificate Administrator shall cause any such REMIC Administrator
to execute and deliver to the Certificate Administrator an instrument in which REMIC Administrator shall agree to act in such
capacity, with the obligations and responsibilities herein. The appointment of a REMIC Administrator shall not relieve the Certificate
Administrator from any of its obligations hereunder, and the Certificate Administrator shall remain responsible and liable for
all acts and omissions of the REMIC Administrator. Each REMIC Administrator must be acceptable to the Certificate Administrator
and must be organized and doing business under the laws of the United States of America or of any State and be subject to supervision
or examination by federal or state authorities. In the absence of any other Person appointed in accordance herewith acting as
REMIC Administrator, the Certificate Administrator hereby agrees to act in such capacity in accordance with the terms hereof.
If Wells Fargo Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association
shall be terminated as REMIC Administrator.

 

(b)     Any
Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger,

 

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conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the
corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)     Any
REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of resignation
to the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer and the
Depositor. The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving written
notice of termination to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon
receiving a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to
be eligible in accordance with the provisions of this Section 10.04, the Certificate Administrator may appoint a
successor REMIC Administrator, in which case the Certificate Administrator shall give written notice of such appointment to
the Master Servicer, the Trustee and the Depositor and shall mail notice of such appointment to all Certificateholders; provided, however,
that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section 10.04.
Any successor REMIC Administrator upon acceptance of its appointment hereunder shall become vested with all the rights,
powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as REMIC
Administrator. No REMIC Administrator shall have responsibility or liability for any action taken by it as such at the
direction of the Certificate Administrator.

 

[End
of Article X]

 

Article XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.01     Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article XI of this
Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations
of the Commission. The Depositor shall not exercise its rights to request delivery of information or other performance under these
provisions other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act,
the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties hereto acknowledge
that interpretations of the requirements of Regulation AB may change over time, due to interpretive guidance provided by
the Commission or its staff, and agree to comply with requests made by the Depositor in good faith for delivery of information
under these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations
require compliance and are not “grandfathered”). In connection with the JPMCC Commercial Mortgage Securities Trust
2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, each of the Master Servicer, the Special Servicer, the
Operating Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with the Depositor and the
Certificate Administrator, as applicable, to deliver or make available to the Depositor or the Certificate Administrator (including
any of its assignees or designees), any and all statements, reports, certifications, records and any other information

 

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(in its
possession or reasonably attainable) necessary in the reasonable good faith determination of the Depositor to permit the Depositor
to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer, the Special
Servicer, the Operating Advisor, the Trustee, the Custodian, the Asset Representations Reviewer and the Certificate Administrator,
as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor to be necessary
in order to effect such compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written
request made under this Section 11.01, but in any event, shall, upon reasonable advance written request, provide information
in sufficient time to allow the Depositor to satisfy any related filing requirements. For purposes of this Article XI,
to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party to perform, such
party hereunder shall not be required to bring any legal action against such third party in connection with such obligation.

 

Section 11.02     Succession;
Subcontractors. (a)  As a condition to the succession to the Master Servicer and Special Servicer or to any
Sub-Servicer (but only if such Sub-Servicer is a Servicing Function Participant and a servicer as contemplated by
Item 1108(a)(2)) as servicer or sub-servicer under this Agreement by any Person (i) into which the Master Servicer
and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor
to the Master Servicer and Special Servicer or to any such Sub-Servicer, the person removing and replacing the Master
Servicer and Special Servicer shall provide to the Depositor, the Master Servicer, the Special Servicer and the Certificate
Administrator, at least fifteen (15) calendar days prior to the effective date of such succession or appointment (or
such shorter period as is agreed to by the Depositor), (x) written notice to the Depositor of such succession or
appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information
relating to such successor reasonably requested by the Depositor in order to comply with its reporting obligation under
Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed
under the Exchange Act); provided, however that if disclosing such information prior to such effective date
would violate any applicable law or confidentiality agreement, the Master Servicer, the Special Servicer or any Additional
Servicer, as the case may be, shall submit such disclosure to the Depositor no later than the first Business Day after the
effective date of such succession or appointment.

 

(b)     Each
of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor, the Asset Representations
Reviewer and the Certificate Administrator (each of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor,
the Asset Representations Reviewer and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 11.02,
a “Servicer”) is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder.
If such Subcontractor will be a Servicing Function Participant, such Servicer shall promptly upon written request provide to the
Depositor or any Mortgage Loan Seller a written description (in form and substance satisfactory to the Depositor or such Mortgage
Loan Seller, as applicable) of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the
identity of such Subcontractor and (ii) the elements of the Servicing Criteria that will be addressed in assessments of compliance
provided by each such Subcontractor. As a condition to the utilization by such Servicer of any Subcontractor determined to be
a Servicing Function Participant, such Servicer shall (i) with

 

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respect to any such Subcontractor engaged by such Servicer
that is an Initial Sub-Servicer, use commercially reasonable efforts to cause, and (ii) with respect to any other subcontractor
with which it has entered into a servicing relationship, cause such Subcontractor used by such Servicer for the benefit of the
Depositor and the Trustee to comply with the provisions of Section 11.10 and Section 11.11 of this Agreement
to the same extent as if such Subcontractor were such Servicer. With respect to any Servicing Function Participant engaged by
such Servicer that is an Initial Sub-Servicer, such Servicer shall be responsible for using commercially reasonable efforts to
obtain, and with respect to each other Servicing Function Participant engaged by such Servicer, such Servicer shall obtain from
each such Servicing Function Participant and deliver to the applicable Persons any assessment of compliance report and related
accountant’s attestation required to be delivered by such Subcontractor under Section 11.10 and Section 11.11,
in each case, as and when required to be delivered. For the avoidance of doubt, the Custodian shall not be permitted to utilize
any Subcontractor to perform any of its obligations hereunder.

 

(c)     Notwithstanding
the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with the performance of
any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets the criteria in Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is
a “servicer” within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB, then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement,
the engagement of such Sub-Servicer shall not be effective unless and until notice is given to the Depositor and the Certificate
Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to the Initial Sub-Servicer, no Sub-Servicing
Agreement shall be effective until fifteen (15) days after such written notice is received by the Depositor and the Certificate
Administrator (or such shorter period as is agreed to by the Depositor). Such notice shall contain all information reasonably
necessary to enable the Certificate Administrator to accurately and timely report the event under Item 6.02 of Form 8-K
pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(d)     In
connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may be merged
or consolidated, or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written notice to
the Depositor, the Certificate Administrator and the 17g-5 Information Provider, which shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar
days prior to the effective date of such succession or appointment (or if such prior notice is violative of applicable law or
any applicable confidentiality agreement, no later than one (1) Business Day after such effective date of succession) and shall
furnish to the Depositor and the Certificate Administrator, in writing and in form and substance reasonably satisfactory to the
Depositor and the Certificate Administrator, all information reasonably necessary for the Certificate Administrator to accurately
and timely report, pursuant to Section 11.07, the event under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

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(e)     Notwithstanding
anything to the contrary contained in this Article XI, in connection with any Sub-Servicer and/or any Mortgage Loan
that is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation AB, the Master
Servicer shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer to comply
with its obligations under such Initial Sub-Servicing Agreement.

 

(f)     Any
information furnished pursuant to this Section 11.02 shall also be provided, and subject to the reimbursement of any
applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the information relates to a party that services, specially services or is trustee for a Serviced Companion Loan) in the
same time frame as set forth in this Section 11.02.

 

Section 11.03     Filing
Obligations. (a)  The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection with
the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04, 11.05, 11.06 and 11.07
of this Agreement, the Certificate Administrator shall prepare for execution by the Depositor any Forms 8-K, 10-D and
10-K required by the Exchange Act, in order to permit the timely filing thereof, and the Certificate Administrator shall file
(via the Commission’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system) such
Forms executed by the Depositor.

 

Each
party hereto shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of
any “sponsor”, credit enhancer, derivative provider or “significant obligor” as of the Closing Date other
than with respect to itself or any information required to be provided by it or indemnified for by it pursuant to any separate
agreement.

 

(b)     In
the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K,
10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it or
delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator will promptly notify the
Depositor. In the case of Forms 10-D and 10-K, the Depositor, the Master Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A or Form 10-K/A,
as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will,
upon receipt of all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include
such disclosure information on the next succeeding Form 10-D to be filed for the Trust. In the event that any previously
filed Form 8-K, Form 10-D or Form 10-K needs to be amended, the Certificate Administrator will notify the Depositor,
and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare any necessary
Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D
or Form 10-K shall be signed by an officer of the Depositor. The parties to this Agreement acknowledge that the performance
by the Certificate Administrator of its duties under this Section 11.03 related to the timely preparation and filing
of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent upon the
parties observing all applicable deadlines in the performance of their duties under Sections 11.03, 11.04,
11.05, 11.06,

 

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11.07, 11.08, 11.09, 11.10, 11.11 and 11.16 of this Agreement.
The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any
failure to properly prepare, arrange for execution and/or timely file any such Form 15, Form 12b-25 or any amendments
to Form 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability
or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution
or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting
from its own negligence, bad faith or willful misconduct.

 

Section 11.04     Form 10-D
Filings. (a)  Within fifteen (15) days after each Distribution Date (subject to permitted extensions under the
Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required by the
Exchange Act, in form and substance as required by the Exchange Act. The Certificate Administrator shall file each
Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure in addition to the
Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB
to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have
no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent such
reporting, direction and approval.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto,
within five (5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit BB
hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function
Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure,
if applicable; provided that information relating to any REO Account to be reported under “Item 8: Other Information”
on Exhibit BB shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after
the related Distribution Date on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include
with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE
(except with respect to the reporting of REO Account balances which shall be delivered in the form of Exhibit MM
hereto) and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Additional Form 10-D Disclosure on Form 10-D. Information delivered to the Certificate Administrator hereunder should
be delivered by email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.
Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit BB of their duties under this paragraph or proactively solicit or procure from such
parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any reasonable expenses incurred
by the Trustee or Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D
pursuant to this paragraph.

 

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The
Certificate Administrator shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a)
of the Exchange Act concerning all assets held by the Trust that were subject of a demand for the repurchase of, or the substitution
of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference
to the most recent Form ABS-15G filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the SEC’s
assigned “Central Index Key” for each such filer and (iii) to the extent such information is provided to the
Certificate Administrator by the Master Servicer in the form of Exhibit MM hereto for inclusion therein within the
time period described in this Section 11.04, the balances of the REO Account (to the extent the related information
has been received from the Special Servicer within the time period specified in Section 11.04 hereof) and the Collection
Account as of the related Distribution Date and as of the immediately preceding Distribution Date and (iv) the balances of
the Distribution Accounts, the Gain-on-Sale Reserve Account and the Interest Reserve Account, in each case as of the related Distribution
Date and as of the immediately preceding Distribution Date. The Depositor and the Mortgage Loan Sellers, in accordance with Section 6(b)
of the applicable Mortgage Loan Purchase Agreement, shall deliver such information as described in clause (i) and
clause (ii) of this paragraph.

 

Form 10-D
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.”  The Depositor hereby represents to the Certificate Administrator that the Depositor
has filed all such required reports during the preceding twelve (12) months and that it has been subject to such filing requirement
for the past ninety (90) days. The Depositor shall notify the Certificate Administrator in writing, no later than the 5th calendar
day after the related Distribution Date with respect to the filing of a report on Form 10-D if the answer to the questions
should be “no.”  The Certificate Administrator shall be entitled to rely on such representations in preparing,
executing and/or filing any such report.

 

With
respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall
include as part of any applicable Form 10-D filed by it, to the extent such information is received by the Certificate Administrator
from the Master Servicer or the Special Servicer, as applicable, substantially in the form of Exhibit KK (A) the
amount of any such Additional Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the
total debt service coverage ratio calculated on the basis of the Mortgage Loan and such Additional Debt or mezzanine debt, as
applicable, and (C) the aggregate LTV Ratio calculated on the basis of the Mortgage Loan and such Additional Debt or mezzanine
debt, as applicable.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form 10-D for each reporting period: Name: Kunal Singh, Telephone: (212) 834-6029. The Certificate Administrator may
rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

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Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period
in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate
Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report Summary from the
Asset Representations Reviewer.

 

To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include
under Item 1B on the Form 10-D relating to the reporting period in which such request was received a Special Notice regarding
the request to communicate, and such Special Notice is required to include the following and no more than the following: (a) the
name of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a
statement to the effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate
Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise
of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use
to contact the requesting Certificateholder or Certificate Owner.

 

(b)     After
preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor
for review no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar day after the related
Distribution Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business Days after receipt of
such copy, but no later than the two (2) Business Days prior to the 15th calendar day after the Distribution Date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D and, a duly authorized officer of the Depositor shall sign the Form 10-D and return an electronic or
fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator.
Alternatively, if the Certificate Administrator agrees in its sole discretion, the Depositor may deliver to the Certificate Administrator
manually signed copies of a power of attorney meeting the requirements of Item 601(b)(24) of Regulation S-K under the
Securities Act, and certified copies of a resolution of the Depositor’s board of directors authorizing such power of attorney,
each to be filed with each Form 10-D, in which case the Certificate Administrator shall sign such Forms 10-D as attorney
in fact for the Depositor. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended,
the Certificate Administrator will follow the procedures set forth in Section 11.03(b). Promptly after filing with
the Commission, the Certificate Administrator will make available on its Internet website a final executed copy of each Form 10-D
filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Bianca Russo, Managing Director
and Secretary, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New York, New York 10179,
telecopy number: (917) 464 6116, with a copy to Kunal Singh, President and CEO, J.P. Morgan Chase Commercial Mortgage Securities
Corp., 383 Madison Avenue, 31st Floor, New York, New York 10179, telecopy number: (212) 834 6029. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this

 

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Section 11.04(b) related
to the timely preparation and filing of Form 10-D is contingent upon such parties observing all applicable deadlines in the
performance of their duties under this Section 11.04(b). Neither the Trustee nor the Certificate Administrator shall
have any liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 10-D, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from any party to this Agreement needed to prepare, arrange
for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

Section 11.05     Form 10-K
Filings. (a)  Within ninety (90) days after the end of each fiscal year of the Trust (it being understood that the
fiscal year for the Trust ends on December 31 of each year) or such earlier date as may be required by the Exchange Act (the
“10-K Filing Deadline”), commencing in March 2016, the Certificate Administrator shall prepare and file on
behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable
time frames set forth in this Agreement:

 

(i)     an
annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian
and each Additional Servicer, as described under Section 11.09, including disclosure regarding any material instance
of noncompliance and the nature and status thereof;

 

(ii)      (A)  the
annual reports on assessment of compliance with servicing criteria for the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each other Servicing Function
Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian
or the Trustee, as described under Section 11.10; and

 

(B)     if
any such report on assessment of compliance with servicing criteria described under Section 11.10 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance of noncompliance
involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken to remedy
such instance of noncompliance), or if such report on assessment of compliance with servicing criteria described under Section 11.10
is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included;

 

(iii)     (A)  the
registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant utilized
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as described under Section 11.11; and

 

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(B)     if
any registered public accounting firm attestation report described under Section 11.11 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included; and

 

(iv)     a
certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as a
result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except as
described below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit CC
to the Depositor and the Certificate Administrator and approved by the Depositor and the Certificate Administrator will have
no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, absent such reporting,
direction and approval. Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.

 

As
set forth on Exhibit CC hereto, no later than March 1st of each year (or, solely with respect to the Master Servicer
(and any sub-servicer engaged by it) and the Special Servicer and their respective obligations in 2016, March 15th) that the Trust
is subject to the Exchange Act reporting requirements, commencing in 2016, (i) the parties listed on Exhibit CC
shall be required to provide to the Certificate Administrator and the Depositor, to the extent a Regulation AB Servicing
Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format or in such other format as
otherwise agreed upon by the Certificate Administrator, the Depositor and such providing parties, the form and substance of any
Additional Form 10-K Disclosure, if applicable, (ii) the parties listed on Exhibit CC hereto shall include
with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE
and (iii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-K Disclosure on Form 10-K. Neither the Trustee nor the Certificate Administrator has any duty under
this Agreement to monitor or enforce the performance by the parties listed on Exhibit CC of their duties under this
paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. The Depositor
will be responsible for any reasonable expenses incurred by the Trustee and the Certificate Administrator in connection with including
any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

Form 10-K
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.”  The Depositor hereby represents to the Certificate Administrator that the Depositor
has filed all such required reports during the preceding twelve (12) months and that it has been

 

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subject to such filing requirement
for the past ninety (90) days. The Depositor shall notify the Certificate Administrator in writing, no later than March 1st with
respect to the filing of a report on Form 10-K, if the answer to the questions should be “no.” The Certificate
Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such report.

 

(b)     After
preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K to the
Depositor for review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business Days
after receipt of such copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-K and the senior officer in charge
of securitization for the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed
Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator at such
time. If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be amended, the
Certificate Administrator shall follow the procedures set forth in Section 11.03(b). Promptly after filing with
the Commission, the Certificate Administrator will make available on its Internet website a final executed copy of each
Form 10-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Bianca Russo,
Managing Director and Secretary, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New
York, New York 10179, telecopy number: (917) 464 6116, with a copy to Kunal Singh, President and CEO, J.P. Morgan Chase
Commercial Mortgage Securities Corp., 383 Madison Avenue, 31st Floor, New York, New York 10179, telecopy number: (212) 834
6029. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 11.05 related to the timely preparation and filing of Form 10-K is contingent upon the parties
to this Agreement (and any Additional Servicer or Servicing Function Participant engaged or utilized, as applicable, by any
such parties) observing all applicable deadlines in the performance of their duties under this Section 11.05.
Neither the Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage, claim arising
out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 10-K,
where such failure results from the Certificate Administrator’s failure to receive, on a timely basis, any information
from the parties to this Agreement (or any Sub-Servicer or Servicing Function Participant engaged by any such parties) needed
to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful
misconduct.

 

(c)     Upon
written request from any Mortgage Loan Seller, the Master Servicer or the Special Servicer, the Certificate Administrator shall
confirm to such Mortgage Loan Seller, Master Servicer or Special Servicer whether it has received notice that any party to this
Agreement has changed since the Closing Date and will provide to such Mortgage Loan Seller, the Master Servicer or the Special
Servicer, if known to the Certificate Administrator, the identity of the new party.

 

Section 11.06     Sarbanes-Oxley
Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust is subject to the reporting
requirements of the Exchange Act, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian,
the Operating Advisor and the Asset Representations

 

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Reviewer
shall provide, and (i) with respect to each Initial Sub-Servicer engaged by the Master Servicer or the Special
Servicer, as applicable, that is a Servicing Function Participant use commercially reasonable efforts to cause such Initial
Sub-Servicer to provide, and (ii) with respect to each other Servicing Function Participant with which the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor has
entered into a servicing relationship with respect to the Mortgage Loans, shall cause such Servicing Function Participant to
provide, to the Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), on or before
March 1st of each year commencing in March 2016 (or, solely with respect to the Master Servicer (and any
sub-servicer engaged by it) and the Special Servicer and their respective obligations in 2016, March 15th), a certification
in the form attached hereto as Exhibits Z-1, Z-2, Z-3, Z-4, Z-5, Z-6 or Z-7
(each, a “Performance Certification”), as applicable, on which the Certifying Person, the entity for which
the Certifying Person acts as an officer (if the Certifying Person is an individual), and such entity’s officers,
directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably
rely. In addition, in the event that any Companion Loan (other than a Non-Serviced Companion Loan) is deposited into a
commercial mortgage securitization (an “Other Securitization”) and the Reporting Servicer is provided with
timely and complete contact information for the parties to the other securitizations, each Reporting Servicer, upon not
less than thirty (30) days prior written request, shall provide to the Person who signs the Sarbanes-Oxley Certification with
respect to such Other Securitization a certification in form and substance similar to applicable Performance Certification
(which shall address the matters contained in the applicable Performance Certification, but solely with respect to the
related Companion Loan) on which Person, the entity for which the Person acts as an officer (if the Person is an individual),
and such entity’s officers, directors and Affiliates can reasonably rely. With respect to any Non-Serviced Companion
Loan, the Certificate Administrator will use its reasonable efforts to procure a Sarbanes-Oxley Certification from the
applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar
to a Performance Certification. The senior officer in charge of securitization for the Depositor shall serve as the
Certifying Person on behalf of the Trust. In addition, each Reporting Servicer shall execute a reasonable reliance
certificate (which may be included as part of such other certifications being delivered by such Reporting Servicer) to enable
the Certification Parties to rely upon each (i) annual compliance statement provided pursuant to Section 11.09,
if applicable, (ii) annual report on assessment of compliance with servicing criteria provided pursuant to Section 11.10 and
(iii) accountant’s report provided pursuant to Section 11.11, and shall include a certification that
each such annual compliance statement or report discloses any deficiencies or defaults described to the registered public
accountants of such Reporting Servicer to enable such accountants to render the certificates provided for in Section 11.11.
In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable
sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a
certification to the Certifying Person pursuant to this Section 11.06 with respect to the period of time it was
subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be. Each such
Performance Certification shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor,
the Certificate Administrator and such providing parties. Notwithstanding the foregoing, nothing in this Section 11.06 shall
require any Reporting Servicer (i) to certify or verify the accurateness or completeness of any information provided to

 

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such Reporting Servicer by third parties (including a Significant Obligor, but other than an Additional Servicer or a
Sub-Servicer appointed pursuant to Section 3.20), (ii) to certify information other than to such Reporting
Servicer’s knowledge and in accordance with such Reporting Servicer’s responsibilities hereunder or
(iii) with respect to completeness of information and reports, to certify anything other than that all fields of
information called for in written reports prepared by such Reporting Servicer have been completed except as they have been
left blank on their face.

 

Notwithstanding
anything to the contrary contained in this Section 11.06, with respect to each year in which the Trust is not subject
to the reporting requirements of the Exchange Act, none of the parties required to deliver any certification under this Section 11.06
shall be obligated to do so.

 

Section 11.07     Form 8-K
Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such
event, a “Reportable Event”), and if requested by the Depositor and to the extent it receives the
Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare and file on behalf of the
Trust any Form 8-K, as required by the Exchange Act, provided that the Depositor shall file the initial
Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a Reportable
Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
Information”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit DD
to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have
no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any
Form 8-K, absent such reporting, direction and approval.

 

As
set forth on Exhibit DD hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no
later than close of business, New York City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the
parties set forth on Exhibit DD hereto shall be required to provide to the Depositor and the Certificate Administrator,
to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form 8-K
Disclosure Information, if applicable, (ii) the parties listed on Exhibit DD hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit DD of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable
expenses incurred by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered
by email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.

 

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After
preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the
Depositor for review no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no
event earlier than 24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately
preceding paragraph. Promptly, but no later than the close of business on the 3rd Business Day after the Reportable Event,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to
or approval of such Form 8-K. No later than noon, New York City time, on the 4th Business Day after the Reportable
Event, a duly authorized officer of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such
signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a
Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to be amended, the Certificate
Administrator will follow the procedures set forth in Section 11.03(b). Promptly after filing with the
Commission, the Certificate Administrator will, make available on its Internet website a final executed copy of each
Form 8-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Bianca Russo,
Managing Director and Secretary, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New
York, New York 10179, telecopy number: (917) 464-6116, with a copy to Kunal Singh, President and CEO, J.P. Morgan Chase
Commercial Mortgage Securities Corp., 383 Madison Avenue, 31st Floor, New York, New York 10179, telecopy number: (212)
834-6029. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 11.07 related to the timely preparation and filing of Form 8-K is contingent upon such parties
observing all applicable deadlines in the performance of their duties under this Section 11.07. Neither the
Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such
failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any
information from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not
resulting from its own negligence, bad faith or willful misconduct.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer
and the Special Servicer, as applicable, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer
engaged by such Master Servicer or Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional
Servicer to promptly notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly
notify) the Depositor and the Certificate Administrator, but in no event later than noon, New York City time, on the 2nd Business
Day after its occurrence, of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer
or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format.

 

Notwithstanding
anything to the contrary in this Section 11.07, with respect to each year in which the Trust is not subject to the
reporting requirements of the Exchange Act, none of the parties hereto are required to deliver Form 8-K Disclosure Information.

 

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Section 11.08     Form 15
Filing. On or prior to January 30th of the first year in which the Depositor shall provide notice to the Certificate
Administrator of its ability under applicable law to suspend its Exchange Act filings, the Certificate Administrator shall prepare
and file a notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act (the
“Form 15 Suspension Notification”) or any form necessary to be filed with the Commission to suspend such
reporting obligations. With respect to any reporting period occurring after the filing of such form, the obligations of the parties
to this Agreement under Section 11.04, Section 11.05 and Section 11.07 shall be suspended
and reports or certifications due under Section 11.09, 11.10 and 11.11 shall not be due until April
15th of each year. The Certificate Administrator shall provide prompt notice to the Mortgage Loan Sellers and all other parties
hereto that such form has been filed. If, after the filing of a Form 15 Suspension Notification, the Depositor shall provide
notice to the Certificate Administrator that it is required to resume its Exchange Act filings, the Certificate Administrator
shall recommence preparing and filing reports on Forms 10-K, 10-D and 8-K as required pursuant to Section 11.04,
Section 11.05 and Section 11.07, and all parties’ obligations under this Article XI
shall recommence.

 

Section 11.09     Annual
Compliance Statements. The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has
commenced special servicing of a Mortgage Loan), the Custodian, the Trustee (provided, however, that the
Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was no
Relevant Servicing Criteria applicable to it) and the Certificate Administrator (each, a “Certifying
Servicer”) shall (and each such party shall (i) with respect to each Additional Servicer engaged by the
Certifying Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer to
and (ii) with respect to each other Additional Servicer that is also a Servicing Function Participant with which it has
entered into a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer to), on or before
March 1st of each year commencing in March 2016 (or, solely with respect to the Master Servicer (and any
sub-servicer engaged by it) and the Special Servicer and their respective obligations in 2016, March 15th), furnish to the
Trustee, the Certificate Administrator (which copy shall be deemed furnished by the Certificate Administrator when made
available on its Internet website), the Depositor and the 17g-5 Information Provider (who shall post to the 17g-5 Information
Provider’s Website), an Officer’s Certificate, in the form attached hereto as Exhibit HH (or such
other form, similar in substance, as may be reasonably acceptable to the Depositor) stating, as to the signer thereof, that
(A) a review of such Certifying Servicer’s activities during the preceding calendar year or portion thereof and of
such Certifying Servicer’s performance under this Agreement, or the applicable sub-servicing agreement or primary
servicing agreement in the case of an Additional Servicer, has been made under such officer’s supervision and
(B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its
obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an
Additional Servicer, in all material respects throughout such year or portion thereof, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and
status thereof. Such Officer’s Certificate shall be provided in EDGAR-Compatible Format, or in such other format agreed
upon by the Depositor, the Certificate Administrator and such providing parties. Each Certifying Servicer shall (i) with
respect to each Additional Servicer engaged by such Certifying Servicer that is an Initial

 

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Sub-Servicer,
cause (or, in the case of a sub-servicer that a Mortgage Loan Seller requires the Master Servicer to retain, to use
commercially reasonable efforts to cause) such Additional Servicer, and (ii) with respect to each other Additional
Servicer with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such Additional
Servicer to forward a copy of each such statement (or, in the case of the Certificate Administrator, make a copy of each such
statement available on its Internet website) to the Directing Certificateholder and the 17g-5 Information Provider. With
respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such
Officer’s Certificate from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced
Trustee in form and substance similar to the form attached hereto as Exhibit HH. Promptly after receipt of each
such Officer’s Certificate, the Depositor may review each such Officer’s Certificate and, if applicable, consult
with the Certifying Servicer as to the nature of any failures by the Certifying Servicer or any related Additional Servicer
with which the Certifying Servicer has entered into a servicing relationship with respect to the Mortgage Loans in the
fulfillment of any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder or under the
applicable sub-servicing or primary servicing agreement. The obligations of the Certifying Servicer and each Additional
Servicer under this Section 11.09 apply to the Certifying Servicer and each Additional Servicer that serviced a
Mortgage Loan during the applicable period, whether or not such Certifying Servicer or Additional Servicer is acting as the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or Additional Servicer at the time such
Officer’s Certificate is required to be delivered. None of the Master Servicer, Special Servicer or Additional Servicer
shall be required to cause the delivery of any such statement until April 15 in any given year so long as it
has received written confirmation from the Depositor that a report on Form 10-K is not required to be filed in respect
of the Trust for the preceding calendar year.

 

In
the event the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any
applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect
to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement,
cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect
to the period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject
to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Section 11.10     Annual
Reports on Assessment of Compliance with Servicing Criteria. (a)  On or before March 1st of each year commencing
in March 2016 (or, solely with respect to the Master Servicer (and any sub-servicer engaged by it) and the Special Servicer
and their respective obligations in 2016, March 15th), the Master Servicer, the Special Servicer (regardless of whether the Special
Servicer has commenced special servicing of the Mortgage Loans), the Trustee (provided, however, that the Trustee
shall not be required to deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing
Criteria applicable to it), the Custodian, the Operating Advisor, the Certificate Administrator and each Additional Servicer,
each at its own expense, shall furnish (and each

 

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such
party shall (i) with respect to each Initial Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee,
Operating Advisor, Custodian or Certificate Administrator that is a Servicing Function Participant, use commercially
reasonable efforts to cause such Servicing Function Participant to furnish and (ii) with respect to each other Servicing
Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such
Servicing Function Participant to furnish) to the Trustee, the Certificate Administrator, the Depositor (which copy shall be
deemed furnished by the Certificate Administrator when made available on its Internet website) (and, with respect to the
Special Servicer, also to the Operating Advisor), and the 17g-5 Information Provider, a report substantially in the form of Exhibit II
or such other form provided by such Reporting Servicer that complies in all material respects with the requirements of
Item 1122 of Regulation AB, on an assessment of compliance with the Servicing Criteria applicable to it that
contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such Reporting Servicer used the Relevant Servicing Criteria to assess
compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered by the Form 10-K required
to be filed pursuant to Section 11.05, including, if there has been any material instance of noncompliance with
the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a
statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for such period. With respect to any Non-Serviced
Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from the applicable
Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to the
form attached hereto as Exhibit II. Such report shall be provided in EDGAR-Compatible Format, or in such
other format agreed upon by the Depositor, the Certificate Administrator and the Reporting Servicer.

 

Each
such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address
the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered
to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such
report and, if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance with
the Relevant Servicing Criteria applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting
Servicer, as applicable), and (ii) the Certificate Administrator shall confirm that the assessments taken individually address
the Relevant Servicing Criteria for each party as set forth on Exhibit AA and notify the Depositor of any exceptions.
None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or any Servicing Function Participant
shall be required to cause the delivery of any such assessments until April 15th in any given year so long as it has received
written confirmation from the Depositor that a report on Form 10-K is not required to be filed in respect of the Trust for
the preceding calendar year.

 

Notwithstanding
the foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator
and Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect
of their combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

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(b)     The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to
such party and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor
or Certificate Administrator has entered into a servicing relationship.

 

(c)     No
later than ten (10) Business Days after the end of each fiscal year for the Trust, the Master Servicer and the Special
Servicer shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each
Additional Servicer engaged by it and each Servicing Function Participant utilized by it, in each case other than with
respect to any Initial Sub-Servicer, and the Trustee, the Operating Advisor and the Certificate Administrator shall notify
the Depositor and each Mortgage Loan Seller as to the name of each Servicing Function Participant utilized by it, in each
case by providing an updated Exhibit GG, and each such notice (except to a Mortgage Loan Seller) will specify
what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing
Function Participant. When the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the
Operating Advisor submit their assessments pursuant to Section 11.10(a), the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable, will also at such time include
the assessment (and related attestation pursuant to Section 11.11) of each Servicing Function Participant engaged
by it.

 

In
the event the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any
Servicing Function Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with
respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation
as required in Section 11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the
Trustee, the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement or the period of
time that the Additional Servicer was subject to such other servicing agreement.

 

(d)     The
Operating Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Termination Event
or Consultation Termination Event occurred during the previous calendar year, and upon such request the Certificate Administrator
shall deliver such confirmation to the Operating Advisor within fifteen (15) days of such request.

 

Section 11.11     Annual
Independent Public Accountants’ Attestation Report. On or before March 1st of each year commencing in March 2016
(or, solely with respect to the Master Servicer (and any sub-servicer engaged by it) and the Special Servicer and their respective
obligations in 2016, March 15th), the Master Servicer, the Special Servicer, the

 

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Trustee,
the Custodian, the Operating Advisor and the Certificate Administrator, each at its own expense, shall cause (and each such party
shall (i) with respect to each Initial Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee, Operating
Advisor or Certificate Administrator that is a Servicing Function Participant use commercially reasonable efforts to cause such
Servicing Function Participant to cause and (ii) with respect to each other Servicing Function Participant with which it
has entered into a servicing relationship with respect to the Mortgage Loans, cause such Servicing Function Participant to cause)
a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Operating Advisor or the applicable Servicing Function Participant, as the case
may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the
Certificate Administrator (who will promptly post such report on the Certificate Administrator’s Website pursuant to Section 3.13(b))
and the Depositor, the 17g-5 Information Provider and, prior to the occurrence of a Consultation Termination Event, the Directing
Certificateholder, and, promptly, but not earlier than the second Business Day following the delivery of such report to the 17g-5
Information Provider, to the Rating Agencies, to the effect that (i) it has obtained a representation regarding certain matters
from the management of such Reporting Servicer, which includes an assertion that such Reporting Servicer has complied with the
Relevant Servicing Criteria applicable to it and (ii) on the basis of an examination conducted by such firm in accordance
with standards for attestation engagements issued or adopted by the PCAOB, it is issuing an opinion as to whether such Reporting
Servicer’s assessment of compliance with the Relevant Servicing Criteria applicable to it was fairly stated in all material
respects. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Each such related accountant’s attestation report shall be made in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Such report
must be available for general use and not contain restricted use language. With respect to any Non-Serviced Companion Loan, the
Certificate Administrator will use its reasonable efforts to procure such report from the applicable Non-Serviced Master Servicer,
Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such statement will be provided by the Certificate Administrator
in accordance with Section 3.13(b). Such report shall be provided in EDGAR-Compatible Format, or in such other format
agreed upon by the Depositor, the Certificate Administrator and the providing parties.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable,
consult with the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
as to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to
this Section 11.11 relates to an assessment of compliance meeting the requirements

 

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of Section 11.10 and
notify the Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian nor any Additional Servicer shall be required to deliver, or shall be required to cause the
delivery of such reports until April 15th in any given year so long as it has received written confirmation from the Depositor
that a Form 10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Section 11.12     Indemnification.
Each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor
and the Asset Representations Reviewer shall indemnify and hold harmless each Certification Party from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (i) an actual breach by the Master Servicer, the Special Servicer, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the Certificate Administrator, as the case
may be, of its obligations under this Article XI, (ii) negligence, bad faith or willful misconduct on the part
of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Custodian
or the Certificate Administrator in the performance of such obligations, or (iii) delivery of any Deficient Exchange Act
Deliverable.

 

The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with
respect to any Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that
is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with
respect to each other Additional Servicer and each Servicing Function Participant with which, in each case, it has entered into
a servicing relationship with respect to the Mortgage Loans, cause such party to, in each case, indemnify and hold harmless each
Certification Party from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments and any other costs, fees and expenses incurred by such Certification Party arising out of (a) a
breach of its obligations to provide any of the annual compliance statements or annual assessment of compliance with the servicing
criteria or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (b) negligence,
bad faith or willful misconduct on its part in the performance of such obligations, (c) any failure by it, as a Servicer
(as defined in Section 11.02(b)) to identify a Servicing Function Participant pursuant to Section 11.02(c),
or (d) delivery of any Deficient Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Custodian, the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and
Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary
for the Depositor to conduct any reasonable due diligence necessary to evaluate and assess any material instances of
non-compliance disclosed in any of the deliverables required by the applicable reporting requirements under the Securities
Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

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In
connection with comments provided to the Depositor from the Commission or its staff regarding information (x) delivered by
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or
any registered public accounting firm, attorney or other agent retained by such Affected Reporting Party to prepare such information,
which information is contained in a report filed by the Depositor under the Reporting Requirements and which comments are received
subsequent to the Depositor’s filing of such report, the Depositor shall promptly provide to such Affected Reporting Party
any such comments which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely
preparing a written response to the Commission or its staff for inclusion in the Depositor’s response to the Commission
or its staff, unless such Affected Reporting Party elects, with the consent of the Depositor (which consent shall not be unreasonably
denied, withheld or delayed), to directly communicate with the Commission or its staff and negotiate a response and/or resolution
with the Commission or its staff; provided, however, if an Affected Reporting Party is a Servicing Function Participant
or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 11.12. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission or its staff in a timely manner; provided
that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the
Commission or its staff and copy the Depositor on all correspondence with the Commission or its staff and provide the Depositor
with the opportunity to participate (at the Depositor’s expense) in any telephone conferences and meetings with the Commission
or its staff and (ii) the Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected
Reporting Party and its representatives to respond to and negotiate directly with the Commission or its staff with respect to
any comments from the Commission or its staff relating to such Affected Reporting Party and to notify the Commission or its staff
of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another with respect
to any requests made to the Commission or its staff for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission or its staff related thereto shall be
promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (i) with
respect to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially
reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer and each Servicing Function
Participant with which, in each case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause such
party to, comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trustee, the

 

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Certificate
Administrator, the Custodian or the Operating Advisor (the “Performing Party”) shall contribute to the amount
paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party
in such proportion as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing
Party on the other in connection with a breach of the Performing Party’s obligations pursuant to Sections 11.06,
11.09 (if applicable), 11.10, 11.11 (or breach of its obligations under the applicable sub-servicing or primary
servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation
reports) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith. The Master Servicer,
the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with respect to any
Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that is a Servicing
Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect
to each other Additional Servicer or Servicing Function Participant, in each case, with which it has entered into a servicing
relationship with respect to the Mortgage Loans cause such party, in each case, to agree to the foregoing indemnification and
contribution obligations. This Section 11.12 shall survive the termination of this Agreement or the earlier resignation
or removal of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate
Administrator.

 

Section 11.13     Amendments.
This Article XI may be amended with the written consent of the parties hereto pursuant to Section 13.01
for purposes of complying with Regulation AB and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmation
with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, a confirmation of the rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25), or the consent of any Certificateholder, notwithstanding
anything to the contrary contained in this Agreement; provided that the reports and certificates required to be prepared
pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall not be eliminated without Rating Agency
Confirmation with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, without a confirmation
of the rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

Section 11.14     Regulation AB
Notices. Any notice, report or certificate required to be delivered by any of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the Trustee, as the case
may be, to the Depositor pursuant to this Article XI may be delivered via email (and additionally delivered via phone
or telecopy), notwithstanding the provisions of Section 13.05, to J.P. Morgan Chase Commercial Mortgage Securities
Corp., 383 Madison Avenue, 31st Floor, New York, New York 10179, Attention: Kunal Singh, telecopy number: (212) 834-6029, telephone
number: (212) 834-5491 and email: kunal.k.singh@jpmorgan.com, with a copy to

 

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Bianca Russo, Managing Director and Associate General
Counsel, J.P. Morgan Chase Commercial Mortgage Securities Corp., 383 Madison Avenue, 32nd Floor, New York, New York 10179, telecopy
number: (917) 464-6116, telephone number: (212) 648-0946 and email: russo_bianca@jpmorgan.com.

 

Section 11.15     Certain
Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans. (a) Each of the Trustee, the
Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special
Servicer shall use commercially reasonable efforts to cause any sub-servicer appointed with respect to any Serviced Pari
Passu Companion Loan to, upon written request or notice from a Mortgage Loan Seller (or a permitted transferee of such
Mortgage Loan Seller pursuant to the related Intercreditor Agreement), reasonably cooperate with the Mortgage Loan Seller (or
such permitted transferee) selling any Serviced Pari Passu Companion Loan into a securitization that is required to comply
with Regulation AB (a “Regulation AB Companion Loan Securitization”) and, to the extent needed in order to
comply with Regulation AB, provide to the Mortgage Loan Seller (or such permitted transferee) information about itself that
such Mortgage Loan Seller reasonably requires to meet the requirements of Items 1117 and 1119 and paragraphs (b), (c)(3),
(c)(4) and (c)(5) of Item 1108 of Regulation AB and shall reasonably cooperate with such Mortgage Loan Seller to provide such
other information as may be reasonably necessary to comply with the requirements of Regulation AB. Each of the Trustee, the
Certificate Administrator, the Master Servicer and the Special Servicer understands that such information may be included in
the offering material related to a Regulation AB Companion Loan Securitization and agrees to negotiate in good faith an
agreement (subject to the final sentence of this sub-section) to indemnify and hold the related depositor and underwriters
involved in the offering of the related Certificates harmless for any costs, liabilities, fees and expenses incurred by the
depositor or such underwriters as a result of any material misstatements or omissions or alleged material misstatements or
omissions in any such offering material to the extent that such material misstatement or omission was made in reliance upon
any such information provided by the Trustee (where such information pertains to the Trustee individually and not to any
specific aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator (where such
information pertains to the Certificate Administrator individually and not to any specific aspect of the
Certificate Administrator’s duties or obligations under this Agreement), the Master Servicer (where such information
pertains to the Master Servicer individually and not to any specific aspect of the Master Servicer’s duties or
obligations under this Agreement) and the Special Servicer (where such information pertains to the Special Servicer
individually and not to any specific aspect of the Special Servicer’s duties or obligations under this Agreement), as
applicable, to such depositor, underwriters or Mortgage Loan Seller (or permitted transferee) as required by this
clause (a). Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Certificate
Administrator the Master Servicer or the Special Servicer, as applicable, for inclusion in the offering materials related to
such Regulation AB Companion Loan Securitization is substantially and materially similar to the information provided by such
party with respect to the offering materials related to this transaction, subject to any required changes due to any
amendments to Regulation AB or any changes in the interpretation of Regulation AB, such party shall be deemed to be in
compliance with this Section 11.15(a). Any indemnification agreement executed by the Trustee, the Certificate
Administrator the Master Servicer or Special Servicer in connection with the Regulation AB Companion Loan
Securitization shall be substantially similar to the related indemnification

 

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agreement executed in connection with this
Agreement. It shall be a condition precedent to any party’s obligations otherwise set forth above and/or elsewhere in Article XI
that the applicable Mortgage Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice
(and, in any event, not less than ten (10) Business Days) of the exercise of its rights hereunder and (b) paid, or
entered into reasonable agreement to cause to be paid, the reasonable out-of-pocket expenses (including reasonable fees and
expenses of counsel) incurred by such party in reviewing and/or causing the delivery of any disclosure, opinion of counsel or
indemnification agreement.

 

(b)     Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to, upon request or notice from such parties (which request or notice may be
given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is required),
cooperate with the depositor, trustee, certificate administrator, master servicer or special servicer for any Regulation AB
Companion Loan Securitization in preparing each Form 10-D and Form 10-K required to be filed by such Regulation AB Companion
Loan Securitization (until January 30 of the first year in which the trustee or other applicable party for such Regulation AB
Companion Loan Securitization files a Form 15 Suspension Notification with respect to the related trust) and shall provide to
such depositor, trustee, certificate administrator or master servicer within the time period set forth in the Other Pooling
and Servicing Agreement (so long as such time period is no earlier than the time periods set forth herein) for such
Regulation AB Companion Loan Securitization such information relating to a Serviced Securitized Companion Loan as may be
reasonably necessary for the depositor, trustee, certificate administrator and master servicer of the Regulation AB Companion
Loan Securitization to comply with the reporting requirements of Regulation AB and the Exchange Act; provided, however,
that any parties to any Regulation AB Companion Loan Securitization shall consult with the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer (and Master Servicer shall consult with any sub-servicer
appointed with respect to the related Serviced Whole Loan), and the Trustee, the Certificate Administrator, such Master
Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time periods for
preparation of the Form 10-D reports in the documentation for such Regulation AB Companion Loan
Securitization. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation
requirements imposed on such party in Article XI of this Agreement (other than this Section 11.15)
with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(b)
with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the
provisions of this Section 11.15(b).

 

(c)     Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which request
or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is
required), provide

 

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the trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan Securitization
(until January 30 of the first year in which the trustee or certificate administrator, as applicable, for such Regulation AB Companion
Loan Securitization files a Form 15 Suspension Notification with respect to the related trust) information with respect to any
event that is required to be disclosed under Form 8-K with respect to a Serviced Securitized Companion Loan within two Business
Days after the occurrence of such event of which it has knowledge. Notwithstanding the foregoing, to the extent the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other
than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated
in this Section 11.15(c) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 11.15(c).

 

(d)     On
or before March 1st of each year commencing in March 2016 (or, solely with respect to the Master Servicer (and any
sub-servicer engaged by it) and the Special Servicer and their respective obligations in 2016, March 15th) during which a
Regulation AB Companion Loan Securitization is required to file an annual report on Form 10-K (and not in respect of any year
in which Regulation AB Companion Loan Securitization is not required to file an annual report on Form 10-K because a Form 15
Suspension Notification with respect to the related trust was filed), each of the Trustee, the Master Servicer and the
Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause
any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, upon request or notice
from such trustee or certificate administrator (which request or notice may be given once at the closing of such Regulation
AB Companion Loan Securitization instead of each time a filing is required), provide, with respect to itself, to the trustee
or certificate administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required
pursuant to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the
extent required pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report
on such Person’s assessment of compliance with the applicable servicing criteria to the extent required pursuant to
Item 1122(b) of Regulation AB and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation
AB. Notwithstanding the foregoing, to the extent the Master Servicer or the Special Servicer, as the case may be, complies in
all material respects with the timing, reporting and attestation requirements imposed on such party in Article XI
of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and
attestation requirements contemplated in this Section 11.15(d) with respect to such Regulation AB Companion Loan
Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(d).

 

(e)     On
or before March 1st of each year commencing in March 2016 (or, solely with respect to the Master Servicer (and any sub-servicer
engaged by it) and the Special Servicer and their respective obligations in 2016, March 15th) during which a Regulation AB Companion
Loan Securitization is required to file an annual report on Form 10-K (and not in respect of any year in which Regulation AB Companion
Loan Securitization is not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect
to the related trust was filed), each of the Trustee, the Certificate Administrator, the Master Servicer

 

    	-383-

    	 

    

 

and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function
Participant appointed with respect to a Serviced Securitized Companion Loan to, to the extent required pursuant to Item 1123 of
Regulation AB, deliver, with respect to itself, to the trustee or certificate administrator under the such Regulation AB Companion
Loan Securitization, upon request or notice from such trustee (which request or notice may be given once at the closing of such
Regulation AB Companion Loan Securitization instead of each time a filing is required), under such Regulation AB Companion Loan
Securitization a servicer compliance statement signed by an authorized officer of such Person that satisfies the requirements
of Item 1123 of Regulation AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master
Servicer or the Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation
requirements imposed on such party in Article XI of this Agreement (other than this Section 11.15) with
respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(e) with
respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions
of this Section 11.15(e).

 

(f)     Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially
reasonable efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such
indemnity limited to each such parties respective failure described below) and hold the related Mortgage Loan Seller (or
permitted transferee), depositor, sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB
Companion Loan Securitization harmless for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller,
depositor, sponsor(s), trustee, certificate administrator or master servicer as a result of any failure by the Servicing
Function Participant to comply with the reporting requirements to the extent applicable set forth under Sections 11.15(b), (c), (d)
or (e) above.

 

Any
subservicing agreement related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer
to provide to the Master Servicer or Special Servicer, as applicable, information, reports, statements and certificates with respect
to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates required
to be provided by the Master Servicer or Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer
is not otherwise required to provide such information, reports or certificates to any Person in order to comply with Regulation
AB. Such information, reports or certificates shall be provided to the Master Servicer or Special Servicer, as applicable, no
later than two Business Days prior to the date on which the Master Servicer or Special Servicer, as applicable, is required to
deliver its comparable information, reports, statements or certificates pursuant to this Section 11.15.

 

(g)     With
respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the
Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of
Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes
such Serviced Companion Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such
“significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year) from
the Mortgagor

 

    	-384-

    	 

    

 

or
Special Servicer, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the
updated financial statements of such “significant obligor” for any calendar year, beginning for the calendar year
following such notice from the Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor, on or
prior to the day that occurs two (2) Business Days prior to the related “significant obligor” NOI Quarterly Filing
Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if
such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly
Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as
applicable, such financial statements of the “significant obligor”, together with the net operating income of such
“significant obligor” for the applicable period as calculated by the Master Servicer in accordance with CREFC®
guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business Day prior to the related
Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor
NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the
net operating income of such “significant obligor” for the applicable period as reported by the related Mortgagor
in such financial statements.

 

If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the date such
financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify
the Other Depositor with respect to such Other Securitization that includes the related Companion Loan (and shall cause each applicable
Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial
information.  The Master Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition,
the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements
of the related Mortgagor under the related Mortgage Loan documents.

 

The
Master Servicer shall (and shall cause any related Sub-Servicing Agreement entered into after receipt of written notice from the
Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to)
retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to
any such “significant obligor” (identified to it as such by the Other Depositor in accordance with the second preceding
paragraph) to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date
in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the certificate administrator and Other Depositor related to
such Other Securitization. This Officer’s Certificate should be addressed to the certificate administrator at its corporate
trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section 11.16     Certain
Matters Regarding Significant Obligors. (a)  For purposes of this Agreement, the Mortgagor under Mortgage Loan
No. 1 identified as “32 Avenue of the Americas” on the Mortgage Loan Schedule is a “significant obligor”
within the meaning of Item

 

    	-385-

    	 

    

 

1101(k) of Regulation AB (“Significant Obligor”) related to the Trust. With respect
to the Significant Obligor, Item 6 of Form 10-D and Item 1112(b) of Form 10-K provide for the inclusion of updated net operating
income of the related Mortgagor, as required by Item 1112(b) of Regulation AB, (i) on the related Form 10-D to be filed by
the Trust (on a quarterly basis) on or before the related Significant Obligor NOI Quarterly Filing Deadline or (ii) on each
Form 10-K filed by the Trust, as applicable. The parties hereto acknowledge that the date on which financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is thirty (30) days following the end of each
fiscal quarter or seventy-five (75) days following the end of each fiscal year, as applicable, as set forth in Section 5.1.11
of the related loan agreement.

 

(b)     [Reserved].

 

(c)     If
the Certificate Administrator has not timely received financial information from the related Non-Serviced Master Servicer or
the related Mortgagor, as applicable, satisfactory to comply with Item 6 of Form 10-D or Item 1112(b) of Form 10-K, as the
case may be, the Certificate Administrator shall include the following statement with respect to Item 6 on the related Form
10-D or Item 1112(b) on the related Form 10-K: “The information required for this [Item 6] [Item 1112(b)] rests with a
person or entity which is not affiliated with the registrant. Oral and written requests have been made on behalf of the
registrant, to the extent required under the related pooling and servicing agreement, to obtain the information required for
this [Item 6] [Item 1112 (b)], and the registrant has been unable to obtain such information to include on this [Form 10-D]
[Form 10-K] by the related filing deadline. The information is therefore being omitted herefrom in reliance on Rule 12b-21
under the Securities Exchange Act of 1934, as amended” or such other statement as shall be required by the
Depositor.

 

(d)     Notwithstanding
anything contained in this Section 11.16, in the event that the Certificate Administrator files a Form 15 Suspension
Notification pursuant to Section 11.08 of this Agreement and so long as the Trust is not subject to the reporting
requirements of the Exchange Act, the Master Servicer shall not be required to fulfill its obligations under this Section 11.16.

 

Section 11.17     Impact
of Cure Period. For the avoidance of doubt, neither the Master Servicer nor the Special Servicer shall be subject to a Servicer
Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration of the Grace Period applicable
to such party’s obligations under Article XI as provided for in such clause (iii) nor shall any
such party be deemed to not be in compliance under this Agreement, during any Grace Period provided for in this Article XI;
provided that if any such party fails to comply with the delivery requirements of this Article XI by the expiration
of any applicable Grace Period such failure shall constitute a Servicer Termination Event. Neither the Master Servicer nor the
Special Servicer shall be subject to a Servicer Termination Event pursuant to clause (iii) of the definition thereof
prior to the expiration of the Grace Period applicable to such party’s obligations under this Article XI as
provided for in such clause (iii) nor shall any such party be deemed to not be in compliance under this Agreement,
for failing to deliver any item required under this Article XI by the time required hereunder with respect to any
reporting period for which the Trust is not required to file Exchange Act reports.

 

    	-386-

    	 

    

 

[End
of Article XI]

 

Article XII

THE ASSET REPRESENTATIONS REVIEWER

 

Section 12.01     Asset
Review.

 

(a)     On
or prior to each Distribution Date, based on either the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an
Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders
and each other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XII
shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website,
by mailing such notice to the Certificateholders’ addresses appearing in the Certificate Register in the case of Definitive
Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator
shall include in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage
loans identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement
has occurred”. On each Distribution Date occurring after providing such notice to Certificateholders, the Certificate Administrator,
based on information provided to it by the Master Servicer, shall determine whether (1) any additional Mortgage Loan has
become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset Review Trigger
has ceased to exist, and, if there is an occurrence of any of the clauses (1), (2) and/or (3), deliver written
notice of such information (which may be via email) substantially in the form attached hereto as Exhibit SS within two
(2) Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer.

 

If
 Certificateholders evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator,
within ninety (90) days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction
requesting a vote to commence an Asset Review (such written direction, the “Asset Review Vote Election”), then
upon receipt of the Asset Review Vote Election, the Certificate Administrator shall promptly provide written notice thereof to
all Certificateholders and conduct a solicitation of votes in accordance with Section 5.10 to authorize an Asset Review.
Upon the affirmative vote to authorize an Asset Review of Holders of Certificates evidencing at least a majority of an Asset Review
Quorum within 150 days of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the
Certificate Administrator shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the
Mortgage Loan Sellers, the Directing Certificateholder and the Certificateholders (the “Asset Review Notice”).
Upon receipt of an Asset Review Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing
the Certificate Administrator with a certification substantially in the form attached hereto as Exhibit RR (which shall
be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate

 

    	-387-

    	 

    

 

Administrator’s
Website). Upon receipt of such certification, the Certificate Administrator shall grant the Asset Representations Reviewer access
to the Secure Data Room. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the
receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the
Asset Representations Reviewer shall not be required to review any Delinquent Loan unless and until (A) an additional Mortgage
Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) an Asset Review Trigger has occurred as
a result or otherwise is in effect, (C) the Certificate Administrator has received any Asset Review Vote Election after the
occurrence of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset
Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause (C) in this sentence.
After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any
additional Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket
expenses incurred by the Certificate Administrator in connection with administering such vote will be paid as an expense of the
Trust from the Collection Account. The Certificate Administrator shall be entitled to administer any vote in connection with the
foregoing through an agent.

 

(b)           (i)  Upon
receipt of an Asset Review Notice, the Custodian (with respect to the following clauses (1) - (5) for Non-Specially
Serviced Loans), the Master Servicer (with respect to the following clauses (6) and (7) for Non-Specially Serviced
Loans) and the Special Servicer (with respect to Specially Serviced Loans), in each case to the extent in such party’s possession,
shall promptly, but in no event later than ten (10) Business Days (except with respect to the following clause (7))
after receipt of such notice from the Certificate Administrator, provide the following materials to the Asset Representations
Reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement
and a copy of this Agreement posted to the Secure Data Room by the Certificate Administrator pursuant to Section 4.08
or to the Certificate Administrator’s Website pursuant to Section 3.13(b), as applicable, the “Review
Materials”):

 

(1)     a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)     a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)    
a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)     a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements related to each Delinquent
Loan that is subject to an Asset Review;

 

    	-388-

    	 

    

 

(5)     a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(6)     a
copy of copies of all Asset Status Reports and Final Asset Status Reports related to each Delinquent Loan to the extent previously
prepared by the Special Servicer; and

 

(7)     any
other related documents and information that are reasonably requested by the Asset Representations Reviewer to be delivered by
the Master Servicer or the Special Servicer, as applicable, pursuant to clause (ii) hereof.

 

(ii)      In
addition, in the event that the Asset Representations Reviewer determines that the Review Materials provided to it with respect
to any Mortgage Loan are missing any documents or information required to complete any Test in connection with an Asset Review
of such Mortgage Loan, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business Days after
receipt of the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer
(with respect to Specially Serviced Loans), as applicable, of such missing documents and information, and the Master Servicer
or the Special Servicer, as applicable, shall promptly, but in no event later than ten (10) Business Days after receipt of such
notification from the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents and
information to the extent in its possession. In the event any missing documents or information are not provided by the Master
Servicer or Special Servicer, as applicable, within such 10-Business Day period, the Asset Representations Reviewer shall request
such documents or information from the related Mortgage Loan Seller; provided that the Special Servicer or the Master Servicer,
as applicable, shall, and the Mortgage Loan Seller shall be required under the related Mortgage Loan Purchase Agreement to, deliver
such additional documents and information only to the extent such information is in the possession of to such party.

 

(iii)     The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be
independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the
Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review (any such information,
“Unsolicited Information”) conducted pursuant to this Section 12.01 hereof.

 

(iv)     Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence Files posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such
review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller with respect to such

 

    	-389-

    	 

    

 

Delinquent Loan in accordance
with the Asset Review Standard and the procedures set forth on Exhibit QQ hereto (each such procedure, a “Test”).

 

(v)     The
Asset Representations Reviewer shall not be required to review any information other than (x) the Review Materials or (y) if
applicable, Unsolicited Information.

 

(vi)    The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)    In
the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and
such missing information and documentation is not delivered to the Asset Representations Reviewer by the Master Servicer (with
respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) to the extent in its
possession or by the related Mortgage Loan Seller upon request by the Asset Representations Reviewer, the Asset Representations
Reviewer shall list such missing information and documents in a preliminary report setting forth the preliminary results of the
application of the Tests and the reasons why such missing information and documents are necessary to complete a Test and (if the
Asset Representations Reviewer has so concluded) that the absence of such information and documents shall be deemed to be a failure
of such Test. The Asset Representations Reviewer shall provide such preliminary report to the Master Servicer or the Special Servicer,
as applicable, and the related Mortgage Loan Seller. The Special Servicer, if applicable, may review such preliminary report and
determine whether any information contained in such preliminary report shall be labeled as “Privileged Information”
and thus be excluded from the Asset Review Report and Asset Review Report Summary. If the preliminary report indicates that any
of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety
(90) days (the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any information and documents
provided or explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty has not
failed a Test or that any missing information or documents in the Review Materials are not required to complete a Test shall be
promptly delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer.

 

(viii)   The
Asset Representations Reviewer shall, within sixty (60) days after the date on which access to the Secure Data Room is provided
to the Asset Representations Reviewer by the Certificate Administrator or within the ten (10) days after the expiration of the
Cure/Contest Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i) a
report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to the PSA and the related Mortgage Loan Seller for each Delinquent Loan and (ii) a summary of the Asset

 

    	-390-

    	 

    

 

Representations
Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”) to the
Trustee and the Certificate Administrator. The period of time by which the Asset Review Report must be completed and delivered
may be extended by up to an additional thirty (30) days, upon written notice to the parties to this Agreement and the applicable
Mortgage Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional
time is required due to the characteristics of the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no
event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Defect, or whether the
Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility
of the Special Servicer or Master Servicer, as applicable, pursuant to Section 2.03(f) of this Agreement.

 

(ix)     In
addition, in the event that the Asset Representations Reviewer does not receive any information or documentation that it requested
from the Master Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow
the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report, the Asset Representations
Reviewer shall prepare the Asset Review Report solely based on the information received by the Asset Representations Reviewer
with respect to the related Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently
obtain any such information from any party to this Agreement.

 

(x)     Within
forty-five (45) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect
to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at
that time, based on the Servicing Standard, there exists a Material Defect with respect to such Mortgage Loan. If the Master Servicer
or the Special Servicer, as applicable, determines that a Material Defect exists, the Master Servicer or Special Servicer, as
applicable, shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Defect in accordance
with Section 2.03(b).

 

(c)     The
Asset Representations Reviewer shall keep all information appropriately labeled as “Privileged Information” confidential
and shall not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to the extent
expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice
indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to
this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating that such information
is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the
Special Servicer other than pursuant to a Privileged Information Exception. In addition, the Asset Representations Reviewer shall
keep all documents and information received by the Asset Representations Reviewer in connection with an Asset Review that are
provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and shall not disclose
such documents or information except for purposes of complying with its duties and obligations hereunder.

 

    	-391-

    	 

    

 

(d)     The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that
no agent or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have
been paid any fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the
Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with
due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence,
the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance
with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by
virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor
to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were performing its
obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent
or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 12.02     Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)     As
compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset
Representations Reviewer Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be
equal to the product of a rate equal to 0.00110% per annum (the “Asset Representations Reviewer Fee Rate”)
and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any
Companion Loan) and shall be calculated in the same manner as interest is calculated on such Mortgage Loans.

 

(b)     Upon
the completion of any Asset Review with respect to a Delinquent Loan, the Asset Representations Reviewer shall be paid a fee of
(i) $15,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance less
than $15,000,000, (ii) $20,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off
Date Balance greater than or equal to $15,000,000, but less than $30,000,000 or (iii) $25,000 plus $1,000 per additional
Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance greater than or equal to $30,000,000 (the “Asset
Representations Reviewer Asset Review Fee”), which shall cover recurring and otherwise reasonably anticipated expenses
of the Asset Representations Reviewer. The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan
shall be paid by the related Mortgage Loan Seller; provided, however, that if the related Mortgage Loan Seller is
insolvent, such fee shall become an expense of the Trust following delivery by the Asset Representations Reviewer of evidence
reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency; provided, further,
that notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee shall remain

 

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an obligation
of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall be required to pursue
remedies against such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of such amounts
from such Mortgage Loan Seller or its insolvency estate.

 

(c)     Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the
Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller
to the extent such fee was not already paid by the related Mortgage Loan Seller, and such portion of the Purchase Price received
shall be used to reimburse the Trust for such fees paid to the Asset Representations Reviewer pursuant to Section 12.02(b).

 

(d)     The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section 12.03     Resignation
of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and
be discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each
Rating Agency. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer
that is an Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset Representations
Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer that
is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses
of each other party hereto and each Rating Agency in connection with its resignation.

 

Section 12.04     Restrictions
of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates shall make any
investment in any Class of Certificates; provided, however, that such prohibition shall not apply to (i) riskless
principal transactions effected by a broker dealer Affiliate of the Asset Representations Reviewer or (ii) investments by
an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel
from gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.

 

Section 12.05     Termination
of the Asset Representations Reviewer.

 

(a)     An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

    	-393-

    	 

    

 

(i)       any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for
a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee
by the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all the then outstanding Certificates;

 

(ii)      any
failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard which failure shall continue
unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to
be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)     any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied,
is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iv)     a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(v)      the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)     the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders in accordance with the notice
distribution procedures described in Section 12.01(a), unless the Certificate Administrator has received written notice
that such Asset Representations Reviewer Termination Event has been remedied. If an Asset Representations Reviewer Termination
Event shall occur then, and in each and every such case, so long as such Asset Representations Reviewer Termination Event shall
not have been remedied, either the Trustee (i) may or (ii) upon the written direction of Holders of

 

    	-394-

    	 

    

 

Certificates evidencing
not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts), the Trustee shall,
terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and
obligations accrued prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement)
and other than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the
Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself
and of each other party to this Agreement in connection with its termination due to an Asset Representations Reviewer Termination
Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but
not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination
Event of which it becomes aware.

 

(b)     Upon
(i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to
the application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer
with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Asset Representations Reviewer by mailing such notice to the Asset Representations Reviewer and to all Certificateholders in accordance
with the notice distribution procedures described in Section 12.01(a). Upon the written direction of Holders of Certificates
evidencing more than 75% of a Certificateholder Quorum (without regard to the application of any Appraisal Reduction Amounts),
the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement (other
than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights arising
out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and appoint the
proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Asset Representations Reviewer. In the event that holders of the certificates entitled to at least 75% of the Voting Rights
elect to remove the asset representations reviewer without cause and appoint a successor, the successor asset representations
reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)     On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than thirty
(30) days after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2)
the Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor
asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of
the appointment of an Asset

 

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Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign
under Section 12.03 of this Agreement and the Trustee shall appoint a successor asset representations reviewer subject
to and in accordance with this Section 12.05. Notwithstanding the foregoing, if the Trustee is unable to find a successor
asset representations reviewer within thirty (30) days of the termination of the Asset Representations Reviewer, the Depositor
shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor
asset representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor
asset representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct
in the performance of its obligations hereunder.

 

(d)     Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Mortgage Loan Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the
Directing Certificateholder and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of
its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the
date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than
indemnification rights (arising out of events occurring prior to such termination).

 

[End
of Article XII]

 

Article XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01     Amendment.
(a)  This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in this Agreement in order to address any manifest error in any provision of this Agreement;

 

(ii)      to
cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus
(or in an offering document for any related non-offered certificates) with respect to the Certificates, the Trust or this Agreement
or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any
error;

 

    	-396-

    	 

    

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) or any other provision hereof restricting transfer of
the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal
tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(vii)    to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25); provided that

 

    	-397-

    	 

    

 

such amendment or supplement shall not adversely affect in any material respect
the interests of any Certificateholder not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to
modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded Loan,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as
evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard
to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25);

 

(ix)     to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c)
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; or

 

(x)      to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement
or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of
any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller or (B) may
materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

(b)     This
Agreement may also be amended from time to time by the parties hereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or

 

    	-398-

    	 

    

 

eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however, that no
such amendment shall:

 

(i)       reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor
Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)     Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment hereto without having
first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder and
that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance
with such amendment will not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any
Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant
provisions of the Code. Furthermore, no amendment to this Agreement may be made that changes any provisions specifically required
to be included in this Agreement by any Non-Serviced Intercreditor Agreement without the consent of the holder of the related
Non-Serviced Companion Loan(s).

 

    	-399-

    	 

    

 

(d)     Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as
applicable, and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment
to each Certificateholder and each Serviced Companion Noteholder, the Depositor, the Master Servicer, the Special Servicer, the
Mortgagors, the Underwriters and the Rating Agencies.

 

(e)     It
shall not be necessary for the consent of Certificateholders under this Section 13.01 to approve the particular form
of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

(f)     The
Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01
that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)     The
cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or (c) and the cost of any amendment
entered into hereunder shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders,
the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or (c) shall
be payable out of the Collection Account.

 

(h)     The
Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to any
class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25).

 

(i)     To
the extent the Operating Advisor, the Trustee, Certificate Administrator, Master Servicer, Special Servicer, the Asset Representations
Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing
any amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such
amendment for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)     Notwithstanding
any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to matters described above as they would if any other Person held such

 

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Certificates, so long as neither the Depositor
nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)     This
Agreement may not be amended without the consent of any holder of an AB Subordinate Companion Loan if such amendment would materially
and adversely affect the rights of such Companion Holder hereunder.

 

Section 13.02     Recordation
of Agreement; Counterparts. (a)  To the extent permitted by applicable law, this Agreement is subject to recordation
in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any
or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Certificate Administrator at the expense of the Depositor on direction by the Special Servicer
and with the consent of the Depositor (which may not be unreasonably withheld), but only upon direction accompanied by an Opinion
of Counsel (the cost of which shall be paid by the Depositor) to the effect that such recordation materially and beneficially
affects the interests of the Certificateholders.

 

(b)     For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this
Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed
original counterpart of this Agreement.

 

(c)     The
Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue of the
fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section 13.03     Limitation
on Rights of Certificateholders. (a)  The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust, nor entitle such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 

(b)     No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained
in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by
the parties to this Agreement pursuant to any provision hereof.

 

(c)     Other
than with respect to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this

 

    	-401-

    	 

    

 

Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty
(60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute
any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly
covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every
Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 13.04     Governing
Law; Submission to Jurisdiction; 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. THE PARTIES HERETO INTEND THAT THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH
OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN
ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT
SHALL BE

 

    	-402-

    	 

    

 

CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW;
AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR
NOTICES HEREUNDER.

 

THE
PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.05     Notices.
(a)  Any communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided
herein, shall be deemed to have been duly given if personally delivered at or couriered, sent by facsimile transmission (other
than with respect to the Mortgage Loan Sellers) or mailed by registered mail, postage prepaid (except for notices to the Mortgage
Loan Sellers, the Master Servicer the Certificate Administrator and the Trustee which shall be deemed to have been duly given
only when received), to:

 

In
the case of the Depositor:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: kunal.k.singh@jpmorgan.com

 

with
a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Managing Director and Associate General Counsel

Telecopy number: (917) 464-6116

E-mail: russo_bianca@jpmorgan.com

 

In
the case of the Master Servicer:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

Telecopy Number: (704) 715-0036

 

    	-403-

    	 

    

 

			with a copy
                                         to:

                                         

                                         Wells Fargo Bank, National Association Legal Department

                                         301 S. College St., TW-30

                                         Charlotte, North Carolina 28202

                                         Attention: Commercial Mortgage Servicing Legal Support

                                         Reference: JPMCC 2015-JP1

 

			with a copy
                                         to:

                                         

                                         K&L Gates LLP

                                         Hearst Tower, 47th Floor

                                         214 North Tryon Street

                                         Charlotte, North Carolina 28202

                                         Attention: Stacy G. Ackermann

                                         Facsimile Number: (704) 353-3190

 

In
the case of the Special Servicer:

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy number: (913) 253-9001

 

with
a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

 

In
the case of the Directing Certificateholder:

BlackRock Realty Advisors, Inc., as agent for its managed accounts

40 East 52nd Street

New York, NY 10022

Attention: Paul Horowitz

Telecopy number: (212) 810-8758

Email: paul.horowitz@blackrock.com

 

    	-404-

    	 

    

 

In
the case of the Trustee:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee JPMCC 2015-JP1

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

In
the case of the Certificate Administrator:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Telecopy Number: (410) 715 2380

E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to 

trustadministrationgroup@wellsfargo.com, except as otherwise set forth 

herein

 

In
the case of the Operating Advisor and the Asset Representations Reviewer:

Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: Don Simon, Chief Operating Officer

With a copy sent via email to: don.simon@pentalphasurveillance.com and 

notices@pentalphasurveillance.com

 

with
a copy to:

Bass, Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay H. Knight

Email: jknight@bassberry.com

 

In
the case of the Mortgage Loan Sellers:

 

		(i)	JPMorgan
                                         Chase Bank, National Association

                                         383 Madison Avenue

                                         New York, New York 10179

                                         Attention: Joseph E. Geoghan

                                         E-mail: joseph.geoghan@jpmorgan.com

 

    	-405-

    	 

    

 

		(ii)	Starwood
                                         Mortgage Funding II LLC

                                         1601 Washington Avenue, Suite 800

                                         Miami Beach, Florida 33139

                                         Facsimile Number: (305) 695-5449

                                         Attention: Leslie K. Fairbanks, Executive Vice President

                                         Email: lfairbanks@starwood.com

 

with
a copy to:

LNR Property LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Facsimile Number: (305) 695-5449

Attention: Vincent P. Kallaher, Senior Vice President

Email: vkallaher@lnrproperty.com

 

with
a copy to:

LNR Property LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Facsimile Number: (305) 695-5449

Attention: General Counsel

Email: srivers@lnrproperty.com

 

		(iii)	Barclays
                                         Bank PLC

                                         745 Seventh Avenue

                                         New York, New York 10019

                                         Facsimile Number: (646) 758-1700

                                         Attention: Daniel Vinson, Managing Director

                                         E-mail: daniel.vinson@barclays.com

 

with
a copy to:

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Facsimile Number: (212) 412-7519

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com

 

		(iv)	Redwood
                                         Commercial Mortgage Corporation

                                         One Belvedere Place, Suite 300

                                         Mill Valley, California 94941

                                         Attention: Sandy Vegano

 

    	-406-

    	 

    

 

with
a copy to:

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Laura Swihart

 

In
the case of any mezzanine lender:

The address set forth in the related Intercreditor Agreement.

 

To
each such Person, such other address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication
required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class,
postage prepaid, to the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed
in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(b)     Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address
listed below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, the Certificate
Administrator, and Trustee also shall furnish such other information regarding the Trust as may be reasonably requested by the
Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided,
however, that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures
set forth in Section 3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose
which Rating Agency has requested such information. Notwithstanding the foregoing, the failure to deliver such notices or copies
shall not constitute a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by
the Rating Agencies required hereunder shall be in writing.

 

Any
notices to the Rating Agencies shall be sent to the following addresses:

Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

Fitch
Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

    	-407-

    	 

    

 

DBRS,
Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

Section 13.06     Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions
of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 13.07     Grant
of a Security Interest. The Depositor intends that the conveyance of the Depositor’s right, title and interest in and
to the Mortgage Loans pursuant to this Agreement shall constitute a sale and not a pledge of security for a loan. If such conveyance
is deemed to be a pledge of security for a loan, however, the Depositor intends that the rights and obligations of the parties
to such loan shall be established pursuant to the terms of this Agreement. The Depositor also intends and agrees that, in such
event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest
in the Depositor’s entire right, title and interest in and to the assets comprising the Trust Fund, including without limitation,
the Mortgage Loans, all principal and interest received or receivable with respect to the Mortgage Loans (other than principal
and interest payments due and payable prior to the Cut-off Date and Principal Prepayments received prior to the Cut-off Date),
all amounts held from time to time in the Collection Account, the Distribution Accounts, the Gain-on-Sale Reserve Account, the
Interest Reserve Account and, if established, the REO Account, and all reinvestment earnings on such amounts, and all of the Depositor’s
right, title and interest in and to the proceeds of any title, hazard or other Insurance Policies related to such Mortgage Loans
and (ii) this Agreement shall constitute a security agreement under applicable law. This Section 13.07 shall
constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 13.08     Successors
and Assigns; Third Party Beneficiaries. (a)  The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit
of the Certificateholders. Each Mortgage Loan Seller (and its respective agents), each Companion Holder (and its respective agents),
each Underwriter, each depositor of a Regulation AB Companion Loan Securitization and each Initial Purchaser is an intended third-party
beneficiary to this Agreement in respect of the respective rights afforded it hereunder. No other person, including, without limitation,
any Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement.

 

(b)     Each
Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder.
Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions
herein expressly relating to compensation, reimbursement or indemnification of such Other

 

    	-408-

    	 

    

 

Servicer and Other Trustee, and any
provisions regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)     Each
of the applicable Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer and any Non-Serviced Trust
holding a related Non-Serviced Companion Loan, shall be a third-party beneficiary to this Agreement in respect to its rights as
specifically provided for herein and under the applicable Non-Serviced Intercreditor Agreement.

 

(d)     Subject
to Section 2.03(k)(ii), Section 2.03(l)(iv) and Section 2.03(l)(v), any Requesting Certificateholder
shall be an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k)
through Section 2.03(o).

 

Section 13.09     Article
and Section Headings. The article and section headings herein are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof.

 

Section 13.10     Notices
to the Rating Agencies. (a)  The Certificate Administrator shall use reasonable efforts promptly to provide notice
to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c),
(and the related 17g-5 information provider for any class of Serviced Companion Loan Securities to the extent applicable to any
Serviced Whole Loan) with respect to each of the following of which it has actual knowledge:

 

(i)       any
material change or amendment to this Agreement;

 

(ii)      the
occurrence of a Servicer Termination Event that has not been cured;

 

(iii)     the
resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special
Servicer; and

 

(iv)     the
repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 6 of the related Mortgage
Loan Purchase Agreement.

 

(b)      The
Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which it
has actual knowledge:

 

(i)       the
resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)      any
change in the location of the Collection Account;

 

(iii)     any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)     any
change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance
described in Section 3.08;

 

    	-409-

    	 

    

 

(v)     any
additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any Mortgage
Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5% of the
then aggregate outstanding principal balances of the Mortgage Loans and (2) $ 35,000,000;

 

(vi)     any
material damage to any Mortgaged Property;

 

(vii)     any
assumption with respect to a Mortgage Loan; and

 

(viii)     any
release or substitution of any Mortgaged Property.

 

(c)     The
Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change
in the location of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)     The
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5
Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and
thereafter to each Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable
to any Serviced Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as
any Rating Agency shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special
Servicer, can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating
to such information or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator,
the Master Servicer and Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect
to such information. Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require
a party to provide duplicative notices or copies to the Rating Agencies with respect to any of the above listed items. In connection
with the delivery by the Master Servicer or Special Servicer to the 17g-5 Information Provider of any information, report, notice
or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master
Servicer or Special Servicer when such information, report, notice or document has been posted. The Master Servicer or Special
Servicer, as applicable, may, but shall not be obligated to send such information, report, notice or document to the applicable
Rating Agency so long as such information, report, notice or document (i) was previously provided to the 17g-5 Information
Provider or (ii) is simultaneously provided to the 17g-5 Information Provider.

 

[End
of Article XIII]

 

[SIGNATURES
COMMENCE ON FOLLOWING PAGE]

 

    	-410-

    	 

    

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized, in each case as of the day and year first above written.

	 	 	 	 
	 	J.P. MORGAN CHASE COMMERCIAL
	 	 	MORTGAGE SECURITIES CORP.,
	 	 	Depositor
	 	 	 	 
	 	By:	/s/ Bradley J. Horn
	 	 	Name:	Bradley J. Horn
	 	 	Title:	Vice President
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	Master Servicer
	 	 	 	 
	 	By:	/s/ June Lathers
	 	 	Name:	June Lathers
	 	 	Title:	Vice President
	 	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION
	 	 	OF PNC BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	Special Servicer
	 	 	 	 
	 	By:	/s/ David D. Spotts
	 	 	Name:	David D. Spotts
	 	 	Title:	Senior Vice President
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	not in its individual capacity, but solely as
	 	 	Certificate Administrator
	 	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name:	Stacey Gross
	 	 	Title:	Vice President

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL
	 	 	ASSOCIATION,
	 	 	not in its individual capacity, but solely as
	 	 	Trustee
	 	 	 	 
	 	By:	/s/ Clarice Wright
	 	 	Name:	Clarice Wright
	 	 	Title:	Assistant Vice President
	 	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,
	 	 	Asset Representations Reviewer
	 	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name:	James Callahan
	 	 	Title:	Executive Director and Solely as an Authorized Signatory for Pentalpha
    Surveillance LLC
	 	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,
	 	 	Operating Advisor
	 	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name:	James Callahan
	 	 	Title:	Executive Director and Solely as an Authorized Signatory for Pentalpha
    Surveillance LLC

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On the 15 day of
December, 2015, before me, a notary public in and for said State, personally appeared Bradley J. Horn known to me to be a VP of
J.P. Morgan Chase Commercial Mortgage Securities Corp., that executed the within instrument, and also known to me to be the person
who executed it on behalf of such corporation, and acknowledged to me that such corporation executed the within instrument.

 

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

 

	 	/s/ Michael A. Cuomo
	 	Notary
Public
	 	 
	 	MICHAEL A. CUOMO
	[SEAL]	Notary Public, State of New York
	 	Qualified in New York County 
	My
commission expires:	No. 02CU6268078
	 	My Commission Expires August 27, 2016

 

 

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NORTH CAROLINA	)	 
	 	): ss.	
	COUNTY OF MECKLENBURG	)	 

 

On this 16 day of
December, 2015, personally appeared before me June Lathers, to me known (or proved to me on the basis of satisfactory evidence)
to be a Vice President of Wells Fargo Bank, National Association, a national banking association, that executed the within and
foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for the uses
and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her signature
on the instrument the entity upon behalf of which she acted, executed the instrument.

  

	 	/s/ Erica L. Smith
	 	Notary
	 	Name:
	 	 
	My
Commission expires: 	 
	 	 
	ERICA L. SMITH 

NOTARY PUBLIC 

Gaston County 

North Carolina 

My Commission Expires 7/15/2017	 

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF KANSAS	)	 	 
	 	)	ss.:	 
	COUNTY OF JOHNSON	)	 	 

   

On the
17th day of December, 2015, before me, a notary public in and for said State, personally appeared David D. Spotts known to me
to be a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association, that executed the within
instrument, and also known to me to be the person who executed it on behalf of such national banking association, and acknowledged
to me that such national banking association executed the within instrument.

 

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

	 	 
	 	/s/
    Brent Kinder
	 	Notary Public
	 	 
	 	BRENT KINDER
	 	NOTARY PUBLIC - State of Kansas
	 	My Appt. Exp.  January 30, 2018

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

    	 

    	 

    

 

	STATE OF Maryland	)	 	 
	 	)	ss.:	 
	COUNTY OF Howard	)	 	 

  

On the 16th day
of December, 2015, before me, a notary public in and for said State, personally appeared Stacey Gross known to me to be a VP of Wells
Fargo Bank, National Association, that executed the within instrument, and also known to me to be the person who executed it on
behalf of such national banking association, and acknowledged to me that such national banking association executed the within
instrument.

 

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

	 	 
	 	/s/
    Amy Martin
	 	Notary Public

	[SEAL]	 
	 	 
	 

                                                                                My commission expires:
	

                                                           AMY
                                         MARTIN 
 NOTARY PUBLIC 
 ANNE ARUNDEL COUNTY 
 MARYLAND 

	 	My Commission Expires
                                         2-22-2017

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF DELAWARE	)	 	 
	 	)	ss.:	 
	COUNTY OF NEW CASTLE	)	 	 

  

On the
15th day of December, 2015, before me, a notary public in and for said State, personally appeared Clarice Wright
known to me to be a Assistance Vice President of Wilmington Trust, National Association, that executed the within instrument,
and also known to me to be the person who executed it on behalf of such national banking association, and acknowledged to me
that such national banking association executed the within instrument.

  

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

	 	 
	 	/s/
    Christina M. Bader
	 	Notary Public

 

	[SEAL]	 	 
	 	 	 
	My commission expires:	

                                                           CHRISTINA
M BADER 
 NOTARY PUBLIC 

STATE OF DELAWARE 
 My Commission Expires: 4-15-2016
	 

 

 

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF CONNECTICUT	)	 	 
	 	)	ss.:	 
	COUNTY OF FAIRFIELD	)	 	 

  

On the
17th day of December, 2015, before me, a notary public in and for said State, personally appeared James Callahan known
to me to be an Executive of Pentalpha Surveillance LLC, that executed the within instrument, and also known to me to
be the person who executed it on behalf of such limited liability company, and acknowledged to me that such limited liability
company executed the within instrument.

 

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

	 	 
	 	/s/
    Melonie S. Williams
	 	Notary Public

 

	[SEAL]	 	 
	 	 	 
	My
    commission expires: 7-31-2019		 
	 	 	 
	 	 	 
	MELONIE S.
    WILLIAMS 
 Notary Public 
 Connecticut 
 My Commission Expires July 31, 2019	 	 

 

JPMCC 2015-JP1 – Pooling and Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

CLASS
A-1

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Book-Entry
Certificate legend.

 

    	A-1-1

    	 

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    	A-1-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [_____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        January 15, 2015

         

        APPROXIMATE
AGGREGATE

CERTIFICATE BALANCE

OF THE CLASS A-1 CERTIFICATES

AS OF THE CLOSING DATE: $26,534,000 
	 	MASTER
                                         SERVICER:     WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER:      MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        ASSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
NO.: [A-1-1]

 

    	A-1-3

    	 

    

 

CLASS A-1
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-1 Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-1 Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-1-4

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-1 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-1-5

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-1 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other
provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by

 

    	A-1-6

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-1-7

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)
      change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage
Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a
third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller;
or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-1-8

    	 

    

 

portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage
Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-1-9

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-1 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-1-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-1-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-1-12

    	 

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

CLASS
A-2

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-2

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

 

1     Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2     Book-Entry
Certificate legend.

 

    	A-2-1

    	 

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT, ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

  

    	A-2-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [_____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-2 CERTIFICATES

        AS OF THE CLOSING DATE: $138,016,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-2-1]

         

 

    	A-2-3

    	 

    

 

CLASS A-2
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-2 Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-2 Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-2-4

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-2 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-2-5

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-2 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-2-6

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-2-7

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-2-8

    	 

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-2-9

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-2 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-2-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-2-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-2-12

    	 

    

 

EXHIBIT
A-3

 

FORM
OF CLASS A-3 CERTIFICATE

 

CLASS
A-3

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-3

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

 

1     Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2     Book-Entry
Certificate legend.

 

    	A-3-1

    	 

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    	A-3-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-3 CERTIFICATES

        AS OF THE CLOSING DATE: $34,912,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-3-1]

         

 

    	A-3-3

    	 

    

 

CLASS A-3
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-3 Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-3 Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-3-4

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-3 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-3-5

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-3 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)         to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-3-6

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)      to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-3-7

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)       amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-3-8

    	 

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-3-9

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-3 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-3-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-3-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-3-12

    	 

    

 

 

EXHIBIT
A-4

 

FORM
OF CLASS A-4 CERTIFICATE

 

CLASS
A-4

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-4

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

 

1     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-4-1

    	 

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    	A-4-2

    	 

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-4 CERTIFICATES

        AS OF THE CLOSING DATE: $120,000,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-4-1]

         

 

    	A-4-3

    	 

    

 

CLASS A-4
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-4 Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-4 Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-4-4

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-4 Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-4-5

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-4 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)         to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-4-6

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)      to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-4-7

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-4-8

    	 

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-4-9

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-4 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-4-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-4-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-4-12

    	 

    

 

EXHIBIT A-5

 

FORM
OF CLASS A-5 CERTIFICATE

 

CLASS
A-5

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-5

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

1     Legend required as long as DTC is the Depository under the Pooling and Servicing
                                         Agreement.

 

2
     Book-Entry Certificate legend.

 

    A-5-1

     

    

 

REIMBURSED
FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY,
THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

    A-5-2

     

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-5 CERTIFICATES

        AS OF THE CLOSING DATE: $196,971,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
NO.: [A-5-1]

 

    A-5-3

     

    

 

CLASS A-5
CERTIFICATE

 

evidencing a beneficial
ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”),
all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received
in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or
other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account,
the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold
by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS CERTIFIES THAT
CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-5 Certificates issued
by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is
one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class A-5 Certificates. The Certificates are designated as the JPMCC COMMERCIAL
MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and are issued in the classes
as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial
ownership of the Trust.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

    A-5-4

     

    

 

Interest on this Certificate
will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period
relating to such Distribution Date at the Class A-5 Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. Principal and interest allocated to this Certificate on any Distribution Date will
be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on the Certificates
of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth
in the Pooling and Servicing Agreement.

 

Realized Losses and
certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the
manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is
limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection
Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified
in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and
Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory

 

    A-5-5

     

    

 

to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class A-5 Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class
evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(vi)         to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(vii)      
to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the
statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(viii)      
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(ix)        
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary
to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions
of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the
Trust or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(x)         
to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    A-5-6

     

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(xi)        
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(xii)      
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(xiii)      
to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and,
for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other
than any Excluded Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(xiv)      
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(xv)       
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv).

 

Notwithstanding the
foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the
obligations of any Mortgage Loan Seller under any

 

    A-5-7

     

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage
Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller
or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)          
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required
to be distributed on a Certificate of any class without the consent of the Holder of the Certificate or which are required
to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)          
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)         
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates
of such Class then outstanding; or

 

(iv)        
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan
Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party
beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        
amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation
from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding the
foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor,
the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement
without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted
under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master Servicer,
the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates may, in that order
of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator
and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property
acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property
remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates,
on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the

 

    A-5-8

     

    

 

Trust’s
portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans
as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right, with the consent of the Master
Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE
AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-5-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS A-5 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

  

    A-5-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-5-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-5-12

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS A-SB CERTIFICATE

 

CLASS
A-SB

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-SB

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER OR ANY OTHER PERSON.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

     A-6-1

     

    

 

REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL
DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

     A-6-2

     

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-SB CERTIFICATES

        AS OF THE CLOSING DATE: $43,021,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
NO.: [A-SB-1]

 

     A-6-3

     

    

 

CLASS
A-SB CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-SB Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-SB Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

     A-6-4

     

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-SB Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

     A-6-5

     

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-SB Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)      to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)    to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)    to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

     A-6-6

     

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)    to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)   to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)    to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

     A-6-7

     

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)      reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

     A-6-8

     

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-6-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS A-SB CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

     A-6-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

     A-6-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

     A-6-12

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS X-A CERTIFICATE

 

CLASS
X-A

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS X-A

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2 

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS
CLASS X-A CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS
A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB AND CLASS A-S CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-A CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW. THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE

 

 

1
                                              Legend required as long as DTC is the Depository
                                         under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

     A-7-1

     

    

 

INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D
OF THE CODE.]

 

     A-7-2

     

    

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-A CERTIFICATES AS OF THE CLOSING DATE: $590,423,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
NO.: [X-A-1] [X-A-2]

 

     A-7-3

     

    

 

CLASS X-A
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-A Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class X-A Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-A

 

     A-7-4

     

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on
the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

     A-7-5

     

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-A Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)      to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)    to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)    to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the

 

     A-7-6

     

    

 

Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)    to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)   to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)    to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party

 

     A-7-7

     

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)      reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)    amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

     A-7-8

     

    

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-7-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS X-A CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

     A-7-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

     A-7-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

  

     A-7-12

     

    

  

EXHIBIT
A-8

 

FORM
OF CLASS X-B CERTIFICATE

 

CLASS
X-B

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS X-B

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS
CLASS X-B CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS B
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.]

 

[THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-B CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW. THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      Book-Entry Certificate legend.

		

 

    	A-8-1

    	 

    

  

INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.]

 

    	A-8-2

    	 

    

  

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-B CERTIFICATES AS OF THE CLOSING DATE: $40,960,000

         
	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [X-B-1]

         

 

    	A-8-3

    	 

    

  

CLASS X-B
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-B Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class X-B Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-B

 

    	A-8-4

    	 

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on
the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    	A-8-5

    	 

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-B Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)      to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the

 

    	A-8-6

    	 

    

 

Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party

 

    	A-8-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)       reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

    	A-8-8

    	 

    

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-8-9

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-B CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-8-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _______________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-8-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-8-12

    	 

    

 

EXHIBIT
A-9

 

FORM
OF CLASS X-C CERTIFICATE

 

CLASS
X-C

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS X-C

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS
CLASS X-C CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL OTHER THAN A PAYMENT OF $100
ON THE FIRST DISTRIBUTION DATE.]

 

[THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS C
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.]

 

[THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-C CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW. THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE

 

 

1
     Legend required as long as DTC is the Depository under the
Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-9-1

    	 

    

 

INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.]

 

    	A-9-2

    	 

    

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-C CERTIFICATES AS OF THE CLOSING DATE: $45,955,000

         
	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [X-C-1]

         

 

    	A-9-3

    	 

    

 

CLASS X-C
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-C Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class X-C Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-C

 

    	A-9-4

    	 

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on
the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    	A-9-5

    	 

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-C Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the

 

    	A-9-6

    	 

    

 

Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party

 

    	A-9-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)       reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be
distributed on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be
distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

    	A-9-8

    	 

    

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-9-9

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-9-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _______________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-9-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-9-12

    	 

    

  

EXHIBIT
A-10

 

FORM
OF CLASS X-D CERTIFICATE

 

CLASS
X-D

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS X-D

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS
CLASS X-D CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS D
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.]

 

[THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-D CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW. THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE

 

 

1
     Legend required as long as DTC is the Depository under the
Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-10-1

    	 

    

 

INVESTMENT
CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.]

 

    	A-10-2

    	 

    

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-D CERTIFICATES AS OF THE CLOSING DATE: $27,973,000

         
	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [X-D-1]

         

 

    	A-10-3

    	 

    

 

CLASS X-D
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-D Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class X-D Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-D

 

    	A-10-4

    	 

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on
the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    	A-10-5

    	 

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-D Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)       to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest
error in any provision of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the

 

    	A-10-6

    	 

    

 

 Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)    to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party

 

    	A-10-7

    	 

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)       reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)      amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

    	A-10-8

    	 

    

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-10-9

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-10-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _______________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-10-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-10-12

    	 

    

 

EXHIBIT A-11

 

FORM
OF CLASS X-E CERTIFICATE

 

CLASS
X-E

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS X-E

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
     Temporary Regulation S Book-Entry Certificate legend. 

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
     Book-Entry Certificate legend.

 

    	A-11-1 

     

    

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS,
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.]

 

[THIS
CLASS X-E CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.]

 

[THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS E
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.]

 

[THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-E CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW. THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.]

 

    	A-11-2 

     

    

 

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-E CERTIFICATES AS OF THE CLOSING DATE: $21,979,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        oPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [X-E-1] [X-E-S-1]

         

 

    	A-11-3 

     

    

 

CLASS X-E
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-E Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class X-E Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment Premiums and Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-E

 

    	A-11-4 

     

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on
the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    	A-11-5 

     

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-E Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)      to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)    to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)    to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the

 

    	A-11-6 

     

    

 

Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)    to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)   to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party

 

    	A-11-7 

     

    

 

beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)      reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

    	A-11-8 

     

    

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-11-9 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

   

    	A-11-10 

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

    	A-11-11 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    	A-11-12 

     

    

 

EXHIBIT
A-12

 

FORM
OF CLASS A-S CERTIFICATE

 

CLASS
A-S

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS A-S

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

  

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-12-1 

     

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D AND CLASS X-E CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.]

 

    	A-12-2 

     

    

 

	PASS-THROUGH
                                         RATE: [____]%

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-S CERTIFICATES

        AS OF THE CLOSING DATE: $30,969,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [A-S-1]

         

	 	 	 

    	A-12-3 

     

    

 

CLASS A-S
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-S Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-S Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-12-4 

     

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-S Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-12-5 

     

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-S Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-12-6 

     

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-12-7 

     

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)      reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)    amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-12-8 

     

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-12-9 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-S CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-12-10 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-12-11 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-12-12 

     

    

 

EXHIBIT
A-13

 

FORM
OF CLASS B CERTIFICATE

 

CLASS
B

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS B

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY 

 

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-13-1 

     

    

 

REIMBURSED FROM PRINCIPAL COLLECTIONS
ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE BALANCE
OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE
BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E AND CLASS A-S CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.]

  

    	A-13-2 

     

    

 

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
AGGREGATE

CERTIFICATE BALANCE

OF THE CLASS B CERTIFICATES

AS OF THE CLOSING DATE: $40,960,000
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [B-1]

        

	 	 	 

    	A-13-3 

     

    

 

CLASS B
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class B Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class B Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-13-4 

     

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class B Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-13-5 

     

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class B Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-13-6 

     

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)    to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)   to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)    to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-13-7 

     

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)      reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-13-8 

     

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

  

    	A-13-9 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS  B  CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-13-10 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-13-11 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-13-12 

     

    

  

EXHIBIT
A-14

 

FORM
OF CLASS C CERTIFICATE

 

CLASS
C

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS C

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY

 

 

 

1
                                              Legend required as long as DTC is the Depository
                                         under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

    	A-14-1 

     

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E, CLASS A-S AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.]

  

    	A-14-2 

     

    

 

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS C CERTIFICATES

        AS OF THE CLOSING DATE: $45,955,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [C-1]

         

	 	 	 

    	A-14-3 

     

    

 

CLASS
C CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class C Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class C Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-14-4 

     

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class C Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory

 

    	A-14-5 

     

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class C Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)      to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)    to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)    to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-14-6 

     

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)    to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)   to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-14-7 

     

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-14-8 

     

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-14-9 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS  C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-14-10 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-14-11 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-14-12 

     

    

 

EXHIBIT
A-15

 

FORM
OF CLASS D CERTIFICATE

 

CLASS
D

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS D

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE
LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY 

 

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
     Book-Entry Certificate legend.

 

    	A-15-1

    	 

    

 

REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E, CLASS A-S, CLASS B AND CLASS C CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.]

  

    	A-15-2

    	 

    

 

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[_____]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
DISTRIBUTION DATE: JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE CERTIFICATE BALANCE OF THE CLASS D CERTIFICATES

        AS OF THE CLOSING DATE: $27,973,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
REPRESENTATIONS REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [D-1-1]

         

 

    	A-15-3

    	 

    

 

CLASS
D CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class D Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class D Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-15-1

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class C Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory 

 

    	A-15-2

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class D Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-15-3

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any 

 

    	A-15-4

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-15-5

    	 

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

  

    	A-15-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-15-7

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-15-8

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    	A-15-9

    	 

    

 

EXHIBIT
A-16

 

FORM
OF CLASS E CERTIFICATE

 

CLASS
E

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS E

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
     Book-Entry Certificate legend.

 

    	A-16-1

    	 

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS,
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.]

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B,
CLASS X-C, CLASS X-D, CLASS X-E, CLASS A-S, CLASS B, CLASS C AND CLASS D CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.]

  

    	A-16-2

    	 

    

  

	 	 	 
	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT(AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS E CERTIFICATES

        AS OF THE CLOSING DATE: $21,979,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [E-1] [E-S-1]

         

  

    	A-16-3

    	 

    

 

CLASS
E CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class E Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class E Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

    	A-16-4

    	 

    

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class E Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory 

 

    	A-16-5

    	 

    

 

to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class E Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by

 

    	A-16-6

    	 

    

 

an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any

 

    	A-16-7

    	 

    

 

Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the

 

    	A-16-8

    	 

    

 

Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

  

    	A-16-9

    	 

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-16-10

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-16-11

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-16-12

    	 

    

 

EXHIBIT
A-17

 

FORM
OF CLASS F CERTIFICATE

 

CLASS
F

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS F

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
     Book-Entry Certificate legend.

 

    	A-17-1

    	 

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS,
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.]

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH
PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60,
AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH
INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE
ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION
BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    	A-17-2

    	 

    

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E, CLASS A-S, CLASS B, CLASS C, CLASS D AND CLASS E CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

  

    	A-17-3

    	 

    

 

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS F CERTIFICATES

        AS OF THE CLOSING DATE: $17,982,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [F-1] [F-S-1]

         

	 	 	 

 

 

    	A-17-4

    	 

    

 

CLASS
F CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class F Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class F Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class F Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution 

 

    	A-17-5

    	 

    

 

Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    	A-17-6

    	 

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class F Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

    	A-17-7

    	 

    

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-17-8

    	 

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one

 

    	A-17-9

    	 

    

 

Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

  

    	A-17-10

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS F CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-17-11

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-17-12

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-17-13

    	 

    

 

EXHIBIT
A-18

 

FORM
OF CLASS G CERTIFICATE

 

CLASS
G

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1 

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS G

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

 

3      Book-Entry
Certificate legend. 

 

    	A-18-1 

     

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS,
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.]

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH
PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60,
AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH
INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE
ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION
BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    	A-18-2 

     

    

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E, CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E AND CLASS F CERTIFICATES AS AND TO THE EXTENT SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-18-3 

     

    

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS G CERTIFICATES

        AS OF THE CLOSING DATE: $9,990,000

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [G-1] [G-S-1]

         

			

    	A-18-4 

     

    

 

CLASS
G CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class G Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class G Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class G Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each

 

    	A-18-5 

     

    

 

Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    	A-18-6 

     

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class G Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

    	A-18-7 

     

    

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

    	A-18-8 

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one

 

    	A-18-9 

     

    

 

Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-18-10 

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December
                                         29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS G CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-18-11 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-18-12 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-18-13 

     

    

 

EXHIBIT
A-19

 

FORM
OF CLASS NR CERTIFICATE

 

CLASS
NR

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS NR

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

  

 

 

1
     Temporary Regulation S Book-Entry Certificate legend.

 

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

 

3      Book-Entry
Certificate legend.

 

    	A-20-1 

     

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS,
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH
PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60,
AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH
INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE
ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION
BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS (A) A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND (B) AN UNDIVIDED BENEFICIAL INTEREST IN
A GRANTOR TRUST THAT HOLDS A PORTION OF THE TRUST FUND CONSISTING OF ANY EXCESS INTEREST, THE EXCESS INTEREST DISTRIBUTION ACCOUNT
AND THE PROCEEDS THEREOF.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE

 

    	A-20-2 

     

    

 

CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

[THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-SB, CLASS X-A, CLASS X-B, CLASS
X-C, CLASS X-D, CLASS X-E, CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F AND CLASS G CERTIFICATES AS AND TO
THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-20-3 

     

    

 

	PASS-THROUGH
                                         RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT

         

        DENOMINATION:
        $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS NR CERTIFICATES

        AS OF THE CLOSING DATE: $43,957,440

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
        NO.: [NR-1] [NR-S-1]

         

			

 

    	A-20-4 

     

    

 

CLASS
NR CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class NR Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class NR Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

This
Certificate also represents an undivided beneficial interest in a grantor trust that holds a portion of the Trust Fund consisting
of any Excess Interest, the Excess Interest Distribution Account and the proceeds thereof. Each Holder of this Certificate, by
acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing

 

    	A-20-5 

     

    

 

Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class NR Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

    	A-20-6 

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class NR Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

    	A-20-7 

     

    

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

    	A-20-8 

     

    

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on

 

    	A-20-9 

     

    

 

or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    	A-20-10 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	 December 29, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS NR  CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-20-11 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-20-12 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-20-13 

     

    

 

EXHIBIT
A-20

 

FORM
OF CLASS R CERTIFICATE

 

CLASS
R

 

JPMCC
COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-JP1, CLASS R

 

[THIS
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY
STATE SECURITIES LAWS OR THE LAWS OF ANY OTHER JURISDICTION. NEITHER THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.]

 

[THE
HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN
ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT OR (B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT, TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A.]

 

[THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C
TO THE POOLING AND SERVICING AGREEMENT.]

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

    	A-20-1 

     

    

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

[THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT,
AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C)
IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D)
IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT
TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE
INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR
ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS
NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO
RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC RESIDUAL INTERESTS”, AS
DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR
MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO
TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.]

 

    	A-20-2 

     

    

 

	PERCENTAGE
                                         INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 29, 2015

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 15, 2015

         

        CLASS
        R PERCENTAGE INTEREST: [100%]

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        aSSET
        REPRESENTATIONS REVIEWER:  PENTALPHA SURVEILLANCE LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        CERTIFICATE
NO.: R-1

	 	 	 	 	 

    	A-20-3 

     

    

 

CLASS
R CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO
Accounts, formed and sold by

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

 

THIS
CERTIFIES THAT JPMORGAN CHASE BANK, NATIONAL ASSOCIATION is the registered owner of the interest evidenced by this Certificate
in the Class R Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December
1, 2015 (the “Pooling and Servicing Agreement”), among J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
(hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing
Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set
forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class R Certificates. The Certificates are designated
as the JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in
the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Class R Certificate represents a “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates
shall be the “tax matters person” for each Trust REMIC pursuant to Treasury Regulations Section 1.860F-4(d), and the
Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any such Person that
is the “tax matters person”.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate
Administrator in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by
this Certificate) and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution
Date to the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this
Certificate are payable in the coin or 

 

    	A-20-4 

     

    

 

currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering
Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount
held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing
Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Each
Person who has or acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest in a Class R Certificate to have agreed to be bound by the following provisions and the rights of each
Person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the following provisions: (A) no Person
holding or acquiring any Ownership Interest in a Class R Certificate shall be a Disqualified Organization, a Disqualified Non-U.S.
Tax Person or any agent of either (including a broker, nominee or other middleman) (an “Agent”), or a Plan
or a Person acting on behalf of or or using

 

    	A-20-5 

     

    

 

the assets of a Plan (such Plan or Person, an “ERISA Prohibited Holder”)
and shall promptly notify the Certificate Registrar of any change or impending change to such status; (B) in connection with
any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall require delivery to
it, and no Transfer of any Class R Certificate shall be registered until the Certificate Registrar receives, an affidavit substantially
in the form attached to the Pooling and Servicing Agreement as Exhibit D-1 (a “Transferee Affidavit”) from
the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and warranting, among other
things, that such Transferee is not a Disqualified Organization, a Disqualified Non-U.S. Tax Person or any Agent of either, or
an ERISA Prohibited Holder and that it agrees to be bound by and to abide by the provisions of Section 5.03(n) of the Pooling
and Servicing Agreement; (C) notwithstanding the delivery of a Transferee Affidavit by a proposed Transferee under clause (B)
above, if the Certificate Registrar has actual knowledge or reason to believe that the proposed Transferee is a Disqualified Organization,
a Disqualified Non-U.S. Tax Person or any Agent of either, or an ERISA Prohibited Holder, no Transfer of an Ownership Interest
in a Class R Certificate to such proposed Transferee shall be effected; and (D) each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall agree (1) not to transfer its Ownership Interest in such Class R Certificate to any Person
that does not provide a Transferee Affidavit and (2) not to transfer its Ownership Interest in such Class R Certificate unless
it provides to the Certificate Registrar a letter substantially in the form attached to the Pooling and Servicing Agreement as
Exhibit D-2 (a “Transferor Letter”) certifying that, among other things, it has no actual knowledge or reason
to know that the proposed Transferee’s statements in such Transferee Affidavit are false.

 

The
Class R Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral
multiples of 1% in excess thereof.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)     to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with
any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

    	A-20-6 

     

    

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)     to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that
such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any

 

    	A-20-7 

     

    

 

material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; or

 

(x)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller or (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to
a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole
Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement and that such amendment or the exercise of any power granted to the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset

 

    	A-20-8 

     

    

 

Representations
Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
may, in that order of priority, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the
Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage
Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion
of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding
Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and
the Trust’s portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance
of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D
and Class E Certificates are retired (and provided that there is only one Holder (or multiple Holders acting in unanimity)
of the then-outstanding Certificates (other than the Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R Certificates) for all of
the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of
the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-20-9 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	December  29,
                                                                                                                            2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    	A-20-10 

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-20-11 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    	A-20-12 

     

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Property
    Address		City		State		Zip
    Code		County
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	32
    Avenue of the Americas	 	New
    York		NY	 	10013	 	New
    York
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	7700
    West Parmer Lane	 	Austin	 	TX	 	78729	 	Williamson
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	339-357
    6th Avenue	 	Pittsburgh	 	PA	 	15222	 	Allegheny
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	3005
    Highland Parkway	 	Downers
    Grove	 	IL	 	60515	 	DuPage
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	2017
    & 2123 East 9th Street	 	Cleveland	 	OH	 	44115	 	Cuyahoga
	5.01	 	JPMCB	 	 	 	2017
    East 9th Street	 	Cleveland	 	OH	 	44115	 	Cuyahoga
	5.02	 	JPMCB	 	 	 	2017
    East 9th Street	 	Cleveland	 	OH	 	44115	 	Cuyahoga
	5.03	 	JPMCB	 	 	 	2123
    East 9th Street	 	Cleveland	 	OH	 	44115	 	Cuyahoga
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	301
    West Lombard Street	 	Baltimore	 	MD	 	21201	 	Baltimore
    City
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	660
    Woodward Avenue	 	Detroit	 	MI	 	48226	 	Wayne
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	1651
    Knollwood Drive	 	Mobile	 	AL	 	36609	 	Mobile
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	6110
    South Yale Avenue	 	Tulsa	 	OK	 	74136	 	Tulsa
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	100
    The City Drive South	 	Orange	 	CA	 	92868	 	Orange
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	11711
    Princeton Pike	 	Springdale	 	OH	 	45246	 	Hamilton
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	2610
    Wycliff Road	 	Raleigh	 	NC	 	27607	 	Wake
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	9910
    Franklin Square Drive	 	Nottingham	 	MD	 	21236	 	Baltimore
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	9920
    Franklin Square Drive	 	Nottingham	 	MD	 	21236	 	Baltimore
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	9900
    Franklin Square Drive	 	Nottingham	 	MD	 	21236	 	Baltimore
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	400
    South Sepulveda Boulevard	 	Manhattan
    Beach	 	CA	 	90266	 	Los
    Angeles
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	Various	 	Various	 	NC	 	Various	 	Various
	17.01	 	JPMCB	 	 	 	4020
    Kilpatrick Street	 	Winston
    Salem	 	NC	 	27104	 	Forsyth
	17.02	 	JPMCB	 	 	 	17220
    Northcross Drive	 	Huntersville	 	NC	 	28078	 	Mecklenburg
	17.03	 	JPMCB	 	 	 	480
    West Hanes Mill Road	 	Winston
    Salem	 	NC	 	27105	 	Forsyth
	17.04	 	JPMCB	 	 	 	171
    Enterprise Way	 	Mocksville	 	NC	 	27028	 	Davie
	17.05	 	JPMCB	 	 	 	140
    Club Oaks Court	 	Winston
    Salem	 	NC	 	27104	 	Forsyth
	18	 	Barclays	 	Wellington
    Center, LLC	 	13525,
    13555 & 13575 Wellington Center Circle	 	Gainesville	 	VA	 	20155	 	Prince
    William
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	Various	 	Various	 	Various	 	Various	 	Various
	19.01	 	Barclays	 	 	 	5929
    & 5953 Highway 153	 	Hixson	 	TN	 	37343	 	Hamilton
	19.02	 	Barclays	 	 	 	4224
    Centerplace Drive	 	Greeley	 	CO	 	80634	 	Weld
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	500
    Gregson Drive	 	Cary	 	NC	 	27511	 	Wake
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	175
    La Fontenay Drive	 	Louisville	 	KY	 	40223	 	Jefferson
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	200
    North 66th Street	 	Lincoln	 	NE	 	68505	 	Lancaster
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	294
    County Road 120 South	 	South
    Point	 	OH	 	45680	 	Lawrence
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	5175
    Broadway	 	Depew	 	NY	 	14043	 	Erie
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	115
    Mill Road	 	McDonough	 	GA	 	30253	 	Henry
	26	 	Barclays	 	Southridge
    Owner LP	 	4926
    Southridge Boulevard	 	Memphis	 	TN	 	38141	 	Shelby
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	9
    Marketplace Drive	 	Augusta	 	ME	 	04330	 	Kennebec
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	5701-5721
    Southeast Columbia Way	 	Vancouver	 	WA	 	98661	 	Clark
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	3014-3088
    South Rochester Road & 63-87 West Auburn Road	 	Rochester
    Hills	 	MI	 	48307	 	Oakland
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	9670
    Baltimore Avenue	 	College
    Park	 	MD	 	20740	 	Prince
    Georges
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	4555
    Liberty Road South	 	Salem	 	OR	 	97302	 	Marion
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	809
    Venture Drive	 	Smithfield	 	NC	 	27577	 	Johnston
	33	 	JPMCB	 	National
    Income Properties DST VI	 	Various	 	Various	 	Various	 	Various	 	Various
	33.01	 	JPMCB	 	 	 	680
    Highway 78 East	 	Jasper	 	AL	 	35501	 	Walker
	33.02	 	JPMCB	 	 	 	302
    East Holly Street	 	Sidney	 	MT	 	59270	 	Richland
	33.03	 	JPMCB	 	 	 	1981
    South Mississippi Avenue	 	Atoka	 	OK	 	74525	 	Atoka
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	12830
    Prairie Avenue	 	Hawthorne	 	CA	 	90250	 	Los
    Angeles
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	8800
    Melrose Avenue	 	West
    Hollywood	 	CA	 	90069	 	Los
    Angeles
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	13719
    Southeast Mill Plain Boulevard	 	Vancouver	 	WA	 	98684	 	Clark
	37	 	Barclays	 	Crossett
    Development I, LLC	 	2310
    East Saunders Street	 	Laredo	 	TX	 	78041	 	Webb
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	300
    Ronan Park Place	 	Houston	 	TX	 	77060	 	Harris
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	2637
    The Meadows	 	Montgomery	 	AL	 	36116	 	Montgomery
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	7035
    Western Select Drive	 	Indianapolis	 	IN	 	46219	 	Marion
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	900
    East Highway 82	 	Gainesville	 	TX	 	76240	 	Cooke
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	11845
    Retail Drive	 	Wake
    Forest	 	NC	 	27587	 	Wake
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	12740
    Route 9 West	 	West
    Coxsackie	 	NY	 	12192	 	Greene
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	12129
    Manor Drive	 	Hawthorne	 	CA	 	90250	 	Los
    Angeles
	45	 	Barclays	 	508
    Gulf Street, LLC	 	508
    Gulf Avenue	 	Wilmington	 	CA	 	90744	 	Los
    Angeles

 

    	B-1

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Property
    Address		City		State		Zip
    Code		County
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	12254
    Burbank Boulevard	 	Valley
    Village	 	CA	 	91607	 	Los
    Angeles
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	9288
    Olive Street & 9193 Pepper Avenue	 	Fontana	 	CA	 	92335	 	San
    Bernardino
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	6640
    Orizaba Avenue	 	Long
    Beach	 	CA	 	90805	 	Los
    Angeles
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	8155
    Langdon Avenue	 	Van
    Nuys	 	CA	 	91406	 	Los
    Angeles
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	11325
    University Boulevard	 	Orlando	 	FL	 	32817	 	Orange
	51	 	Barclays	 	12036
    Hart Street, LLC	 	12036
    Hart Street	 	North
    Hollywood	 	CA	 	91605	 	Los
    Angeles

 

    	B-2

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Property
    Name		Size
    		Measure		 Mortgage
    Rate in 

Effect at Origination 

(%) 		 Net
    Mortgage 

Rate in Effect 

at the Cut-off 

Date (%) 		 Original
    Principal 

Balance 
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	32
    Avenue of the Americas	 	1,163,051	 	Square
    Feet	 	                              4.83200
    	 	4.81475
    	 	100,000,000
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	7700
    Parmer	 	911,579	 	Square
    Feet	 	                              4.59300
    	 	4.57075
    	 	                     75,000,000
    
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	Heinz
    57 Center	 	699,610	 	Square
    Feet	 	                              4.99000
    	 	4.93275
    	 	                     50,000,000
    
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	Highland
    Landmark V	 	251,229	 	Square
    Feet	 	                              4.45100
    	 	4.43375
    	 	                     46,540,000
    
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	The
    9	 	Various	 	Various	 	                              4.93100
    	 	4.88375
    	 	                     40,000,000
    
	5.01	 	JPMCB	 	 	 	The
    Metropolitan Hotel	 	156	 	Rooms	 	                              4.93100
    	 	 	 	 
	5.02	 	JPMCB	 	 	 	Concierge
    Living at the Nine	 	104	 	Units	 	                              4.93100
    	 	 	 	 
	5.03	 	JPMCB	 	 	 	Tower
    Parking Garage	 	263,589	 	Square
    Feet	 	                              4.93100
    	 	 	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	Holiday
    Inn Baltimore Inner Harbor	 	365	 	Rooms	 	                              4.92600
    	 	4.90875
    	 	                     39,500,000
    
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	First
    National Building	 	840,436	 	Square
    Feet	 	                              4.77400
    	 	4.70925
    	 	                     30,000,000
    
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	Knollwood
    Apartments	 	704	 	Units	 	                              4.44500
    	 	4.42775
    	 	                     25,046,000
    
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	DoubleTree
    Tulsa Warren Place	 	370	 	Rooms	 	                              5.07000
    	 	5.05275
    	 	                     20,000,000
    
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	DoubleTree
    Anaheim - Orange County	 	461	 	Rooms	 	                              4.55000
    	 	4.53275
    	 	                     20,000,000
    
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	Tri-County
    Towne Center	 	207,430	 	Square
    Feet	 	                              4.55200
    	 	4.53475
    	 	                     18,750,000
    
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	2610
    Wycliff Road	 	174,214	 	Square
    Feet	 	                              4.77000
    	 	4.75275
    	 	                     18,250,000
    
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	Franklin
    Ridge - 9910 Building	 	56,271	 	Square
    Feet	 	                              4.82000
    	 	4.80275
    	 	                       7,800,000
    
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	Franklin
    Ridge - 9920 Building	 	43,516	 	Square
    Feet	 	                              4.82000
    	 	4.80275
    	 	                       5,800,000
    
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	Franklin
    Ridge - 9900 Building	 	34,082	 	Square
    Feet	 	                              4.82000
    	 	4.80275
    	 	                       4,600,000
    
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	Manhattan
    Beach Medical Office	 	39,481	 	Square
    Feet	 	                              4.76000
    	 	4.74275
    	 	                     17,500,000
    
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	Novant
    Portfolio	 	275,931	 	Square
    Feet	 	                              5.68800
    	 	5.67075
    	 	                     17,150,000
    
	17.01	 	JPMCB	 	 	 	4020
    Kilpatrick Street	 	44,582	 	Square
    Feet	 	                              5.68800
    	 	 	 	                       4,302,488
    
	17.02	 	JPMCB	 	 	 	17220
    Northcross Drive	 	26,166	 	Square
    Feet	 	                              5.68800
    	 	 	 	                       4,249,761
    
	17.03	 	JPMCB	 	 	 	480
    West Hanes Mill Road	 	65,519	 	Square
    Feet	 	                              5.68800
    	 	 	 	                       4,159,543
    
	17.04	 	JPMCB	 	 	 	171
    Enterprise Way	 	129,600	 	Square
    Feet	 	                              5.68800
    	 	 	 	                       3,462,526
    
	17.05	 	JPMCB	 	 	 	140
    Club Oaks Court	 	10,064	 	Square
    Feet	 	                              5.68800
    	 	 	 	                          975,683
    
	18	 	Barclays	 	Wellington
    Center, LLC	 	Wellington
    Center	 	133,064	 	Square
    Feet	 	                              4.68000
    	 	4.64275
    	 	                     16,650,000
    
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	Chattanooga
    & Greeley Retail Portfolio	 	219,986	 	Square
    Feet	 	                              4.50300
    	 	4.48575
    	 	                     14,236,800
    
	19.01	 	Barclays	 	 	 	Chattanooga
    Retail Center	 	131,578	 	Square
    Feet	 	                              4.50300
    	 	 	 	                       7,936,800
    
	19.02	 	Barclays	 	 	 	Greeley
    Retail Center	 	88,408	 	Square
    Feet	 	                              4.50300
    	 	 	 	                       6,300,000
    
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	500
    Gregson	 	105,849	 	Square
    Feet	 	                              4.49000
    	 	4.42275
    	 	                     13,000,000
    
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	La
    Fontenay Apartments	 	248	 	Units	 	                              4.34500
    	 	4.32775
    	 	                     12,555,000
    
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	East
    Park Plaza	 	214,829	 	Square
    Feet	 	                              4.90700
    	 	4.88975
    	 	                     12,300,000
    
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	Tri
    State Crossing	 	159,357	 	Square
    Feet	 	                              4.94800
    	 	4.93075
    	 	                     11,700,000
    
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	Tops
    Plaza	 	148,085	 	Square
    Feet	 	                              4.79100
    	 	4.77375
    	 	                     11,580,000
    
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	Courtyard
    by Marriott McDonough	 	102	 	Rooms	 	                              4.84000
    	 	4.82275
    	 	                     10,400,000
    
	26	 	Barclays	 	Southridge
    Owner LP	 	4926
    Southridge Boulevard	 	640,000	 	Square
    Feet	 	                              4.63100
    	 	4.61375
    	 	                     10,300,000
    
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	Marketplace
    at Augusta - Townsend	 	110,156	 	Square
    Feet	 	                              4.52000
    	 	4.46275
    	 	                       9,770,000
    
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	Tidewater
    Cove	 	57,339	 	Square
    Feet	 	                              4.68000
    	 	4.66275
    	 	                       9,500,000
    
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	Rochester
    & Auburn Shoppes	 	27,595	 	Square
    Feet	 	                              4.96000
    	 	4.94275
    	 	                       9,375,000
    
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	Hampton
    Inn College Park	 	80	 	Rooms	 	                              4.84000
    	 	4.82275
    	 	                       8,250,000
    
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	Sunnyslope
    Shopping Center	 	93,678	 	Square
    Feet	 	                              4.92000
    	 	4.85525
    	 	                       8,000,000
    
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	Fairfield
    Inn & Suites Smithfield	 	89	 	Rooms	 	                              4.94500
    	 	4.92775
    	 	                       7,800,000
    
	33	 	JPMCB	 	National
    Income Properties DST VI	 	Behringer
    Net Lease Portfolio	 	93,194	 	Square
    Feet	 	                              4.69700
    	 	4.67975
    	 	                       7,785,000
    
	33.01	 	JPMCB	 	 	 	Hobby
    Lobby - Jasper	 	55,000	 	Square
    Feet	 	                              4.69700
    	 	 	 	                       3,631,825
    
	33.02	 	JPMCB	 	 	 	Tractor
    Supply Co. - Sidney	 	19,097	 	Square
    Feet	 	                              4.69700
    	 	 	 	                       2,102,950
    
	33.03	 	JPMCB	 	 	 	Tractor
    Supply Co. - Atoka	 	19,097	 	Square
    Feet	 	                              4.69700
    	 	 	 	                       2,050,225
    
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	Hampton
    Pointe	 	91	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       7,750,000
    
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	8800
    Melrose - John Varvatos Building	 	4,000	 	Square
    Feet	 	                              4.70400
    	 	4.68675
    	 	                       7,500,000
    
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	Safeway
    - Vancouver	 	68,164	 	Square
    Feet	 	                              4.82400
    	 	4.80675
    	 	                       7,500,000
    
	37	 	Barclays	 	Crossett
    Development I, LLC	 	Laredo
    H-E-B Shopping Center	 	145,886	 	Square
    Feet	 	                              5.08600
    	 	5.02125
    	 	                       7,200,000
    
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	Hyatt
    Place Houston	 	126	 	Rooms	 	                              5.64500
    	 	5.58775
    	 	                       6,600,000
    
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	The
    Meadows Apartments	 	194	 	Units	 	                              4.73600
    	 	4.71875
    	 	                       6,547,500
    
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	Holiday
    Inn Express & Suites Indianapolis East	 	90	 	Rooms	 	                              4.88900
    	 	4.87175
    	 	                       6,500,000
    
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	Gainesville
    Shopping Center	 	106,571	 	Square
    Feet	 	                              4.92500
    	 	4.90775
    	 	                       5,700,000
    
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	Capital
    Plaza	 	46,793	 	Square
    Feet	 	                              4.00000
    	 	3.98275
    	 	                       5,325,000
    
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	Holiday
    Inn Express & Suites West Coxsackie	 	66	 	Rooms	 	                              4.85000
    	 	4.83275
    	 	                       5,200,000
    
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	Manor
    Pointe	 	58	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       4,925,000
    
	45	 	Barclays	 	508
    Gulf Street, LLC	 	Bay
    Pointe (Gulf)	 	40	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       3,390,000
    

 

    	B-3

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Property
    Name		Size
    		Measure		 Mortgage
    Rate in 

Effect at Origination 

(%) 		 Net
    Mortgage 

Rate in Effect 

at the Cut-off 

Date (%) 		 Original
    Principal 

Balance 
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	Burbank
    Pointe	 	30	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       3,380,000
    
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	Windrush	 	50	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       3,285,000
    
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	Rose
    Pointe (Orizaba)	 	32	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       2,830,000
    
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	Casa
    Luna	 	37	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       2,655,000
    
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	University
    Terrace	 	7,427	 	Square
    Feet	 	                              4.79500
    	 	4.77775
    	 	                       2,295,000
    
	51	 	Barclays	 	12036
    Hart Street, LLC	 	Shadow
    Brooks	 	20	 	Units	 	                              4.64500
    	 	4.62775
    	 	                       1,640,000
    

 

    	B-4

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		 Cut-off
    Principal

 Balance 		Original

    Term		Remaining
    Term		Maturity/ARD

    Date		Amortiziation

    Term		Remaining
    

Amortization 

Term for Balloon 

Loans		 Monthly
    

Payment 		Servicing
    Fee

 Rate
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	      100,000,000.00
    	 	120	 	119	 	11/01/25	 	0	 	0	 	           409,377.78
    	 	0.00500
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	        75,000,000.00
    	 	120	 	120	 	12/01/25	 	0	 	0	 	           291,846.88
    	 	0.01000
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	        50,000,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	           268,105.32
    	 	0.04500
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	        46,540,000.00
    	 	60	 	59	 	11/01/20	 	0	 	0	 	           175,501.69
    	 	0.00500
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	        40,000,000.00
    	 	120	 	120	 	12/01/25	 	300	 	300	 	           232,230.79
    	 	0.03500
	5.01	 	JPMCB	 	 	 	 	 	120	 	120	 	 	 	300	 	300	 	  	 	 
	5.02	 	JPMCB	 	 	 	 	 	120	 	120	 	 	 	300	 	300	 	  	 	 
	5.03	 	JPMCB	 	 	 	 	 	120	 	120	 	 	 	300	 	300	 	  	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	        39,500,000.00
    	 	84	 	84	 	12/01/22	 	360	 	360	 	           210,261.73
    	 	0.00500
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	        30,000,000.00
    	 	60	 	58	 	10/01/20	 	360	 	360	 	           156,928.48
    	 	0.05250
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	        25,046,000.00
    	 	120	 	119	 	11/01/25	 	360	 	360	 	           126,087.22
    	 	0.00500
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	        20,000,000.00
    	 	60	 	60	 	12/01/20	 	360	 	360	 	           108,221.57
    	 	0.00500
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	        19,973,901.23
    	 	120	 	119	 	11/01/25	 	360	 	359	 	           101,932.10
    	 	0.00500
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	        18,750,000.00
    	 	120	 	118	 	10/06/25	 	360	 	360	 	              95,583.70
    	 	0.00500
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	        18,250,000.00
    	 	120	 	120	 	12/05/25	 	360	 	360	 	              95,420.77
    	 	0.00500
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	           7,800,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              41,018.24
    	 	0.00500
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	           5,800,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              30,500.75
    	 	0.00500
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	           4,600,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              24,190.25
    	 	0.00500
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	        17,500,000.00
    	 	120	 	120	 	12/05/25	 	360	 	360	 	              91,393.80
    	 	0.00500
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	        17,150,000.00
    	 	60	 	60	 	12/01/20	 	360	 	360	 	              99,408.29
    	 	0.00500
	17.01	 	JPMCB	 	 	 	           4,302,487.85
    	 	60	 	60	 	 	 	360	 	360	 	  	 	 
	17.02	 	JPMCB	 	 	 	           4,249,760.51
    	 	60	 	60	 	 	 	360	 	360	 	  	 	 
	17.03	 	JPMCB	 	 	 	           4,159,543.26
    	 	60	 	60	 	 	 	360	 	360	 	  	 	 
	17.04	 	JPMCB	 	 	 	           3,462,525.79
    	 	60	 	60	 	 	 	360	 	360	 	  	 	 
	17.05	 	JPMCB	 	 	 	              975,682.59
    	 	60	 	60	 	 	 	360	 	360	 	  	 	 
	18	 	Barclays	 	Wellington
    Center, LLC	 	        16,650,000.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              86,153.16
    	 	0.02500
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	        14,236,800.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              72,161.15
    	 	0.00500
	19.01	 	Barclays	 	 	 	           7,936,800.00
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 
	19.02	 	Barclays	 	 	 	           6,300,000.00
    	 	120	 	119	 	 	 	360	 	360	 	  	 	 
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	        13,000,000.00
    	 	120	 	119	 	11/01/25	 	324	 	324	 	              69,308.49
    	 	0.05500
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	        12,555,000.00
    	 	120	 	119	 	11/01/25	 	0	 	0	 	              46,217.22
    	 	0.00500
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	        12,300,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              65,331.73
    	 	0.00500
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	        11,700,000.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              62,436.83
    	 	0.00500
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	        11,580,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              60,693.27
    	 	0.00500
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	        10,400,000.00
    	 	120	 	120	 	12/01/25	 	360	 	360	 	              54,816.93
    	 	0.00500
	26	 	Barclays	 	Southridge
    Owner LP	 	        10,300,000.00
    	 	60	 	60	 	12/06/20	 	360	 	360	 	              52,993.36
    	 	0.00500
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	           9,745,545.04
    	 	120	 	118	 	10/01/25	 	360	 	358	 	              49,619.32
    	 	0.04500
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	           9,500,000.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              49,156.46
    	 	0.00500
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	           9,375,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              50,098.09
    	 	0.00500
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	           8,250,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              43,484.58
    	 	0.00500
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	           8,000,000.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              42,555.44
    	 	0.05250
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	           7,800,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              41,610.29
    	 	0.00500
	33	 	JPMCB	 	National
    Income Properties DST VI	 	           7,785,000.00
    	 	120	 	120	 	12/01/25	 	360	 	360	 	              40,361.92
    	 	0.00500
	33.01	 	JPMCB	 	 	 	           3,631,825.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 
	33.02	 	JPMCB	 	 	 	           2,102,950.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 
	33.03	 	JPMCB	 	 	 	           2,050,225.00
    	 	120	 	120	 	 	 	360	 	360	 	  	 	 
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	           7,731,086.02
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              39,938.63
    	 	0.00500
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	           7,500,000.00
    	 	60	 	60	 	12/01/20	 	0	 	0	 	              29,890.00
    	 	0.00500
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	           7,500,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              39,458.78
    	 	0.00500
	37	 	Barclays	 	Crossett
    Development I, LLC	 	           7,191,485.53
    	 	120	 	119	 	11/06/25	 	360	 	359	 	              39,030.47
    	 	0.05250
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	           6,600,000.00
    	 	60	 	60	 	12/06/20	 	360	 	360	 	              38,076.70
    	 	0.04500
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	           6,547,500.00
    	 	120	 	119	 	11/06/25	 	360	 	360	 	              34,099.63
    	 	0.00500
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	           6,500,000.00
    	 	120	 	120	 	12/01/25	 	360	 	360	 	              34,453.79
    	 	0.00500
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	           5,700,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              30,338.10
    	 	0.00500
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	           5,325,000.00
    	 	60	 	58	 	10/06/20	 	0	 	0	 	              18,045.83
    	 	0.00500
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	           5,191,070.70
    	 	120	 	119	 	11/06/25	 	300	 	299	 	              29,945.97
    	 	0.00500
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	           4,912,980.46
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              25,380.36
    	 	0.00500
	45	 	Barclays	 	508
    Gulf Street, LLC	 	           3,381,726.66
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              17,469.93
    	 	0.00500

 

    	B-5

    	 

    
 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		 Cut-off
    Principal

 Balance 		Original

    Term		Remaining
    Term		Maturity/ARD

    Date		Amortiziation

    Term		Remaining
    

Amortization 

Term for Balloon 

Loans		 Monthly
    

Payment 		Servicing
    Fee

 Rate
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	           3,371,751.06
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              17,418.40
    	 	0.00500
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	           3,276,982.90
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              16,928.83
    	 	0.00500
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	           2,823,093.35
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              14,584.04
    	 	0.00500
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	           2,648,520.44
    	 	120	 	118	 	10/06/25	 	360	 	358	 	              13,682.20
    	 	0.00500
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	           2,295,000.00
    	 	120	 	120	 	12/06/25	 	360	 	360	 	              12,034.13
    	 	0.00500
	51	 	Barclays	 	12036
    Hart Street, LLC	 	           1,635,997.56
    	 	120	 	118	 	10/06/25	 	360	 	358	 	                8,451.53
    	 	0.00500

 

    	B-6

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Accrual

    Type		ARD
    Loan (Y/N)		Revised
    Rate (%)		Title
    Type		Crossed
    

Collateralized 

Loan		Cross
    Defaulted

 Loan
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	Actual/360	 	No	 	 	 	Fee/Leasehold	 	No	 	No
	5.01	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee/Leasehold	 	 	 	 
	5.02	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee/Leasehold	 	 	 	 
	5.03	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee/Leasehold	 	 	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	Actual/360	 	No	 	 	 	Leasehold	 	No	 	No
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	Actual/360	 	No	 	 	 	Fee/Leasehold	 	No	 	No
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	Actual/360	 	No	 	 	 	Fee	 	Group
    A	 	Group
    A
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	Actual/360	 	No	 	 	 	Fee	 	Group
    A	 	Group
    A
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	Actual/360	 	No	 	 	 	Fee	 	Group
    A	 	Group
    A
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	17.01	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	17.02	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	17.03	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	17.04	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	17.05	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	18	 	Barclays	 	Wellington
    Center, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	19.01	 	Barclays	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	19.02	 	Barclays	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	26	 	Barclays	 	Southridge
    Owner LP	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	33	 	JPMCB	 	National
    Income Properties DST VI	 	Actual/360	 	Yes	 	The
    greater of i) 7.69700% and ii) the 10 year swap yield as of the ARD plus 3.00000%; but in no event to exceed 9.69700%	 	Fee	 	No	 	No
	33.01	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	33.02	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	33.03	 	JPMCB	 	 	 	 	 	 	 	 	 	Fee	 	 	 	 
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	37	 	Barclays	 	Crossett
    Development I, LLC	 	Actual/360	 	No	 	 	 	Leasehold	 	No	 	No
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	45	 	Barclays	 	508
    Gulf Street, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No

 

    	B-7

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Accrual

    Type		ARD
    Loan (Y/N)		Revised
    Rate (%)		Title
    Type		Crossed
    

Collateralized 

Loan		Cross
    Defaulted

 Loan
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No
	51	 	Barclays	 	12036
    Hart Street, LLC	 	Actual/360	 	No	 	 	 	Fee	 	No	 	No

 

    	B-8

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan
    

Seller		Mortgagor
    Name		Guarantor		Letter
    of Credit
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	Rudin
    Management Co. Inc.	 	No
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	Accesso
    Investment Properties V (US), LLLP, Accesso Investment Properties V, LLLP	 	No
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	William
    Rudolph, Charles Perlow	 	No
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	Adventus
    Holdings LP	 	No
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	Alfred
    I. Geis, Gregory M. Geis	 	7,000,000
	5.01	 	JPMCB	 	 	 	 	 	 
	5.02	 	JPMCB	 	 	 	 	 	 
	5.03	 	JPMCB	 	 	 	 	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	TH
    Investment Holdings II, LLC	 	No
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	Rock
    Ventures	 	No
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	Craig
    Koenigsberg, Howard Parnes	 	No
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	Investcorp
    US Real Estate, LLC	 	No
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	Hotel
    Resort Properties, LLLP	 	1,000,000
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	Alan
    C. Fox	 	750,000
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	Christopher
    J. Knisley, Mark J. McInerney	 	No
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	Jeffrey
    Toporek, Richard Mann, David Stade, Claiborne Williams, Joseph Delogu, David Alperstein	 	No
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	Jeffrey
    Toporek, Richard Mann, David Stade, Claiborne Williams, Joseph Delogu, David Alperstein	 	No
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	Jeffrey
    Toporek, Richard Mann, David Stade, Claiborne Williams, Joseph Delogu, David Alperstein	 	No
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	Marc
    K. Lewis	 	No
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	Stephen
    Denardo, George Yerrall	 	No
	17.01	 	JPMCB	 	 	 	 	 	 
	17.02	 	JPMCB	 	 	 	 	 	 
	17.03	 	JPMCB	 	 	 	 	 	 
	17.04	 	JPMCB	 	 	 	 	 	 
	17.05	 	JPMCB	 	 	 	 	 	 
	18	 	Barclays	 	Wellington
    Center, LLC	 	Bavar
    I Limited Partnership, L.L.L.P.	 	No
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	Inland
    Private Capital Corporation	 	No
	19.01	 	Barclays	 	 	 	 	 	 
	19.02	 	Barclays	 	 	 	 	 	 
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	Christopher
    J. Knisley	 	No
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	Craig
    Koenigsberg, Howard Parnes	 	No
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	SPT
    CRE Property Holdings 2015, LLC	 	No
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	Daniel
    Massry	 	No
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	SPT
    CRE Property Holdings 2015, LLC	 	No
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	Ranjit
    Patel	 	No
	26	 	Barclays	 	Southridge
    Owner LP	 	Samuel
    Kirschenbaum, Benjamin Rubin	 	No
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	WV
    Holdings LLC	 	No
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	John
    P. Beardsley	 	No
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	Doraid
    Markus	 	No
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	Mukesh
    Majmudar	 	No
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	Gary
    R. Nathanson and Linda Nathanson, Trustees of the Nathanson Family Trust dated September 5, 1986	 	No
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	Bhupendra
    Patel, Pankaj Patel	 	No
	33	 	JPMCB	 	National
    Income Properties DST VI	 	Behringer
    Net Lease Advisors, LLC	 	No
	33.01	 	JPMCB	 	 	 	 	 	 
	33.02	 	JPMCB	 	 	 	 	 	 
	33.03	 	JPMCB	 	 	 	 	 	 
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	H.K.
    Realty, Inc. 	 	No
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	Jason
    Illoulian, Pouya Abdi	 	No
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	John
    P. Beardsley	 	No
	37	 	Barclays	 	Crossett
    Development I, LLC	 	Jeffrey
    H. Tamkin	 	No
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	Christopher
    Gistis, Glenn Gistis, Michael Sullivan, Lawrence Kasser	 	No
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	Peter
    A. Spiro	 	No
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	Bharat
    N. Patel	 	No
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	David
    Salomon	 	No
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	DRA
    G&I Fund VIII Real Estate Investment Trust	 	No
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	Mahesh
    Bhagia, Hasmukh Noticewala	 	No
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	J.K.
    Properties, Inc.	 	No
	45	 	Barclays	 	508
    Gulf Street, LLC	 	H.K.
    Realty, Inc. 	 	No

 

    	B-9

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan
    

Seller		Mortgagor
    Name		Guarantor		Letter
    of Credit
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	H.K.
    Realty, Inc. 	 	No
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	H.K.
    Realty, Inc. 	 	No
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	H.K.
    Realty, Inc. 	 	No
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	H.K.
    Realty, Inc. 	 	No
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	David
    E. Salmanson and Jay N. Rothstein as trustees of the David E. Salmanson GST Exempt Trust 2015	 	No
	51	 	Barclays	 	12036
    Hart Street, LLC	 	H.K.
    Realty, Inc. 	 	No

 

    	B-10

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	UPFRONT
    ESCROW	 	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Upfront
    CapEx

 Reserve		Upfront
    Eng.

 Reserve		Upfront
    Envir.

 Reserve		Upfront
    TI/LC

 Reserve		Upfront
    RE Tax

 Reserve		Upfront
    Ins.

 Reserve		Upfront
    Other

 Reserve				 Monthly
    Capex Reserve 
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	5,705,123
    	 	 	 	Springing
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	15,193
    	 	0
    	 	0
    	 	151,930
    	 	460,700
    	 	0
    	 	23,584,004
    	 	 	 	15,193
    
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	0
    	 	0
    	 	0
    	 	0
    	 	651,683
    	 	84,274
    	 	6,200,000
    	 	 	 	11,660
    
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	4,188
    	 	0
    	 	0
    	 	0
    	 	161,535
    	 	0
    	 	0
    	 	 	 	4,188
    
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	0
    	 	625,000
    	 	0
    	 	0
    	 	313,484
    	 	163,092
    	 	758,748
    	 	 	 	3%
    of gross revenues
	5.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	47,242
    	 	0
    	 	0
    	 	0
    	 	233,530
    	 	0
    	 	4,000,000
    	 	 	 	4%
    of Gross Revenues
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	14,007
    	 	0
    	 	0
    	 	35,018
    	 	159,603
    	 	0
    	 	8,482,684
    	 	 	 	14,007
    
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	312,528
    	 	214,308
    	 	0
    	 	0
    	 	238,984
    	 	0
    	 	0
    	 	 	 	14,667
    
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	38,772
    	 	0
    	 	0
    	 	0
    	 	278,206
    	 	0
    	 	4,019,000
    	 	 	 	4%
    of Gross Revenues
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	83,400
    	 	17,141
    	 	0
    	 	0
    	 	0
    	 	0
    	 	1,000,000
    	 	 	 	4%
    of Gross Revenues
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	466,119
    	 	99,720
    	 	0
    	 	0
    	 	0
    	 	0
    	 	309,601
    	 	 	 	2,594
    
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	228,000
    	 	0
    	 	0
    	 	1,000,000
    	 	76,158
    	 	1,797
    	 	911,079
    	 	 	 	Springing
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	55,980
    	 	8,709
    	 	262,010
    	 	 	 	469
    
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	45,160
    	 	6,724
    	 	0
    	 	 	 	363
    
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	24,407
    	 	4,887
    	 	0
    	 	 	 	1,421
    
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	0
    	 	278,124
    	 	0
    	 	0
    	 	66,113
    	 	8,053
    	 	1,190,773
    	 	 	 	1,119
    
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	4,599
    	 	97,830
    	 	0
    	 	22,994
    	 	134,782
    	 	0
    	 	397,180
    	 	 	 	4,599
    
	17.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	Barclays	 	Wellington
    Center, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	393,370
    	 	 	 	1,663
    
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	0
    	 	0
    	 	0
    	 	439,972
    	 	0
    	 	0
    	 	0
    	 	 	 	0
    
	19.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	40,000
    	 	0
    	 	0
    	 	600,000
    	 	31,980
    	 	0
    	 	0
    	 	 	 	Springing
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	43,850
    	 	0
    	 	0
    	 	0
    	 	103,739
    	 	0
    	 	0
    	 	 	 	5,167
    
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	1,065,000
    	 	0
    	 	0
    	 	400,000
    	 	86,473
    	 	23,556
    	 	1,223,605
    	 	 	 	2,685
    
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	0
    	 	321,926
    	 	0
    	 	0
    	 	21,949
    	 	0
    	 	0
    	 	 	 	1,018
    
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	615,000
    	 	0
    	 	0
    	 	125,000
    	 	180,100
    	 	12,508
    	 	0
    	 	 	 	1,234
    
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	10,574
    	 	0
    	 	0
    	 	0
    	 	7,831
    	 	0
    	 	0
    	 	 	 	4%
    of Gross Revenues
	26	 	Barclays	 	Southridge
    Owner LP	 	0
    	 	1,415,000
    	 	0
    	 	0
    	 	0
    	 	0
    	 	85,000
    	 	 	 	Springing
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	1,561
    	 	0
    	 	0
    	 	0
    	 	60,755
    	 	0
    	 	0
    	 	 	 	1,561
    
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	0
    	 	0
    	 	0
    	 	500,000
    	 	26,066
    	 	11,205
    	 	0
    	 	 	 	1,003
    
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	18,731
    	 	9,368
    	 	649,259
    	 	 	 	460
    
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	54,169
    	 	10,580
    	 	1,000,000
    	 	 	 	4%
    of Gross Revenues
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	0
    	 	0
    	 	0
    	 	250,000
    	 	0
    	 	2,005
    	 	0
    	 	 	 	1,597
    
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	10,083
    	 	0
    	 	 	 	4%
    of Gross Revenues
	33	 	JPMCB	 	National
    Income Properties DST VI	 	0
    	 	11,500
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	 	 	0
    
	33.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	0
    	 	13,343
    	 	0
    	 	0
    	 	51,496
    	 	21,463
    	 	0
    	 	 	 	1,901
    
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	146
    	 	0
    	 	0
    	 	0
    	 	17,354
    	 	1,700
    	 	0
    	 	 	 	146
    
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	0
    	 	2,500
    	 	0
    	 	500,000
    	 	0
    	 	3,717
    	 	0
    	 	 	 	1,875
    
	37	 	Barclays	 	Crossett
    Development I, LLC	 	0
    	 	53,688
    	 	0
    	 	233,500
    	 	0
    	 	21,343
    	 	9,000
    	 	 	 	1,824
    
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	69,619
    	 	2,079,803
    	 	 	 	2%
    of Gross Revenues
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	3,958
    	 	0
    	 	 	 	5,109
    
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	8,161
    	 	0
    	 	0
    	 	0
    	 	16,960
    	 	8,014
    	 	0
    	 	 	 	4%
    of Gross Revenues
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	0
    	 	188,640
    	 	0
    	 	215,000
    	 	0
    	 	43,488
    	 	0
    	 	 	 	2,220
    
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	0
    	 	1,610
    	 	0
    	 	0
    	 	0
    	 	0
    	 	0
    	 	 	 	585
    
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	50,472
    	 	33,574
    	 	350,000
    	 	 	 	5%
    of Gross Revenues
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	0
    	 	3,124
    	 	0
    	 	0
    	 	27,931
    	 	9,045
    	 	0
    	 	 	 	1,208
    
	45	 	Barclays	 	508
    Gulf Street, LLC	 	0
    	 	3,355
    	 	0
    	 	0
    	 	14,636
    	 	6,558
    	 	0
    	 	 	 	833
    

 

    	B-11

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	UPFRONT
    ESCROW	 	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Upfront
    CapEx

 Reserve		Upfront
    Eng.

 Reserve		Upfront
    Envir.

 Reserve		Upfront
    TI/LC

 Reserve		Upfront
    RE Tax

 Reserve		Upfront
    Ins.

 Reserve		Upfront
    Other

 Reserve				 Monthly
    Capex Reserve 
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	0
    	 	11,000
    	 	0
    	 	0
    	 	15,416
    	 	6,393
    	 	0
    	 	 	 	625
    
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	0
    	 	13,049
    	 	0
    	 	0
    	 	26,561
    	 	6,401
    	 	0
    	 	 	 	1,079
    
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	0
    	 	1,293
    	 	0
    	 	0
    	 	18,307
    	 	6,494
    	 	0
    	 	 	 	733
    
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	0
    	 	5,363
    	 	0
    	 	0
    	 	11,804
    	 	5,450
    	 	0
    	 	 	 	771
    
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	1,161
    	 	2,334
    	 	0
    	 	 	 	112
    
	51	 	Barclays	 	12036
    Hart Street, LLC	 	0
    	 	0
    	 	0
    	 	0
    	 	12,487
    	 	2,751
    	 	0
    	 	 	 	417
    

 

    	B-12

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 PERIODIC
    ESCROW 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace
    Period	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name	 	 Monthly
    

Envir. 

Reserve 	 	 Monthly
    TI/LC 

Reserve 	 	 Monthly
    RE 

Tax Reserve 	 	 Monthly
    Ins. Reserve 	 	 Monthly
    Other

 Reserve 	 	 (Late
    

Payment)		Cash-Management
    

Account or 

Lockbox In-place		General
    Property Type
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	0
    	 	Springing	 	Springing	 	Springing	 	0
    	 	0	 	 Yes
    	 	Office
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	0
    	 	151,930
    	 	460,699
    	 	14,761
    	 	Springing	 	0	 	 Yes
    	 	Office
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	0
    	 	66,667
    	 	91,251
    	 	7,662
    	 	Springing	 	0	 	 Yes
    	 	Office
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	0
    	 	Springing	 	53,845
    	 	Springing	 	100,000
    	 	0	 	 Yes
    	 	Office
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	0
    	 	0
    	 	51,250
    	 	21,500
    	 	23,114
    	 	0	 	 Yes
    	 	Mixed
    Use
	5.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Hotel
	5.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Multifamily
	5.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Other
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	0
    	 	0
    	 	46,706
    	 	Springing	 	Springing	 	0	 	 Yes
    	 	Hotel
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	0
    	 	35,018
    	 	30,991
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Office
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	0
    	 	0
    	 	24,500
    	 	Springing	 	0
    	 	0	 	 No
    	 	Multifamily
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	0
    	 	0
    	 	21,992
    	 	Springing	 	19,000
    	 	0	 	 Yes
    	 	Hotel
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	0
    	 	0
    	 	Springing	 	Springing	 	Springing	 	0	 	 Yes
    	 	Hotel
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	0
    	 	12,107
    	 	5,028
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Retail
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	0
    	 	Springing	 	19,039
    	 	898
    	 	0
    	 	0	 	 Yes
    	 	Office
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	0
    	 	9,379
    	 	11,196
    	 	792
    	 	0
    	 	0	 	 Yes
    	 	Office
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	0
    	 	7,253
    	 	9,032
    	 	611
    	 	0
    	 	0	 	 Yes
    	 	Office
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	0
    	 	5,681
    	 	4,881
    	 	444
    	 	0
    	 	0	 	 Yes
    	 	Office
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	0
    	 	0
    	 	13,223
    	 	1,342
    	 	0
    	 	0	 	 No
    	 	Office
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	0
    	 	22,994
    	 	26,956
    	 	Springing	 	0
    	 	0	 	 No
    	 	Various
	17.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office
	17.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office
	17.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office
	17.04	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Industrial
	17.05	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Office
	18	 	Barclays	 	Wellington
    Center, LLC	 	0
    	 	20,136
    	 	9,063
    	 	Springing	 	0
    	 	0	 	 No
    	 	Industrial
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	0
    	 	Springing	 	Springing	 	Springing	 	0
    	 	0	 	 No
    	 	Retail
	19.01	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail
	19.02	 	Barclays	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	0
    	 	Springing	 	10,660
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Office
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	0
    	 	0
    	 	10,500
    	 	Springing	 	0
    	 	0	 	 No
    	 	Multifamily
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	0
    	 	8,951
    	 	17,295
    	 	3,566
    	 	0
    	 	0	 	 No
    	 	Retail
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	0
    	 	6,640
    	 	3,136
    	 	Springing	 	0
    	 	0	 	 No
    	 	Retail
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	0
    	 	6,170
    	 	45,023
    	 	1,390
    	 	0
    	 	0	 	 No
    	 	Retail
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	0
    	 	0
    	 	9,460
    	 	Springing	 	0
    	 	0	 	 No
    	 	Hotel
	26	 	Barclays	 	Southridge
    Owner LP	 	0
    	 	Springing	 	Springing	 	Springing	 	0
    	 	0	 	 No
    	 	Industrial
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	0
    	 	Springing	 	33,286
    	 	Springing	 	0
    	 	5	 	 Yes
    	 	Retail
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	0
    	 	5,583
    	 	13,033
    	 	5,603
    	 	0
    	 	0	 	 Yes
    	 	Office
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	0
    	 	1,610
    	 	18,731
    	 	937
    	 	0
    	 	0	 	 No
    	 	Retail
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	0
    	 	0
    	 	13,742
    	 	2,768
    	 	0
    	 	0	 	 No
    	 	Hotel
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	0
    	 	Springing	 	10,872
    	 	2,005
    	 	0
    	 	0	 	 Yes
    	 	Retail
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	0
    	 	0
    	 	6,003
    	 	917
    	 	Springing	 	0	 	 No
    	 	Hotel
	33	 	JPMCB	 	National
    Income Properties DST VI	 	0
    	 	Springing	 	Springing	 	Springing	 	0
    	 	0	 	 Yes
    	 	Retail
	33.01	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail
	33.02	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail
	33.03	 	JPMCB	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	Retail
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	0
    	 	0
    	 	5,150
    	 	1,789
    	 	0
    	 	0	 	 No
    	 	Multifamily
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	0
    	 	0
    	 	16,700
    	 	1,700
    	 	0
    	 	0	 	 No
    	 	Retail
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	0
    	 	2,840
    	 	Springing	 	1,239
    	 	Springing	 	0	 	 Yes
    	 	Retail
	37	 	Barclays	 	Crossett
    Development I, LLC	 	0
    	 	Springing	 	21,334
    	 	Springing	 	0
    	 	0	 	 Yes
    	 	Retail
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	0
    	 	0
    	 	21,870
    	 	7,070
    	 	0
    	 	0	 	 No
    	 	Hotel
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	0
    	 	0
    	 	4,381
    	 	3,958
    	 	0
    	 	0	 	 No
    	 	Multifamily
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	0
    	 	0
    	 	8,480
    	 	Springing	 	Springing	 	0	 	 Yes
    	 	Hotel
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	0
    	 	Springing	 	9,025
    	 	3,345
    	 	0
    	 	0	 	 No
    	 	Retail
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	0
    	 	3,315
    	 	8,382
    	 	Springing	 	Springing	 	0	 	 Yes
    	 	Retail
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	0
    	 	0
    	 	8,015
    	 	3,358
    	 	Springing	 	0	 	 No
    	 	Hotel
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	0
    	 	0
    	 	2,793
    	 	754
    	 	0
    	 	0	 	 No
    	 	Multifamily
	45	 	Barclays	 	508
    Gulf Street, LLC	 	0
    	 	0
    	 	1,464
    	 	547
    	 	0
    	 	0	 	 No
    	 	Multifamily

 

    	B-13

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 PERIODIC
    ESCROW 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace
    Period	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name	 	 Monthly
    

Envir. 

Reserve 	 	 Monthly
    TI/LC 

Reserve 	 	 Monthly
    RE 

Tax Reserve 	 	 Monthly
    Ins. Reserve 	 	 Monthly
    Other

 Reserve 	 	 (Late
    

Payment)		Cash-Management
    

Account or 

Lockbox In-place		General
    Property Type
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	0
    	 	0
    	 	1,542
    	 	533
    	 	0
    	 	0	 	 No
    	 	Multifamily
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	0
    	 	0
    	 	2,656
    	 	533
    	 	0
    	 	0	 	 No
    	 	Multifamily
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	0
    	 	0
    	 	1,831
    	 	541
    	 	0
    	 	0	 	 No
    	 	Multifamily
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	0
    	 	0
    	 	1,180
    	 	454
    	 	0
    	 	0	 	 No
    	 	Multifamily
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	0
    	 	Springing	 	1,161
    	 	389
    	 	0
    	 	0	 	 No
    	 	Retail
	51	 	Barclays	 	12036
    Hart Street, LLC	 	0
    	 	0
    	 	1,249
    	 	229
    	 	0
    	 	0	 	 No
    	 	Multifamily

 

    	B-14

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Defeasance

    Permitted		Final
    Maturity

 Date
	1	 	JPMCB	 	32
    Sixth Avenue Company LLC	 	No	 	 
	2	 	JPMCB	 	BRI
    1869 Parmer, LLC	 	No	 	 
	3	 	SMF
    II	 	623
    Smithfield Associates, Ltd.	 	Yes	 	 
	4	 	JPMCB	 	Adventus
    US Realty #9 LP	 	Yes	 	 
	5	 	JPMCB	 	Geis
    Tower Hotel Master Landlord, LLC, The Metropolitan Hotel, LLC, Geis Tower Residential Master Landlord, LLC, Geis Tower Residential
    Master Subtenant, LLC, Geis Tower Garage, LLC	 	No	 	 
	5.01	 	JPMCB	 	 	 	 	 	 
	5.02	 	JPMCB	 	 	 	 	 	 
	5.03	 	JPMCB	 	 	 	 	 	 
	6	 	JPMCB	 	Harry
    G. Pappas & Sons, LLC	 	No	 	 
	7	 	JPMCB	 	660
    Woodward Associates LLC	 	No	 	 
	8	 	JPMCB	 	C-K
    Knollwood LLC	 	No	 	 
	9	 	JPMCB	 	IProcTulsa,
    LLC	 	No	 	 
	10	 	JPMCB	 	Anaheim
    CA, LLC, Buckhead GA, LLC	 	No	 	 
	11	 	Barclays	 	Tri-County
    Towne Center 15 A, LLC, Tri-County Towne Center 15 B, LLC, Tri-County Towne Center 15 C, LLC	 	Yes	 	 
	12	 	RCMC	 	Albany
    Road-Wycliff LLC	 	Yes	 	 
	13	 	SMF
    II	 	FDS
    Franklin 9910, LLC	 	No	 	 
	14	 	SMF
    II	 	FDS
    Franklin 9920, LLC	 	No	 	 
	15	 	SMF
    II	 	FDS
    Franklin 9900, LLC	 	No	 	 
	16	 	RCMC	 	Lexham
    Manhattan Beach, LLC	 	Yes	 	 
	17	 	JPMCB	 	NC
    Med Property LL 1, LLC, NC Med Property LL 2, LLC, NC Med Property LL 3, LLC, NC Med Property LL 4, LLC, NC Med Property LL
    5, LLC	 	No	 	 
	17.01	 	JPMCB	 	 	 	 	 	 
	17.02	 	JPMCB	 	 	 	 	 	 
	17.03	 	JPMCB	 	 	 	 	 	 
	17.04	 	JPMCB	 	 	 	 	 	 
	17.05	 	JPMCB	 	 	 	 	 	 
	18	 	Barclays	 	Wellington
    Center, LLC	 	Yes	 	 
	19.00	 	Barclays	 	Chattanooga
    MSA Retail DST, Greeley Retail DST	 	No	 	 
	19.01	 	Barclays	 	 	 	 	 	 
	19.02	 	Barclays	 	 	 	 	 	 
	20	 	JPMCB	 	Albany
    Road-500 Gregson LLC	 	No	 	 
	21	 	JPMCB	 	C-K
    LA Fontenay LLC	 	No	 	 
	22	 	SMF
    II	 	200
    Lincoln Retail, LLC	 	Yes	 	 
	23	 	Barclays	 	Tri-State
    Crossing, LLC	 	Yes	 	 
	24	 	SMF
    II	 	5175
    Depew Retail, LLC	 	Yes	 	 
	25	 	JPMCB	 	CYE
    Real Estate Development Group, LLC	 	Yes	 	 
	26	 	Barclays	 	Southridge
    Owner LP	 	Yes	 	 
	27	 	JPMCB	 	Townsend
    Road Associates LLC	 	No	 	 
	28	 	SMF
    II	 	Tidewater
    Cove Offices, LLC	 	Yes	 	 
	29	 	SMF
    II	 	Rochester
    Auburn Partners, LLC	 	Yes	 	 
	30	 	SMF
    II	 	College
    Park Hospitality Group, LLC	 	Yes	 	 
	31	 	Barclays	 	Liberty
    Square Associates Limited Partnership	 	Yes	 	 
	32	 	SMF
    II	 	Smithfield
    Hotels, LLC	 	Yes	 	 
	33	 	JPMCB	 	National
    Income Properties DST VI	 	No	 	1/1/2029
	33.01	 	JPMCB	 	 	 	 	 	 
	33.02	 	JPMCB	 	 	 	 	 	 
	33.03	 	JPMCB	 	 	 	 	 	 
	34	 	Barclays	 	12830
    Prairie Avenue, LLC	 	Yes	 	 
	35	 	JPMCB	 	Melrose
    High Street Holdings LLC, Melrose Robertson Holdings, LLC	 	Yes	 	 
	36	 	SMF
    II	 	Our
    Safeway Store, LLC	 	Yes	 	 
	37	 	Barclays	 	Crossett
    Development I, LLC	 	Yes	 	 
	38	 	SMF
    II	 	PG
    LCP Houston Hospitality, LLC	 	Yes	 	 
	39	 	Barclays	 	RJJ
    Meadows, LLC	 	Yes	 	 
	40	 	JPMCB	 	Vikas
    Lodging Associates, LLC	 	No	 	 
	41	 	SMF
    II	 	Gainesville
    Realty, Ltd.	 	Yes	 	 
	42	 	Barclays	 	G&I
    VIII Capital Plaza LLC	 	Yes	 	 
	43	 	SMF
    II	 	Jyoti
    Sai Hospitality, LLC	 	Yes	 	 
	44	 	Barclays	 	12129
    Manor Drive, LLC	 	Yes	 	 
	45	 	Barclays	 	508
    Gulf Street, LLC	 	Yes	 	 

 

    	B-15

    	 

    

 

EXHIBIT
B

MORTGAGE
LOAN SCHEDULE

 

	JPMCC
    2015-JP1 - Combined
	 	 	 	 	 	 	 	 	 
	Loan
    ID #		Originator/Loan

    Seller		Mortgagor
    Name		Defeasance

    Permitted		Final
    Maturity

 Date
	46	 	Barclays	 	12254
    Burbank Blvd., LLC	 	Yes	 	 
	47	 	Barclays	 	9191
    Pepper Street, LLC	 	Yes	 	 
	48	 	Barclays	 	6640
    N. Orizaba, LLC	 	Yes	 	 
	49	 	Barclays	 	8155
    Langdon Avenue, LLC	 	Yes	 	 
	50	 	SMF
    II	 	Knight
    Retail Investors LLC	 	Yes	 	 
	51	 	Barclays	 	12036
    Hart Street, LLC	 	Yes	 	 

 

    	B-16

    	 

    

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National
Association

as Certificate Administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

 

Re:           Transfer
of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1

 

Ladies and Gentlemen:

 

This letter is
delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank,
National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer, on behalf of the holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through
Certificates, Series 2015-JP1 (the “Certificates”) in connection with the transfer by _________________
(the “Seller”) to the undersigned (the “Purchaser”) of $_______________ aggregate
Certificate Balance of Class ___ Certificates (the “Certificate”). Capitalized terms used and not
otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement.

 

In connection with such
transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.          Check one of the
following:*

 

☐                     The
Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor”
(an “Institutional Accredited Investor”)

 

 

 

* Purchaser must include one
of the following two certifications.

 

    Exhibit C-1 

    	 

    

 

 within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”) or any entity in which all of the equity
owners come within such paragraphs and has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Certificates, and the Purchaser and any accounts for which it is acting
are each able to bear the economic risk of the Purchaser’s or such account’s investment. The Purchaser is acquiring
the Certificates purchased by it for its own account or for one or more accounts, each of which is an Institutional Accredited
Investor, as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse
the Trust Fund for any costs incurred by it in connection with this transfer.

 

☐           The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of
Rule 144A.

 

2.          The Purchaser’s
intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer,
resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the view to, or for
resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate) to Institutional
Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel acceptable
to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act,
(y) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer,
resale, pledge or transfer is in compliance with the Securities Act and other applicable laws and (z) a written undertaking
to reimburse the Trust Fund for any costs incurred by it in connection with the proposed transfer. The Purchaser understands that
the Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason of a specified exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s
investment intent (or intent to reoffer, resell, pledge or transfer the Certificate only to certain investors in certain exempted
transactions) as expressed herein.

 

3.          The Purchaser has
reviewed the Preliminary Prospectus and the Prospectus relating to the Offered Certificates (collectively, the “Prospectus”)
(and, with respect to Offered Private Certificates, the Preliminary Private Placement Memorandum and the Final Private Placement
Memorandum related to such Offered Private Certificates) and the agreements and other materials referred to therein and has had
the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the
Prospectus.

 

4.          The Purchaser acknowledges
that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the
Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be

 

    Exhibit C-2 

    	 

    

 

reoffered, resold,
pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from such registration
or qualification is available.

 

5.          The Purchaser hereby
undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an owner of a Certificate
or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory
thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders present and
future.

 

6.          The Purchaser will
not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03 of the
Pooling and Servicing Agreement.

 

7.          Check one of the
following:**

 

☐           The
Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

☐           The
Purchaser is not a U.S. Tax Person and under applicable law in effect on the date hereof, no taxes will be required to be withheld
by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate. The Purchaser has attached
hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form, as applicable), which identifies such
Purchaser as the beneficial owner of the Certificate and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY
(with all appropriate attachments) or (iii)]*** two duly executed copies of IRS Form W-8ECI (or successor form),
which identify such Purchaser as the beneficial owner of the Certificate and state that interest and original issue discount on
the Certificate and Permitted Investments is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI,
[as the case may be,]*** any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 7, “U.S.
Tax Person” means a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S.

 

 

 

** Each Purchaser must include
one of the two alternative certifications.

 

*** Does not apply to a transfer
of Class R Certificates.

    Exhibit C-3 

    	 

    

 

Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

8.          Please make all
payments due on the Certificates:****

 

☐           (a)      by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

Bank:_________________________________________________ 

ABA #:_______________________________________________ 

Account #:_____________________________________________ 

Attention:_____________________________________________

 

☐           (b)      by
mailing a check or draft to the following address:

 

______________________________________________________

______________________________________________________

______________________________________________________

 

9.          If the Purchaser
is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a partnership for
U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more partnerships, trusts
or other pass-through entities by a non-U.S. Person.

 

	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

Dated:

 

 

 

****          Only to be filled out
by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates, wire transfers
are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance or Notional Amount,
as applicable, of at least U.S. $5,000,000.

 

    Exhibit C-4 

    	 

    

 

EXHIBIT D-1

 

Form
of Transferee Affidavit

 

[Date]

 

Wells Fargo Bank, National
Association

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1 Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December
1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer 

	 	 	 
	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

 

1.          I am a [______]
of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.          The Purchaser is
acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits
(each, a “REMIC”) designated as the (i)  “Lower-Tier REMIC” and (ii) “Upper-Tier
REMIC”, respectively, relating to the Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the “Code”).

 

3.          The Purchaser is
not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring the Class R Certificates
for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record or beneficial ownership
thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the
United States, any State or political subdivision thereof, any

 

    Exhibit D-1-1 

    	 

    

 

possession of the United States or any agency or instrumentality
of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and,
except for Freddie Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government,
any international organization or any agency or instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers’ cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter
1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions
(as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’
cooperatives described in Section 521 of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
of the Code, (v) an “electing large partnership”, as defined in Section 775 of the Code and (vi) any other Person
so designated by the Trustee or the Certificate Administrator based upon an Opinion of Counsel as provided to the Trustee or the
Certificate Administrator (at no expense to the Trustee or the Certificate Administrator) that the holding of an Ownership Interest
in a Class R Certificate by such Person may cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability
for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in
a Class R Certificate to such Person. The terms “United States,” “State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

4.          The Purchaser acknowledges
that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances, on an agent
for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.          The Purchaser is
a Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number is [__________].

 

6.          No purpose of the
acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.          The Purchaser will
not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.          Check the applicable
paragraph:

 

☐         The present value
of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum of:

 

(i)         the present value
of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)        the present value
of the expected future distributions on such Class R Certificate; and

 

    Exhibit D-1-2 

    	 

    

 

(iii)       the present
value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)
of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present
values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for
the month of the transfer and the compounding period used by the Purchaser.

 

☐         The transfer of
the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)         the Purchaser
is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
from the Class R Certificate will only be taxed in the United States;

 

(ii)        at the time of
the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser had
gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)       the Purchaser
will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations Section 1.860E-1(c)(6)(i),
in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Treasury Regulations
Section 1.860E-1(c)(5); and

 

(iv)       the Purchaser
determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but
not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates
and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None of the above.

 

9.          The Purchaser historically
has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends
to pay taxes associated with holding the Class R Certificates as they become due.

 

10.        The Purchaser
understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by
such Certificate.

 

11.        The Purchaser
is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser,
or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially
the same form as this affidavit and agreement. The Purchaser expressly agrees that

 

    Exhibit D-1-3 

    	 

    

 

it will not consummate any such transfer if
it knows or believes that any representation contained in such affidavit and agreement is false.

 

12.        The Purchaser
represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person that is not a Permitted
Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

 

13.        The Purchaser
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.        The Purchaser
has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions is set
forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.        The Purchaser
consents to the designation of the Certificate Administrator as the agent of the “tax matters person” of each Trust
REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit D-1-4 

    	 

    
 
On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

	 	 	 
	 	 	NOTARY PUBLIC in and for the
	 	 	State of ____________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 
	 	 	 

 

    Exhibit D-1-5 

    	 

    

 

EXHIBIT D-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National
Association

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 (the “Certificates”)          

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 2015 (the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage
Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of
PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer.
All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

(1)        No purpose of
the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will be to impede
the assessment or collection of any tax.

 

(2)        The Transferor
understands that the Transferee has delivered to you a Transferee Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)        The Transferor
has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated
by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that the Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the
Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of
the Residual Certificates may not be

 

    Exhibit D-2-1 

    	 

    

 

respected for United States income tax purposes (and the Transferor may continue to be liable
for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit D-2-2 

    	 

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information
	 
	 	Name of Mortgagor:	 	 
	 	 	 	 
	 	[Master Servicer]	 	 
	 	[Special Servicer] 

Loan No.:	 	 
	 	 	 	 
	Custodian
	 
	 	Name:	 	Wells Fargo Bank, National Association
	 	 	 	 
	 	Address:	 	1055 10th Avenue SE

Minneapolis, MN 55414

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1
	 	 	 	 
	 	Custodian/Trustee

Mortgage File No.:	 	 
	 
	Depositor
	 
	 	Name:	 	J.P. Morgan Chase Commercial Mortgage Securities Corp.
	 	 	 	 
	 	Address:	 	
        383 Madison Avenue, 31st Floor, New York, New York 10179, Attention: Kunal K. Singh

        

	 	 	 	 
	 	 	 	 
	 	Certificates:	 	JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1

 

The undersigned
[Master Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the
“Custodian”) on behalf of Wilmington Trust, National Association, as trustee (the
“Trustee”), for the Holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage
Pass-Through Certificates, Series 2015-JP1, the documents referred to below (the “Documents”). All
capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in the Pooling and
Servicing Agreement dated as of December 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as
Depositor, Wells Fargo Bank,

 

    Exhibit E-1 

    	 

    

 

National Association, as Master Servicer, Midland Loan Services, a Division of
PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer
(the “Pooling and Servicing Agreement”).

 

		(  )	___________________________

 

		(  )	___________________________

 

		(  )	___________________________

 

		(  )	___________________________

 

The undersigned [Master
Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)        The [Master Servicer]
[Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for the purposes
provided in the Pooling and Servicing Agreement.

 

(2)        The [Master Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Pooling and Servicing Agreement.

 

(3)        The [Master Servicer]
[Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loans
have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)        The
Documents and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer]
[Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer]
shall keep the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s]
possession, custody or control. 

	 	 	 
	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Date: _________	 	 

 

    Exhibit E-2 

    	 

    

 

EXHIBIT F-1

 

FORM OF ERISA REPRESENTATION

LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells Fargo Bank, National Association

as Certificate Administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

 

Re:          Transfer
of JPMCC Commercial Mortgage Securities Trust 2015-JP1,_Commercial Mortgage Pass-Through Certificates, Series 2015-JP1          

 

Ladies and Gentlemen:

 

The undersigned
(the “Purchaser”) proposes to purchase US$[___] initial Certificate Balance in the JPMCC Commercial
Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class [F][G][NR]
Certificates issued pursuant to that certain Pooling and Servicing Agreement dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank,
National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the
Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

1.          The Purchaser is
not and will not become (a) an employee benefit plan subject to the fiduciary responsibility provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986,
as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as
defined in Section 3(33) of ERISA) for which no election has been made under Section 410(d) of the Code, or any other plan subject
to any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (each a “Plan”) or (b) a person acting on behalf of or using the assets
of any such Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity by such
a

 

    Exhibit F-1-1 

    	 

    

 

Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA),
other than an insurance company using the assets of its “insurance company general account” (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) under circumstances whereby the purchase
and holding of Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the
Code under Sections I and III of PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that would not constitute
or result in a non-exempt violation of applicable Similar Law).

 

2.          The Purchaser understands
that if the Purchaser is a Person referred to in 1(a) or (b) above, such Purchaser is required to provide to the Trustee and Certificate
Administrator an Opinion of Counsel in form and substance satisfactory to the Trustee and Certificate Administrator and the Depositor
to the effect that the acquisition and holding of such Certificate by such purchaser or transferee will not constitute or result
in a “prohibited transaction” within the meaning of ERISA, Section 4975 of the Code or any Similar Law, and will not
subject the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers, the Operating
Advisor or the Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section 4975 of the
Code or any such Similar Law) in addition to those set forth in the Pooling and Servicing Agreement, which Opinion of Counsel shall
not be at the expense of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Initial Purchasers or the Trust Fund.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: _________

  

    Exhibit F-1-2 

    	 

    

 

EXHIBIT F-2

 

Form
of ERISA Representation Letter

regarding CLASS R

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Administrator

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

  

[Transferor] 

[______] 

[______] 

Attention: [______]

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series
2015-JP1          

 

Ladies and Gentlemen:

 

The undersigned
(the “Purchaser”) proposes to purchase [__]% Percentage Interest in the JPMCC Commercial Mortgage
Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class R Certificates (the
“Class R Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of
December 1, 2015 (the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial
Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a
Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed
to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you that, with respect to the Class R Certificate, the Purchaser is
not and will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that
is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the
Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf of any such Plan or
using the assets of a Plan to purchase such Class R Certificate.

 

    Exhibit F-2-1 

    	 

    

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit F-2-2 

    	 

    

 

EXHIBIT G

 

FORM OF DISTRIBUTION DATE STATEMENT

See Annex B to the Prospectus

 

    	Exhibit G-1

    	 

    

 

EXHIBIT H

FORM OF OMNIBUS ASSIGNMENT

 

[NAME OF CURRENT ASSIGNOR]
having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”) for good and valuable consideration, the
receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers, sets over and conveys, without recourse,
representation or warranty, express or implied, unto “Wilmington Trust, National Association, as Trustee for the registered
holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1”
(the “Assignee”), having an office at 1100 North Market Street, Wilmington, Delaware 19890, Attn: CMBS Trustee
– JPMCC 2015-JP1, its successors and assigns, all right, title and interest of the Assignor in and to:

 

That certain
mortgage and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or similar
security instrument (the “Security Instrument”), and that certain Promissory Note (the “Mortgage
Note”), for each of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and
that certain assignment of leases and rents given in connection therewith and all of the Assignor’s right, title and
interest in any claims, collateral, insurance policies, certificates of deposit, letters of credit, escrow accounts,
performance bonds, demands, causes of action and any other collateral arising out of and/or executed and/or delivered in or
to or with respect to the Security Instrument and the Mortgage Note, together with any other documents or instruments
executed and/or delivered in connection with or otherwise related to the Security Instrument and the Mortgage Note.

 

IN WITNESS WHEREOF,
the Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__]. 

	 	 	 
	 	[NAME OF CURRENT ASSIGNOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit H-1 

    	 

    

 

EXHIBIT
I

 

FORM
OF TRANSFER CERTIFICATE

FOR RULE 144A BOOK-ENTRY CERTIFICATE

TO TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE

DURING RESTRICTED PERIOD

 

(Exchanges
or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association, 

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class
[__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Book-Entry Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

		*	Select appropriate depository.

  

    	Exhibit I-1

    	 

    

 

(1)      the
offer of the Certificates was not made to a person in the United States;

 

[(2)    at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)    the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)      no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)      the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated:
_______	 	 
	 	 	 
	cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

  

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit I-2

    	 

    

 

EXHIBIT
J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class
[__]     

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Book-Entry Certificate
of such Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)     the
offer of the Certificates was not made to a person in the United States,

 

    	Exhibit J-1

    	 

    

 

[(2)     at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)      no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)      the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

 

*        Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit J-2

    	 

    

 

EXHIBIT
K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class [__]     

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository in the
name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of

 

		*	Select appropriate depository.

   

    	Exhibit K-1

    	 

    

 

Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated:
_______	 	 
	 	 	 
	cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

 

    	Exhibit K-2

    	 

    

 

EXHIBIT
L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchanges
pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

		Re:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-JP1, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

[For
purposes of acquiring a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the
expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate
of the Class specified above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate of the Class specified above issued under the Pooling and Servicing Agreement certifies that it is not a U.S. Person
as defined by Regulation S under the Securities Act of 1933, as amended.

 

We
undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification
relating to the Certificates of the Class specified above held by you for our account if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such
date.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are

 

 

*       Select, as applicable.

  

    	Exhibit L-1

    	 

    

 

commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this
certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your
benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	Dated:______________
	 	 	 
		By:	 	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	Exhibit L-2

    	 

    

 

EXHIBIT
M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation S Book-Entry
Certificate

 

(Exchanges
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class
[__]     

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)     the
offer of the Certificates was not made to a person in the United States;

 

 

		*	Select appropriate depository.

    

    	Exhibit M-1

    	 

    

 

[(2)     at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)      no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)      the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated:
_______	 	 
	 	 	 
	cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

   

 

**      Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit M-2

    	 

    

 

EXHIBIT
N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:      JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class [__]     

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Book-Entry Certificate (CINS No. [______], ISIN No. [______], and Common Code No.
[______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)      the
offer of the Certificates was not made to a person in the United States,

 

    	Exhibit N-1

    	 

    

 

[(2)     at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)     the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)      no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)      the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated:
_______	 	 
	 	 	 
	cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

 

 

*      Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit N-2

    	 

    

 

EXHIBIT
O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1, Class [__]     

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a
beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are

 

    	Exhibit O-1

    	 

    

 

commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: J.P. Morgan Chase Commercial Mortgage Securities Corp.	 	 

 

    	Exhibit O-2

    	 

    

 

EXHIBIT
P-1A

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or

 a Controlling Class
Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Email: trustadministrationgroup@wellsfargo.com;

           cts.cmbs.bond.admin@wellsfargo.com

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1     

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.          The
undersigned is not a Borrower Party.

 

5.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are

 

    	Exhibit P-1A-1

    	 

    

 

assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1A-2

    	 

    

 

EXHIBIT
P-1B

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class 

Certificateholder)

 

[Date] 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  JPMCC 2015-JP1 Asset Manager	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS)

    JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

    Email:  trustadministrationgroup@wellsfargo.com

                cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Pentalpha
                                         Surveillance LLC

        

        375
        N. French Road, Suite 100

        

        Amherst,
        New York 14228

        

        Attention:
        Don Simon, Chief Operating Officer

         
	Wells
                                         Fargo Bank, National Association,

        

        Sixth
        Street and Marquette Avenue

        

        Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1 

	 	 
	Wilmington Trust,
    National Association

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: JPMCC 2015-JP1	Midland
                                         Loan Services, a Division of PNC Bank, National Association

        

        10851
        Mastin Street

        

        Overland
        Park, Kansas 66210

        

        Attention: 
        Executive Vice President – Division Head

        

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1     

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Directing Certificateholder][a Controlling Class Certificateholder].

 

2.          The
undersigned has received a copy of the Prospectus.

 

    	Exhibit P-1B-1

    	 

    

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.           [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the
Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by
registered mail, postage prepaid].

 

    	Exhibit P-1B-2

    	 

    

 

9.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1B-3

    	 

    

 

EXHIBIT
P-1C

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or 

a Controlling Class
Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Email: trustadministrationgroup@wellsfargo.com;

           cts.cmbs.bond.admin@wellsfargo.com

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1     

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.          The
undersigned is a Borrower Party.

 

    	Exhibit P-1C-1

    	 

    

 

5.          The
undersigned is requesting access to the Distribution Date Statements pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Distribution Date Statement, or the access thereto, the undersigned will keep the
Distribution Date Statements confidential (except from such outside persons as are assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Distribution Date Statements will not, without the prior
written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Distribution Date Statements confidential
shall expire one year following the date that the undersigned receives such Distribution Date Statements (with respect to a prospective
purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates
referenced above. The undersigned will not use or disclose the Distribution Date Statements in any manner which could result in
a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its
Representatives and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of
its Representatives.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statements
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1C-2

    	 

    

 

EXHIBIT
P-1D

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling 

Class Certificateholder)

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  JPMCC 2015-JP1 Asset Manager	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS)

    JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

    Email:  trustadministrationgroup@wellsfargo.com

                 cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Pentalpha
Surveillance LLC 

        375
N. French Road, Suite 100 

        Amherst,
New York 14228 

        Attention:
Don Simon, Chief Operating Officer 
	Wells
Fargo Bank, National Association, 

        Sixth
Street and Marquette Avenue 

        Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1 

	 	 
	Wilmington Trust,
    National Association

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: JPMCC 2015-JP1	Midland
Loan Services, a Division of PNC Bank, 

National Association 

        10851
Mastin Street

        Overland
Park, Kansas 66210 

        Attention: 
        Executive Vice President – Division Head

         

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1     

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as
Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.
         The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder].

 

2.          The
undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

    	Exhibit P-1D-1

    	 

    

  

[IDENTIFY
[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.          The
undersigned has received a copy of the Prospectus.

 

4.          Except
with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the
Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent
the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing
Agreement.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class
Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the

 

    	Exhibit P-1D-2

    	 

    

 

related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.          The
undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered
in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed
above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

  

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-1D-3

    	 

    

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  JPMCC 2015-JP1 Asset Manager	 	Wells
    Fargo Bank, National Association
 9062 Old Annapolis Road
 Columbia,
    Maryland  21045-1951
 Attention:  Corporate Trust Services
    (CMBS)
 JPMCC Commercial Mortgage Securities Trust Series 2015-JP1
 Email:
    trustadministrationgroup@wellsfargo.com cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	
        Pentalpha Surveillance
LLC

        375 N. French Road,
Suite 100

        Amherst, New York
14228

        Attention: Don Simon, Chief
        Operating Officer

         
	 	
        Wells Fargo Bank,
National Association,

        Sixth Street and Marquette Avenue

        Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1 

	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: JPMCC 2015-JP1	 	
        Midland Loan Services,
a Division of PNC Bank, National Association

        10851 Mastin Street

        Overland Park, Kansas
66210

        Attention:  Executive
        Vice President – Division Head

         

		Re:	JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1

 

THIS NOTICE IDENTIFIES
AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-JP1 REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION
3.13(b) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with
Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The undersigned
is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

    	Exhibit P-1E-1

    	 

    

 

2.          The undersigned
has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded
Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

[[If applicable] For
the avoidance of doubt, [each] of the foregoing loans is both an Excluded Loan and an Excluded Controlling Class Loan.] The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.          Except with respect
to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or
is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant
to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information,
or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting
it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not,
without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor,

 

    	Exhibit P-1E-2

    	 

    

 

the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          To the extent
the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C)
any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related
Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect
ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies
and procedures in place in order to comply with the obligations described in clause (i) above.

 

7.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has
properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s
Website.

 

8.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.          The undersigned
is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling and Servicing Agreement,
requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not permitted to access and
shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate
Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling
Class Holder status and (ii) submitted a new investor certification in accordance with Section 3.13(b) of the Pooling and Servicing
Agreement.

 

10.          The undersigned
agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers
and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s) listed in Paragraph
2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	Exhibit P-1E-3

    	 

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc:  J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

    	Exhibit P-1E-4

    	 

    

 

EXHIBIT P-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services (CMBS)

        JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

        trustadministrationgroup@wellsfargo.com;

        cts.cmbs.bond.admin@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank,
National Association,

        8480 Stagecoach Circle

Frederick, Maryland 21701-4747

        Attention: JPMCC Commercial Mortgage Securities Trust Series
        2015-JP1

         

		Re:	JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1

 

In accordance with Section 3.13(b) of the
Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the
undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The undersigned is [the Directing
Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder] as of the date hereof.

 

2.          The undersigned has become a Borrower
Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded Controlling
Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    	Exhibit P-1F-1

    	 

    

 

3.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the JPMCC Commercial Mortgage Securities Trust 2015-JP1 securitization should be revoked as to such users: 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          The undersigned acknowledges that
it is not permitted to access and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded Controlling
Class Loan](s) on the Certificate Administrator’s Website unless and until it (i) is no longer an Excluded Controlling Class
Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s), (ii) has delivered notice of the termination of
the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit P-1B
to the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: J.P. Morgan Chase Commercial Mortgage Securities
Corp.

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

    	Exhibit P-1F-2

    	 

    

	 	 
	Name:	 
	Title:	 

 

    	Exhibit P-1F-3

    	 

    

 

EXHIBIT P-1G

 

Form
of Certification of the Directing Certificateholder

 

[Date]

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  JPMCC 2015-JP1 Asset Manager	 	Wells
    Fargo Bank, National Association
 9062 Old Annapolis Road
 Columbia,
    Maryland  21045-1951
 Attention:  Corporate Trust Services
    (CMBS)
 JPMCC Commercial Mortgage Securities Trust Series 2015-JP1
 Email:
    trustadministrationgroup@wellsfargo.com cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	
        Pentalpha Surveillance
LLC

        375 N. French Road,
Suite 100

        Amherst, New York
14228

        Attention: Don Simon,
Chief Operating Officer
	 	
        Wells Fargo Bank,
National Association,

        Sixth Street and Marquette Avenue

        Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: JPMCC 2015-JP1	 	
        Midland Loan Services,
a Division of PNC Bank, National Association

        10851 Mastin Street

        Overland Park, Kansas
66210

        Attention:  Executive
        Vice President – Division Head

         

		Re:	JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1

 

In accordance with
Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
has been appointed to act as the Directing Certificateholder.

 

2.          The undersigned
is not a Borrower Party.

 

3.          If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.          [For use with
any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of this certification
in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to

 

    	Exhibit P-1G-1

    	 

    

 

each of the
addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

5.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

	 	[Directing Certificateholder]
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

  

Dated: _______

cc:  J.P. Morgan Chase Commercial Mortgage Securities
Corp

 

    	Exhibit P-1G-2

    	 

    

 

EXHIBIT P-2

 

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

 

		Attention:	Corporate Trust Services (CMBS), JPMCC Commercial Mortgage Securities
                                                                   Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1

 

In accordance
with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December
1, 2015 (the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage
Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset
Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

		1.	The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;
or

 

		2.	The undersigned, a Nationally Recognized Statistical Rating Organization (“NRSRO”);

 

a.          has provided the
Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

b.          has access to the
Depositor’s 17g-5 website; and

 

c.           agrees that any
confidentiality agreement applicable to the undersigned with respect to information obtained from the Depositor’s 17g-5 website
shall also be applicable to information obtained from the 17g-5 Information Provider’s Website.

 

The undersigned shall
be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	Exhibit P-2-1

    	 

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-2-2

    	 

    

 

EXHIBIT P-3

 

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

 

Attention:             Corporate
Trust Services (CMBS), JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates,
Series 2015-JP1          

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015
(the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National
Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of Bloomberg L.P., Intex Solutions, Inc., Trepp, LLC,
                                                           BlackRock Financial Management Inc., Interactive Data Corp., CMBS.com, Inc., Markit Group Limited or Thomson Reuters, a
                                                           market data provider that has been given access to the Statements to Certificateholders, CREFC® Reports and
                                                           supplemental notices on www.ctslink.com (“CTSLink”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified
that the representation above remains true and correct.

 

		3.	The undersigned acknowledges and agrees that the provision to it of information and/or reports
on CTSLink is for its own use only, and agrees that it will not disseminate or otherwise make such information available to any
other person without the written consent of the Depositor.

 

		4.	The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by
itself or any of its Representatives and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trust Fund for any loss, liability
or expense 

 

    	Exhibit P-3-1

    	 

    

 

	 	 	incurred
                                         thereby with respect to any such breach by the undersigned or any of its Representatives.
	 	 	 
		5.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.          

 

    	Exhibit P-3-2

    	 

    

 

EXHIBIT Q

 

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1          

 

Ladies and Gentlemen:

 

In accordance with
Section 2.02 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as
Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as
Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as to each Mortgage Loan listed
in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation Event has occurred) the
Custodian has, subject to Section 2.02(c) of the Pooling and Servicing Agreement, reviewed the documents delivered to it
pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined that (i) all documents specified in
[clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii) (or with respect to clause (xii)], a copy of such letter of
credit and the required officer’s certificate), if any, of the definition of “Mortgage File”, as
applicable, with respect to the Mortgage Loans are in its possession, (ii) the foregoing documents delivered or caused to be
delivered by the Mortgage Loan Seller have been reviewed by it or by a Custodian on its behalf and appear regular on their
face and appear to be executed and to relate to such Mortgage Loan and (iii) based on such examination and only as to the
foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to the items specified in
clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

    	Exhibit Q-1

    	 

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Custodian
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    	Exhibit Q-2

    	 

    

 

SCHEDULE A

 

	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York  10179	 	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  JPMCC 2015-JP1 Asset Manager

Telecopy Number:  (704) 715-0036
	 	 	 
	
        DBRS, Inc.

        333 West Wacker Drive, Suite 1800

        Chicago, Illinois 60606

        Attention: Commercial Mortgage Surveillance

        Facsimile No.: (312) 332-3492

        Email: cmbs.surveillance@dbrs.com
	 	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention:  Executive Vice President – Division Head

Telecopy number:  (913) 253-9001
	 	 	 
	
        Moody’s Investors Service, Inc.

        7 World Trade Center

        250 Greenwich Street

        New York, New York 10007

        Attention: Commercial Mortgage Surveillance Group

        E-mail: CMBSSurveillance@moodys.com

         
	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Telecopy Number:  (410) 715 2380

E-Mail: cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	
        Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

        E-mail: info.cmbs@fitchratings.com

         
	 	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee JPMCC 2015-JP1

Telecopy number:  (302) 636-4140

Email:  CMBSTrustee@wilmingtontrust.com
	 	 	 
	Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York  14228

Attention:  Don Simon, Chief Operating Officer	 	
        [DIRECTING CERTIFICATEHOLDER NOTICE ADDRESS]

         

         

         

	 	 	 
	 	 	[APPLICABLE MORTGAGE LOAN SELLER’S NOTICE ADDRESS]

 

    	Exhibit Q-3

    	 

    

 

EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER 

 

RECORDING REQUESTED BY:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

Telecopy Number: (704) 715-0036

 

	SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust,
National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as trustee (the
“Trustee”), pursuant to that Pooling and Servicing Agreement dated as of December 1, 2015 (the
“Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as the depositor, Wells
Fargo Bank, National Association, as Master Servicer (in such capacity, the “Master Servicer”), Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as
certificate administrator, the Trustee and Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers, the
Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Master Servicer and
all properties (“Mortgaged Properties”) administered by the Master Servicer pursuant to the Agreement, to
execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans and
Mortgaged Properties; provided, however, that the documents described below may only be executed and
delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used
herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such

 

    	Exhibit R-1-1

    	 

    

 

	 	 	 title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
of the Agreement.
	 	 	 
		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.

	 	 	 
		5.	The completion of loan assumption agreements.

	 	 	 
		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the Mortgage
Loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

    	Exhibit R-1-2

    	 

    

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to
                                                               purchase same; 
 

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien
created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full
defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine
financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds
of insurance policies or 

 

    	Exhibit R-1-3

    	 

    

 

	 	 	condemnation
                                         awards to the restoration of the related Mortgaged Property or otherwise, documents relating
                                         to the management, operation, maintenance, repair, leasing and marketing of the related
                                         Mortgaged Properties (including agreements and requests by any borrower with respect
                                         to modifications of the standards of operation and management of such Mortgaged Properties
                                         or the replacement of asset managers), documents exercising any or all of the rights,
                                         powers and privileges granted or provided to the holder of any Mortgage Loan under the
                                         related loan documents, lease subordination agreements, non-disturbance and attornment
                                         agreements or other leasing or rental arrangements, any easements, covenants, conditions,
                                         restrictions, equitable servitudes, or land use or zoning requirements with respect to
                                         the Mortgaged Properties, instruments relating to the custody of any collateral that
                                         now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Master Servicer has the power
to delegate its rights or obligations under the Agreement, the Master Servicer also has the power to delegate the authority given
to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing its
obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are necessary for such
purpose. The Master Servicer’s attorneys-in-fact shall have no greater authority than that held by the Master Servicer.

 

Nothing contained herein shall: (i) limit in any manner
any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded
the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the power to initiate or defend any suit,
litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein. If
the Master Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National
Association, then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended to extend the
powers granted to the Master Servicer under the Agreement or to allow the Master Servicer to take any action with respect to Mortgages,
deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer hereby agrees to indemnify and hold the
Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or

 

    	Exhibit R-1-4

    	 

    

 

nature whatsoever incurred by reason
or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Master Servicer. The foregoing
indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal
of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely upon the exercise
of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue
in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for JPMCC Commercial Mortgage Securities Trust 2015-JP1, has caused its corporate seal to be hereto
affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory
this ___________ day of ____________.

 

	 	Wilmington Trust, National Association,
	 	as Trustee for JPMCC Commercial Mortgage Securities
    Trust 2015-JP1
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Prepared by:
	 	 	 
	 	 	 
	 	 	Name:

 

 

	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 

 

    	Exhibit R-1-5

    	 

    

 

State of Delaware}

County of ____}

 

On _______________________, before
me, ______________________________ Notary Public, personally appeared ___________________________, who proved to me on the
basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the
entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY
OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official
seal.

 

	 	 
	 	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	 	 
	 	 

 

    	Exhibit R-1-6

    	 

    

 

EXHIBIT R-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy Number: 1-888-706-3565

 

	SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States,
having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as trustee
(the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of December 1, 2015
(the “Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as the depositor,
Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as
certificate administrator, the Trustee and Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, relating to the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1, hereby constitutes and appoints the Special Servicer, by and through the Special Servicer’s officers
and authorized employees, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead
and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced
by the Special Servicer and all properties (“REO Properties”) administered by the Special Servicer
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and
reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1 through 13 below with
respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed
and delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms
used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform 

 

    	Exhibit R-2-1

    	 

    

 

	 	 	same to the original intent of the
                              parties thereto or to correct title errors discovered after such title insurance was issued; provided
                              that said modification or re-recording, in either instance, (i) does not adversely affect the lien
                              of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of the
                              Agreement.
	 	 	 
		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

		5.	The completion of loan assumption agreements and transfers of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or full conveyance upon payment and discharge of all sums secured thereby, including,
without limitation, cancellation of the related promissory note.

 

		7.	The assignment of any Mortgage and the related promissory note and other loan documents, in connection with the purchase or
repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The full assignment of a Mortgage upon payment and discharge of all sums secured thereby in conjunction with the refinancing
thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related promissory note, and
in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of the Trust,
foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure and/or any
related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or the termination,
cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings
with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the initiation or
defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard insurance and
claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

    	Exhibit R-2-2

    	 

    

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or the related promissory note;

 

		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		i.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property.

 

		12.	Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in its
capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission
of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

		13.	The execution and delivery of the following:

 

    	Exhibit R-2-3

    	 

    

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien
created by the Mortgage or other security document in the related Mortgage File or the related Mortgaged Property and other related
collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full
defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine
financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds
of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents
relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including
agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged
Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, management agreements, any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties,
instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other
consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s
duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Special Servicer has the power
to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the authority given
to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing its
obligations and duties by executing such additional powers of

 

    	Exhibit R-2-4

    	 

    

 

attorney in favor of its attorneys-in-fact as are necessary for such
purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority than that held by the Special Servicer.

 

Nothing contained herein shall: (i) limit in any manner any
indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee
under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation or
proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein or in the Agreement.
If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association
(solely in its capacity as Trustee), then the Special Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended to extend or
limit the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer to take any action with respect
to Mortgages, deeds of trust or the related promissory notes not authorized by the Agreement.

 

The Special Servicer hereby agrees to indemnify and hold the
Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by the
Trustee by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Special
Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier
resignation or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for JPMCC Commercial Mortgage Securities Trust 2015-JP1, has caused its corporate seal to be hereto affixed and these
presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of
____________.

 

Wilmington Trust, National Association,

as Trustee for JPMCC Commercial Mortgage Securities Trust 2015-JP1

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Prepared by:	 	 
	 	 	 
	 	 	Name:

 

    	Exhibit R-2-5

    	 

    

 

	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 

 

    	Exhibit R-2-6

    	 

    

 

State of Delaware}

County of ____}

 

On _______________________, before
me, ______________________________Notary Public, personally appeared ___________________________, who proved to me on the
basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the
entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY
OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official
seal.

 

	 	 
	 	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	 	 
	 	 

 

    	Exhibit R-2-7

    	 

    

 

EXHIBIT S

 

INITIAL
COMPANION HOLDERS

  

	Loan	Companion
    Holder
	32
    Avenue of the Americas	 

                                                                                                                             NOTE
                                         A-1

         

        Wilmington
        Trust, National Association for the Holders of JPMBB Commercial Mortgage Securities Trust 2015-C33, Commercial Mortgage
        Pass Through Certificates, Series 2015-C33

         

        NOTICE
        ADDRESS:

         

        Wilmington
        Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee JPMBB 2015-C33

         

        NOTE
        A-4

         

        Wilmington
        Trust, National Association for the Holders of COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates

          

        NOTICE
ADDRESS:

Wilmington Trust, National Association 

        1100
North Market Street 

        Wilmington,
        Delaware 19890

         

        Attention:
        CMBS Trustee COMM 2015-LC23

         

        NOTE
        A-3 

         

        JPMorgan
        Chase Bank, National Association

         

        NOTICE
        ADDRESS:

         

        JPMorgan
        Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

         

         

         

         

         

         

 

    	Exhibit S-1

    	 

    

 

	 	 
	 	-and-

        

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Nancy Alto

        Facsimile No.: (212) 623-4779

         

        with
a copy to:

Cadwalader, Wickersham & Taft LLP 

        200
        Liberty Street

         

        New
        York, NY 10281

        Attention: Lisa Pauquette

        Facsimile No.: (212) 504-6666

         

        NOTE
        A-5

         

        German
        American Capital Corporation

         

        NOTICE
ADDRESS:

German American Capital Corporation 

        60
Wall Street, 10th Floor 

        New
York, New York 10005 

        Attention:
        Robert W. Pettinato, Jr./Lainie Kaye

        Facsimile No.: (212) 797-4489/4487

         

        -and-

German American Capital Corporation 

        60
Wall Street, 10th Floor 

        New
York, New York 10005

Attention: General Counsel 

        Facsimile
        No.: (646) 736-5721

         

        with
a copy to:

Cadwalader, Wickersham & Taft LLP 

        One
World Financial Center 

        New
York, New York 10281 

        Attention:
Robert Kim, Esq. 

        Facsimile
        No.: (212) 504-6666

         

	7700
    Parmer	
     

    NOTE
A-2 and Note A-3

 

    	Exhibit S-2

    	 

    

 

	 	 

                                                                                                                                                                        JPMorgan
        Chase Bank, National Association

         

        NOTICE
        ADDRESS:

         

        JPMorgan
        Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

          

        -and-

        

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Nancy Alto

        Facsimile No.: (212) 623-4779

         

        with
a copy to:

Cadwalader, Wickersham & Taft LLP 

        200
Liberty Street 

        New
        York, NY 10281

        Attention: Lisa Pauquette

        Facsimile No.: (212) 504-6666

	Heinz
    57 Center	 

                                                                                                                             NOTE
                                         A-2

         

        Starwood
        Mortgage Funding II LLC

         

        NOTICE
        ADDRESS:

         

        Starwood
        Mortgage Funding II LLC

        1601 Washington Avenue, Suite 800

        Miami Beach, Florida 33139

        Facsimile Number: (305) 695-5449

        Attention: Leslie K. Fairbanks, Executive Vice President

         

        with
        a copy to:

        

        LNR Property LLC

        1601 Washington Avenue, Suite 800

        Miami Beach, Florida 33139

        Facsimile Number: (305) 695-5449

        Attention: Vincent P. Kallaher, Senior Vice

        

        

        

 

    	Exhibit S-3

    	 

    

 

	 	 

                                                                                                                                         President

         

        with
        a copy to:

        

        LNR Property LLC

        1601 Washington Avenue, Suite 800

        Miami Beach, Florida 33139

        Facsimile Number: (305) 695-5449

        Attention: General Counsel

	The
    9	 

                                                                                                                             NOTE
                                         A-2

         

        JPMorgan
        Chase Bank, National Association

         

        NOTICE
        ADDRESS:

         

        JPMorgan
        Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Joseph E. Geoghan

        Facsimile No.: (212) 272-7047

         

        -and-

        

        JPMorgan Chase Bank, National Association

        383 Madison Avenue

        New York, New York 10179

        Attention: Nancy Alto

        Facsimile No.: (212) 623-4779

         

        with
        a copy to:

        

        Cadwalader, Wickersham & Taft LLP

        

        200
        Liberty Street

        

        New
        York, NY 10281

        

        Attention:
        Lisa Pauquette

        Facsimile No.: (212) 504-6666

        

         

	First
    National Building	 

                                                                                                                         NOTE
                                         A-1

         

        Wilmington
Trust, National Association for the Holders of JPMBB Commercial Mortgage Securities Trust 2015-C32, Commercial Mortgage Pass Through
Certificates, Series 2015-C32

         

 

    	Exhibit S-4

    	 

    

 

	 	 

                                                                                                                             NOTICE
        ADDRESS:

         

        Wilmington
        Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee JPMBB 2015-C32

         

	DoubleTree
    Anaheim – Orange County	 

                                                                                                                             NOTE
                                         A-1

         

        Wilmington
        Trust, National Association for the Holders of JPMBB Commercial Mortgage Securities Trust 2015-C33, Commercial Mortgage
        Pass Through Certificates, Series 2015-C33

         

        NOTICE
        ADDRESS:

         

        Wilmington
        Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee JPMBB 2015-C33

        

         

 

    	Exhibit S-5

    	 

    

 

EXHIBIT
T

 

FORM
OF NOTICE RELATING TO THE NON-SERVICED MORTGAGE LOANS

 

[Date]

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

Telecopy Number: (704) 715-0036

 

VIA
FACSIMILE

 

Re:           JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series
2015-JP1     

 

Dear
[__________]:

 

Wells
Fargo Bank, National Association, is the master servicer (the “Non-Serviced Master Servicer”) for the [32
Avenue of the Americas Whole Loan][First National Building Whole Loan][DoubleTree Anaheim – Orange County Whole Loan],
as such term is defined under the Pooling and Servicing Agreement, dated December 1, 2015 (the “2015-JP1 Pooling
Agreement”) by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank,
National Association, as master servicer (in such capacity, the “2015-JP1 Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as
certificate administrator (in such capacity, the “Certificate Administrator”), Wilmington Trust, National
Association, as trustee and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer. The
Certificate Administrator hereby directs the Non-Serviced Master Servicer, as follows:

 

The
Non-Serviced Master Servicer shall remit to the 2015-JP1 Master Servicer all amounts payable to, and forward, deliver
or otherwise make available, as the case may be, to the 2015-JP1 Master Servicer all reports, statements,
documents, communications, and other information that are to be forwarded, delivered or otherwise made available to, the
holder of the [32 Avenue of the Americas Mortgage Loan][First National Building Mortgage Loan][DoubleTree Anaheim –
Orange County Mortgage Loan] (as such term is defined in the 2015-JP1 Pooling Agreement) under the [32 Avenue of the Americas
Intercreditor Agreement][First National Building Intercreditor Agreement][DoubleTree Anaheim – Orange
County Intercreditor Agreement] (as defined in the 2015-JP1 Pooling Agreement).

 

The
[32 Avenue of the Americas Mortgage Loan][First National Building Mortgage Loan][DoubleTree Anaheim – Orange County
Mortgage Loan] [is][is not] a Significant Obligor (as such term is defined in the 2015-JP1 Pooling Agreement) under the
2015-JP1 Pooling Agreement.

 

    	Exhibit T-1

    	 

    

 

Thank
you for your attention to this matter.

 

    	Exhibit T-2

    	 

    

 

Date:     _________________________

	 	 	 	 
	 	Wells
                    Fargo Bank, National Association, as 

Certificate Administrator for the Holders of 

the JPMCC Commercial Mortgage
                    

Securities Trust 2015-JP1, Commercial 

Mortgage Pass-Through Certificates, Series 

2015-JP1

	 	 	 
	 	By:
	 	 
	 	 	[Name]	 
	 	 	[Title]
	 	 	 

    	Exhibit T-3

    	 

    

 

EXHIBIT
U

 

FORM
OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

To:     

 

	Moody’s
    Investors Service, Inc.

    7 World Trade Center

    250 Greenwich Street

    New York, New York  10007

    Attention:  Commercial Mortgage Surveillance Group

    E-mail:  CMBSSurveillance@moodys.com	 	DBRS,
    Inc.

    333 West Wacker Drive, Suite 1800

    Chicago, Illinois 60606

    Attention:  Commercial Mortgage Surveillance

    Facsimile No.: (312) 332-3492

    Email: cmbs.surveillance@dbrs.com
	Fitch
    Ratings, Inc.

    One State Street Plaza

    New York, New York 10004

    Attention:  Commercial Mortgage Backed Securities Surveillance

    Facsimile No.:  (212) 635-0295

    E-mail: info.cmbs@fitchratings.com	 	 

  

		From:	          Wells
                                         Fargo Bank, National Association, in its capacity as Master Servicer under the Pooling
                                         and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing
                                         Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities
                                         Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells
                                         Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National
                                         Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset
                                         Representations Reviewer.

 

		Date:	_________,
                                         20___

 

		Re:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-JP1

                                         

                                         Mortgage Loan (the “Mortgage Loan”) identified by loan number _____[and
                                         loan number [_______]] on the Mortgage Loan Schedule attached to the Pooling and Servicing
                                         Agreement and heretofore secured by the Mortgaged Properties identified on the Mortgage
                                         Loan Schedule by the following names:____________________

                                                ____________________

 

    	Exhibit U-1

    	 

    

 

Reference
is made to the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Pooling and Servicing Agreement.

 

As
Servicer under the Pooling and Servicing Agreement, we hereby:

 

(a)     Notify
you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

 

____     a
full defeasance of the entire principal balance of the Mortgage Loan; or

 

____     a
partial defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount
of $____________ or _______% of the entire principal balance of the Mortgage Loan;

 

(b)     Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto, which
exceptions the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect on
the Mortgage Loan or the defeasance transaction:

 

(i)      The
Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied in
all material respects in completing the defeasance.

 

(ii)     The
defeasance was consummated on __________, 20__.

 

(iii)     The
defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section 2(a)(16)
of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for ‘AAA’
Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s Public Finance
Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal due at maturity
cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)    The
Master Servicer received an opinion of counsel (from counsel approved by the Servicer in accordance with the Servicing Standard)
that the defeasance will not result in an Adverse REMIC Event.

 

(v)     The
Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance Criteria,
as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions in its organizational
documents substantially similar to those contained in the organization documents of the original Borrower with respect to bankruptcy
remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance
collateral and real property securing Mortgage Loans included in the pool.

 

    	Exhibit U-2

    	 

    

 

(vi)     The
defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P Criteria)
in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities intermediary
and has been pledged to the Trustee on behalf of the Trust.

 

(vii)    The
agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on
behalf of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the
proceeds of the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the
dates specified in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed
to the allocated loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage
Loan documents (the “Scheduled Payments”), (iii) permit reinvestment of proceeds of the defeasance
collateral only in Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents
evidencing the defeasance), (iv) permit release of surplus defeasance collateral and earnings on reinvestment from the
pledged securities account only after the Mortgage Loan has been paid in full, if any such release is permitted, (v) prohibit
transfers by the Defeasance Obligor of the defeasance collateral and subordinate liens against the defeasance collateral, and
(vi) provide for payment from sources other than the defeasance collateral or other assets of the Defeasance Obligor of all
fees and expenses of the securities intermediary for administering the defeasance and the securities account and all fees and
expenses of maintaining the existence of the Defeasance Obligor.

 

(viii)   The
Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved by
the Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the defeasance collateral
(without taking into account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the
Scheduled Payments after the defeasance including the payment in full of the Mortgage Loan(or the allocated portion thereof
in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment
Date), (ii) the revenues received in any month from the defeasance collateral will be applied to make Scheduled Payments
within four (4) months after the date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance
Obligor in any calendar or fiscal year will not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan
(or the allocated portion thereof in a partial defeasance) for such year.

 

(ix)     The
Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below). The
entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of pool
balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent Distribution
Date Statement received by us (the “Current Report”).

 

(x)     The
Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid, perfected
first priority security interest in

 

    	Exhibit U-3

    	 

    

 

the defeasance collateral and that the documents executed in connection with the defeasance
are enforceable in accordance with their respective terms.

 

(c)     Certify
that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)     Certify
that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

 

(e)     Agree
to provide copies of all items listed in Exhibit B to you upon request.

 

    	Exhibit U-4

    	 

    

 

IN
WITNESS WHEREOF, the Master Servicer has caused this Notice and Certification to be executed as of the date captioned above. 

	 	 	 
	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit U-5

    	 

    

 

EXHIBIT
V

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT1

 

Report
Date: After the occurrence and during the continuance of a Control Event, this report will be delivered annually no later
than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement.     

Transaction: J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2015-JP1     

Operating Advisor: Pentalpha Surveillance LLC     

Special Servicer: Midland Loan Services, a Division of PNC Bank, National Association

Directing Certificateholder: BlackRock Realty Advisors, Inc., as agent for its managed account

 

		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	The
Special Servicer has notified the Operating Advisor that [·] Specially Serviced Mortgage Loans were transferred to special
servicing in the prior calendar year [INSERT YEAR].

 

		a.	[·]
                                         of those Specially Serviced Mortgage Loans are still being analyzed by the Special Servicer
                                         as part of the development of an Asset Status Report.

 

		b.	Asset
                                         Status Reports were issued with respect to [·]
                                         of such Specially Serviced Mortgage Loans. This report is based only on the Specially
                                         Serviced Mortgage Loans in respect of which an Asset Status Report has been issued. The
                                         Asset Status Reports may not yet be fully implemented.

 

		II.	Executive
                                         Summary

 

Based
on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below,
the Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and
Servicing Agreement) has undertaken a limited review of the Special Servicer’s operational activities to service
certain Specially Serviced Mortgage Loans in accordance with the Servicing Standard. Based on such limited review, the
Operating Advisor [does, does not] believe there are material violations of the Special Servicer’s compliance with its
obligations under the Pooling and Servicing Agreement. In addition, the Operating Advisor notes the following: [PROVIDE
SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to
Privileged Information.

 

    	Exhibit V-1

    	 

    

 

In
connection with the assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed
                                         the Asset Status Reports, the Special Servicer’s assessment of compliance report,
                                         attestation report by a third party regarding the Special Servicer’s compliance
                                         with its obligations and net present value calculations and Appraisal Reduction calculations
                                         and [LIST OTHER REVIEWED INFORMATION] for the following [·]
                                         Specially Serviced Mortgage Loans: [List applicable Mortgage Loans]

 

		2.	Consulted
                                         with the Special Servicer as provided under the Pooling and Servicing Agreement. The
                                         Operating Advisor’s analysis of the Asset Status Reports (including related net
                                         present value calculations and Appraisal Reduction calculations) related to the Specially
                                         Serviced Mortgage Loans should be considered a limited investigation and not be considered
                                         a full or limited audit. For instance, we did not review each page of the Special Servicer’s
                                         policy and procedure manuals (including amendments and appendices), re-engineer the quantitative
                                         aspects of their net present value calculator, visit any property, visit the Special
                                         Servicer, visit the Directing Certificateholder or interact with any borrower. In addition,
                                         our review of the net present value calculations and Appraisal Reduction calculations
                                         is limited to the mathematical accuracy of the calculations and the corresponding application
                                         of the non-discretionary portions of the applicable formulas, and as such, does not take
                                         into account the reasonableness of the discretionary portions of such formulas.

 

		III.	Specific
                                         Items of Review

 

		1.	The
                                         Operating Advisor reviewed the following items in connection with the generation of this
                                         report: [LIST MATERIAL ITEMS].

 

		2.	During
                                         the prior year, the Operating Advisor consulted with the Special Servicer regarding its
                                         strategy plan for a limited number of issues related to the following Specially Serviced
                                         Mortgage Loans: [LIST]. The Operating Advisor participated in discussions and made strategic
                                         observations and recommended alternative courses of action to the extent it deemed such
                                         observations and recommendations appropriate. The Special Servicer [agreed with/did not
                                         agree with] the material recommendations made by the Operating Advisor. Such recommendations
                                         generally included the following: [LIST].

 

		3.	Appraisal
                                         Reduction calculations and net present value calculations:

 

		4.	The
                                         Operating Advisor [received/did not receive] information necessary to recalculate and
                                         verify the accuracy of the mathematical calculations and the corresponding application
                                         of the non-discretionary portions of the applicable formulas required to be utilized
                                         in connection with any Appraisal Reduction or net present value calculations used in
                                         the special servicer’s determination of what course of action to take in connection
                                         with the workout or liquidation of a Specially Serviced Mortgage Loan prior to the utilization
                                         by the Special Servicer.

 

    	Exhibit V-2

    	 

    

 

		a.	The
                                         Operating Advisor[agrees/does not agree] with the [mathematical calculations] [and/or]
                                         [the application of the applicable non-discretionary portions of the formula] required
                                         to be utilized for such calculation.

 

		b.	After
                                         consultation with the special servicer to resolve any inaccuracy in the mathematical
                                         calculations or the application of the non-discretionary portions of the related formula
                                         in arriving at those mathematical calculations, such inaccuracy [has been/ has not been]
                                         resolved.

 

		5.	The
                                         following is a general discussion of certain concerns raised by the Operating Advisor
                                         discussed in this report: [LIST CONCERNS].

 

		6.	In
                                         addition to the other information presented herein, the Operating Advisor notes the following
                                         additional items, if any: [LIST ADDITIONAL ITEMS].

 

		IV.	Qualifications
                                         Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	The
                                         Operating Advisor did not participate in, or have access to, the Special Servicer’s
                                         and Directing Certificateholder’s discussion(s) regarding any Specially Serviced
                                         Mortgage Loan. The Operating Advisor does not have authority to speak with the Directing
                                         Certificateholder directly. As such, the Operating Advisor generally relied upon the
                                         information delivered to it by the Special Servicer as well as its interaction with the
                                         Special Servicer, if any, in gathering the relevant information to generate this report.

 

		2.	The
                                         Special Servicer has the legal authority and responsibility to service the Specially
                                         Serviced Mortgage Loans pursuant to the Pooling and Servicing Agreement. The Operating
                                         Advisor has no responsibility or authority to alter the standards set forth therein.

 

		3.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of the discussions held between it and the Special Servicer
                                         regarding any Specially Serviced Mortgage Loans and certain information it reviewed in
                                         connection with its duties under the Pooling and Servicing Agreement. As a result, this
                                         report may not reflect all the relevant information that the Operating Advisor is given
                                         access to by the Special Servicer.

 

		4.	There
                                         are many tasks that the Special Servicer undertakes on an on-going basis related to Specially
                                         Serviced Mortgage Loans. These include, but are not limited to, assumptions, ownership
                                         changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
                                         does not participate in any discussions regarding such actions. As such, Operating Advisor
                                         has not assessed the Special Servicer’s operational compliance with respect to
                                         those types of actions.

 

		5.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the Certificate
                                         Administrator through the Certificate Administrator’s Website.

 

    	Exhibit V-3

    	 

    

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement dated December 1, 2015.

 

    	Exhibit V-4

    	 

    

 

EXHIBIT
W

 

Form
of Notice from Operating Advisor Recommending Replacement of Special Servicer

 

Wilmington
Trust, National Association

   as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: JPMCC 2015-JP1

Telecopy number: (302) 630-4140

 

Wells
Fargo Bank, National Association

   as Certificate Administrator

9062
Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Telecopy
Number: (410) 715-2380

  

Midland
Loan Services, a Division of PNC Bank, National Association

    as Special Servicer

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy
Number: (913) 253-9001

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial 
 Mortgage Pass-Through Certificates, Series 2015-JP1,
Recommendation of Replacement of Special Servicer     

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National
Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, on behalf
of the holders of JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1
(the “Certificates”) regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

    	Exhibit W-1

    	 

    

 

Based
upon our review of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section
3.26 of the Pooling and Servicing Agreement, it is our assessment that Midland Loan Services, a Division of PNC Bank,
National Association, in its current capacity as Special Servicer, is not [performing its duties under the Pooling and
Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors support our assessment:
[________].

 

Based
upon such assessment, we further hereby recommend that Midland Loan Services, a Division of PNC Bank, National Association be
removed as Special Servicer and that [________] be appointed its successor in such capacity. 

	 	 	 
	 	Very truly yours,
	 	 
	 	[The
    Operating Advisor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 

 

    	Exhibit W-2

    	 

    

 

EXHIBIT
X

 

Form
of CONFIDENTIALITY Agreement

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

Telecopy Number: (704) 715-0036

 

Midland
Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy number: (913) 253-9001

 

Re:          Access
to Certain Information Regarding JPMCC Commercial Mortgage 

Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1     

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer. Defined terms used herein and not otherwise defined
shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[Wells
Fargo Bank, National Association (“Wells Fargo”)/Midland Loan Services, a Division of PNC Bank, National Association
(“Midland”)] understands that [____] (the “Company”) is requesting certain confidential
or non-public information relating to the Mortgage Loans to which the Company has continuing rights as a Certificateholder. The
Company is requesting such information for the purpose of analyzing asset performance and evaluating any continuing rights the
Company may have under the Trust (the “Permitted Purpose”). The Company agrees that the Permitted Purpose shall
not include the use or disclosure of the Confidential Information (as defined below) in any manner that violates any applicable
law, the Pooling and Servicing Agreement or the related mortgage loan documents.

 

[Wells
Fargo/Midland] will provide the Company with certain confidential, non-public servicing information (the
“Confidential Information”) pertaining to the Mortgage Loans and the related Mortgaged Properties and
borrowers. The Company acknowledges that the Confidential Information (a) includes or may be based upon information
provided to [Wells Fargo/Midland]

 

    	Exhibit X-1

    	 

    

 

[_____] [__], 20[__]

Page 2

 

by
third parties, (b) may not have been verified by [Wells Fargo/Midland], and (c) may be incomplete or contain
inaccuracies. The Company agrees that [Wells Fargo/Midland], the [“Master Servicer”/”Special
Servicer”] (as defined in the Pooling and Servicing Agreement) and its respective Representatives (as defined
below) shall not have any liability to the Company or its Representatives resulting from (x) any inaccuracies or
omissions in the Confidential Information, (y) any use of the Confidential Information, or (z) [Wells
Fargo/Midland]’s failure or inability to provide the Confidential Information to the Company for any reason.
Notwithstanding the foregoing, the following will not constitute “Confidential Information” for purposes
of this letter agreement: (a) information that was already in Company’s possession prior to its receipt from
[Wells Fargo/Midland]; (b) information that is obtained by Company from a third person who, insofar as is known to
Company, is not prohibited from transmitting the information to Company by a contractual, legal or fiduciary
obligation to [Wells Fargo/Midland]; (c) information that is or becomes publicly available through no fault of Company;
and (d) information that is independently developed by Company. The term “Representatives” with respect to
any entity shall mean the officers, directors, general partners, employees, agents, affiliates, auditors and legal counsel
(which may be internal counsel) of that entity.

 

The
Company may have access to the Confidential Information through (at [Wells Fargo/Midland]’s election):
(i) responses to reasonable written inquiries received from the Company, (ii) conference calls conducted on a
reasonably scheduled basis with [Wells Fargo/Midland]’s surveillance group, or (iii) direct on-line access
(read-only capacity) to the information available on the applicable [____] system or any successor or replacement system
(“System”). [Wells Fargo/Midland]may cease or defer providing the Company with Confidential Information in
the event that (a) the Company or its Representatives violate any provision hereof, or (b) [Wells Fargo/Midland]
determines (in its sole discretion) that such termination is necessary for any reason, including its determination that such
action is required pursuant to the terms of the Pooling and Servicing Agreement, the related Mortgage Loan documents, or any
applicable law. [Wells Fargo/Midland] shall cease to provide the Company with Confidential Information if [Wells
Fargo/Midland] has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage
Loan documents and [Wells Fargo/Midland] determines that the provision, notice or access to such Confidential Information
would violate the accepted servicing practices or servicing standards as defined in the Pooling and Servicing Agreement. The
Company’s obligations and the restrictions applicable to the protection of the Confidential Information hereunder shall
survive the termination of the Company’s access to the Confidential Information. [Wells Fargo/Midland]’s remedies
hereunder, at law or at equity, are cumulative and may be combined.

 

The
Company agrees that it will not, and it shall not permit its Representatives, to disclose the Confidential Information in any
manner whatsoever to any other person or entity, other than its Representatives (but only to the extent necessary to accomplish
the Permitted Purpose) who have a need to know the information, or as otherwise required by applicable law, court order or any
governmental agency or regulator. The Company acknowledges (i) its obligations under the U.S. federal securities laws, and
(ii) that any disclosure of the Confidential Information by it or its Representatives for any purpose other than a Permitted
Purpose, in addition to being a breach of this letter agreement, may constitute a violation of federal and state securities laws.
The Company will take reasonable measures to ensure that each Representative is advised of this

 

    	Exhibit X-2

    	 

    

 

[_____] [__], 20[__]

Page 3

 

letter agreement and agrees to
keep the Confidential Information confidential. The Company shall be liable for any breach of this letter agreement by its Representatives.
Notwithstanding the foregoing, the Company may subsequently provide all or any part of such Confidential Information to any other
person or entity that holds or is contemplating the purchase of any Certificate or interest therein, but only if such person or
entity confirms such ownership interest or prospective ownership interest and provided that, prior to the delivery of such
Confidential Information, such persons shall have executed and delivered to the Company an agreement that is substantially similar
in form and substance to this agreement.

 

This
letter agreement shall be governed by and construed in accordance with the laws of the State of New York without the
application of conflict of laws principles. Anything herein to the contrary notwithstanding, [Wells Fargo/Midland] intends at
all times to comply with the terms and provisions of the Pooling and Servicing Agreement and nothing in this letter agreement
should be construed to limit or qualify any of [Wells Fargo/Midland]’s rights or obligations under the Pooling and
Servicing Agreement. This letter agreement may be executed in counterparts and by facsimile/Portable Document Format (PDF);
each such counterpart shall be deemed to be an original instrument, and all such counterparts together shall constitute one
agreement.

 

This
agreement shall terminate with respect to the information received by the Company one year after the Company receives such information
or ceases to be a Certificateholder. Company agrees that this letter agreement supersedes and replaces and survives any click-through
agreement regarding confidentiality of Confidential Information agreed to in connection with accessing the System whether agreed
to in accessing the System before or after signing this letter agreement.

 

    	Exhibit X-3

    	 

    

Please
have an authorized signatory countersign in the space provided below to indicate the Company’s confirmation of, and agreement
to, the matters set forth herein.

 

	 	 	 	 
	 	Very truly yours,
	 	 
	 	[WELLS FARGO BANK, NATIONAL 

ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]
	 	 	 
	 	[MIDLAND LOAN SERVICES, A DIVISION 

OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]
	 	 	 
	CONFIRMED AND AGREED TO:	 	 
	 	 	 
	[COMPANY NAME]	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	Exhibit X-4

    	 

    

 

EXHIBIT
Y

 

FORM
CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATION

 

I,
     [identifying the certifying individual], the President and Chief Executive Officer of J.P. Morgan Chase Commercial Mortgage Securities
Corp., the depositor into the above-referenced Trust, certify that:

 

1.     I
have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered
by this report on Form 10-K, of the JPMCC Commercial Mortgage Securities Trust 2015-JP1 (the “Exchange Act periodic
reports”);

 

2.     Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.     Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.     Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except
as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing
agreements in all material respects; and

 

5.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

(A)     
Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Custodian,
Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor;

 

(B)     
Wells Fargo Bank, National Association, as Non-Serviced Master Servicer, Torchlight Loan Services, LLC, as Non-Serviced Special
Servicer, Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator and as non-serviced custodian,

 

    	Exhibit Y-1

    	 

    

 

Wilmington
Trust, National Association, as Non-Serviced Trustee, and Pentalpha Surveillance LLC, as Non-Serviced Operating Advisor of
each of the 32 Avenue of the Americas Mortgage Loan and the DoubleTree Anaheim – Orange County Mortgage Loan; (C) Wells
Fargo Bank, National Association, as Non-Serviced Master Servicer, LNR Partners, LLC, as Non-Serviced Special Servicer, Wells
Fargo Bank, National Association, as Non-Serviced Certificate Administrator and as non-serviced custodian, Wilmington Trust,
National Association, as Non-Serviced Trustee, and Pentalpha Surveillance LLC, as Non-Serviced Operating Advisor of the First
National Building Mortgage Loan.

 

	Date:	  

 

	 	 
	President and Chief Executive Officer
 J.P. Morgan
    Chase Commercial Mortgage Securities Corp.
 (Senior officer in charge of the securitization of the depositor)

 

    	Exhibit Y-2

    	 

    

 

EXHIBIT
Z-1

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:      JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,
     [identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or an officer under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__] (the
“Form 10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form 10-K
of the Trust (collectively, with the Form 10-K, the “Reports”);

 

2.     Based
on my knowledge, the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Form 10-K;

 

3.     Based
on my knowledge, all of the distribution and other information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in
the Reports and all of the distribution, servicing and other information provided to the Certificate Administrator by the
trustee, the custodian, the master servicer, the special servicer and the operating advisor under the Pooling and Servicing
Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports;

 

    	Exhibit Z-1-1

    	 

    

 

4.     I
(or an officer under my supervision) am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Certificate
Administrator compliance statement required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion
in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Reports, the Certificate Administrator has fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects; and

 

5.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Certificate Administrator
or any Servicing Function Participant retained by the Certificate Administrator (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required to be included
in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as
an exhibit to the Form 10-K. Any material instances of noncompliance described in such reports have been disclosed in the Form
10-K and such assessment of compliance is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Certificate Administrator responsible for reviewing the activities performed
by the Certificate Administrator under the Pooling and Servicing Agreement.

  

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-1-2

    	 

    

 

EXHIBIT
Z-2

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:      JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,
     [identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Master Servicer in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the
period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Master Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively, with the Form 10-K, the “Reports”)
(such information provided by the Master Servicer, collectively, the “Master Servicer Periodic Information”);

 

2.     Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, the Master Servicer Periodic Information,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by the Form 10-K;

 

    	Exhibit Z-2-1

    	 

    

 

3.     Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, all of servicing and other information
required to be provided by the Master Servicer under the Pooling and Servicing Agreement for inclusion in the Reports for the
period covered by the Form 10-K is included in the Master Servicer Periodic Information;

 

4.     I
(or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Master Servicer under
the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Master Servicer
compliance statement required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Master Servicer Periodic Information, the Master Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects;

 

5.     The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Master Servicer
or any Servicing Function Participant retained by the Master Servicer (the “Relevant Servicing Criteria”) and
their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance is
fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Master Servicer responsible for reviewing the activities performed by
the Master Servicer under the Pooling and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-2-2

    	 

    

  

EXHIBIT
Z-3

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,
     [identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Special Servicer in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the
period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Special Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”)
(such information provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);

 

2.     Based
on my knowledge, the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.     Based
on my knowledge, all servicing and other information required to be provided by the Special Servicer under the Pooling and Servicing
Agreement for inclusion in

 

    	Exhibit Z-3-1

    	 

    

 

the Reports for the period covered by the Form 10-K is included in the Special Servicer Periodic Information;

 

4.     I
(or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Special Servicer under
the Pooling and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s
compliance statement required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Special Servicer Periodic Information, the Special Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects;

 

5.     The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Special Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Special Servicer
or any Servicing Function Participant retained by the Special Servicer (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with
servicing criteria is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Special Servicer responsible for reviewing the activities performed by
the Special Servicer under the Pooling and Servicing Agreement.

   

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-3-2

    	 

    

 

EXHIBIT
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,
     [identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or officers under my supervision) have reviewed the information required to be provided by the Trustee in accordance with the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form
10-K”) and all information required to be provided by the Trustee in accordance with the Pooling and Servicing Agreement
for inclusion in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K
of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Trustee, collectively,
the “Trustee Periodic Information”);

 

2.     Based
on my knowledge, the Trustee Periodic Information, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.     Based
on my knowledge, all information required to be provided by the Trustee under the Pooling and Servicing Agreement for inclusion
in the Reports for the period covered by the Form 10-K is included in the Trustee Periodic Information;

 

    	Exhibit Z-4-1

    	 

    

  

4.     I
(or officers under my supervision) am responsible for reviewing the activities performed by the Trustee under the Pooling and
Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance
statement to be delivered under Article XI of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under
Item 1123 of Regulation AB, and except as disclosed in the Trustee Periodic Information, the Trustee has fulfilled its obligations
under the Pooling and Servicing Agreement in all material respects; and

 

5.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Trustee or any
Servicing Function Participant retained by the Trustee (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing
Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance
with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria
is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Trustee responsible for reviewing the activities performed by the Trustee
under the Pooling and Servicing Agreement.

  

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-4-2

    	 

    

 

EXHIBIT
Z-5

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,     
[identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or officers under my supervision) have reviewed the information required to be provided by the Operating Advisor in accordance
with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__]
(“Form 10-K”) and all information required to be provided by the Operating Advisor in accordance with the Pooling
and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered
by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by
the Operating Advisor, collectively, the “Operating Advisor Periodic Information”);

 

2.     Based
on my knowledge, the Operating Advisor Periodic Information, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.     Based
on my knowledge, all information required to be provided by the Operating Advisor under the Pooling and Servicing Agreement for
inclusion in the Reports for the period covered by the Form 10-K is included in the Operating Advisor Periodic Information;

 

    	Exhibit Z-5-1

    	 

    

 

4.     The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Operating Advisor with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Operating Advisor
or any Servicing Function Participant retained by the Operating Advisor (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with
servicing criteria is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Operating Advisor responsible for reviewing the activities performed
by the Operating Advisor under the Pooling and Servicing Agreement.

  

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-5-2

    	 

    

 

EXHIBIT
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer.

 

I,
     [identity of certifying individual], hereby certify to the Depositor and its officers, directors and Affiliates (collectively,
the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will
rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.     I
(or officers under my supervision) have reviewed the information required to be provided by the Custodian in accordance with the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form
10-K”) and all information required to be provided by the Custodian in accordance with the Pooling and Servicing Agreement
for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K
of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Custodian,
collectively, the “Custodian Periodic Information”);

 

2.     Based
on my knowledge, the Custodian Periodic Information, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.     Based
on my knowledge, all information required to be provided by the Custodian under the Pooling and Servicing Agreement for inclusion
in the Reports for the period covered by the Form 10-K is included in the Custodian Periodic Information;

 

    	Exhibit Z-6-1

    	 

    

 

4.     I
(or officers under my supervision) am responsible for reviewing the activities performed by the Custodian under the Pooling and
Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Custodian’s compliance
statement to be delivered under Article XI of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under
Item 1123 of Regulation AB, and except as disclosed in the Custodian Periodic Information, the Custodian has fulfilled its obligations
under the Pooling and Servicing Agreement in all material respects; and

 

5.     All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Custodian or
any Servicing Function Participant retained by the Custodian (the “Relevant Servicing Criteria”) and their
related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing
Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance
with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria
is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Custodian responsible for reviewing the activities performed by the Custodian
under the Pooling and Servicing Agreement.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

  

    	Exhibit Z-6-2

    	 

    

 

EXHIBIT Z-7

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Chief Executive Officer

 

Re:     JPMCC
Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass Through Certificates, Series 2015-JP1, issued
pursuant to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer.

 

I, [identity of certifying individual], hereby
certify to the Depositor and its officers, directors and Affiliates (collectively, the “Certification Parties”)
as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the
certification concerning the Trust to be signed by an officer of the Depositor and submitted to the Securities and Exchange Commission
pursuant to the Sarbanes-Oxley Act of 2002:

 

1.            I (or officers under my supervision) have reviewed
the information required to be provided by the Asset Representations Reviewer in accordance with the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”) and all
information required to be provided by the Asset Representations Reviewer in accordance with the Pooling and Servicing Agreement
for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of
the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Asset Representations
Reviewer, collectively, the “Asset Representations Reviewer Periodic Information”);

 

2.            Based on my knowledge, the Asset Representations Reviewer
Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by the Form 10-K; and

 

    	Exhibit Z-7-1

    	 

    

 

3.           Based on my knowledge, all information required to
be provided by the Asset Representations Reviewer under the Pooling and Servicing Agreement for inclusion in the Reports for the
period covered by the Form 10-K is included in the Asset Representations Reviewer Periodic Information.

 

This Certification is being signed by me
as an officer of the Asset Representations Reviewer responsible for reviewing the activities performed by the Asset Representations
Reviewer under the Pooling and Servicing Agreement.

	 	 	 	 
	Dated: 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-7-2

    	 

    

 

EXHIBIT AA

 

Servicing
Criteria

to be Addressed in Assessment of Compliance

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit AA, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer
engaged by a Master Servicer or Special Servicer.

  

	Servicing Criteria 	applicable Servicing Criteria
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Certificate
        Administrator

        

        Master
        Servicer

        Special Servicer

        

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
        Administrator 

        Master
        Servicer

        Special Servicer

        

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
        Servicer 

        Special
        Servicer

        Custodian (as applicable) 

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
        Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Special Servicer

    Trustee (as applicable)1
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate
        Administrator 

        Master
        Servicer

        Special Servicer

 

 

 

1 Only to
the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable
calendar year.

 

    	Exhibit AA-1

    	 

    

 

	Servicing Criteria 	applicable Servicing Criteria
	Reference	Criteria	 
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
        Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
        Administrator

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days
    after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number
    of days specified in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and
    other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms
    specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations;
    and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number
    of mortgage loans serviced by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset 	Master
    Servicer

    Special Servicer

 

    	Exhibit AA-2

    	 

    

 

	Servicing Criteria 	applicable Servicing Criteria
	Reference	Criteria	 
	 	documents.	 
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts):  (A) such funds are analyzed, in accordance
    with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction
    agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan
    documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of
    the related mortgage loans, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
    is maintained as set forth in the transaction agreements.	N/A

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the
Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Exhibit AA-3

    	 

    

 

EXHIBIT BB

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The parties identified
in the “Party Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to
disclose to the Depositor and the Certificate Administrator (or the Master Servicer, to the extent specified in Section 11.04 of
the Pooling and Servicing Agreement) any information described in the corresponding Form 10-D Item described in the “Item
on Form 10-D” column to the extent such party has knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific notice to the contrary
from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no “significant obligor” other than a
party or property identified as such in the Prospectus and to assume that no other party or property will constitute a “significant
obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required to provide any
information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer
is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2015-JP1 Pooling and Servicing Agreement,
each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of
Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information:

         

        ·  Item
        1121(a)(13) of Regulation AB

         
	 ·  Certificate
    Administrator
	
        Item 1B: Distribution and Pool Performance Information:

         

        ·  Item
        1121(a)(14) of Regulation AB

         

        ·  Item
        1121(d) of Regulation AB

         

        ·  Item
1121(e) of Regulation AB
	
        ·  Certificate
        Administrator

         

        ·  Depositor

         

        ·  Asset
        Representations Reviewer

         

 

    	Exhibit BB-1

    	 

    

 

	Item on Form 10-D	Party Responsible
	 	 
	
        Item 2: Legal Proceedings:

         

        ·      Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
        that         are material to security holders)

         
	
        ·    Master
        Servicer (as to itself)

         

        ·    Special
        Servicer (as to itself)

         

        ·    Certificate
        Administrator (as to itself)

         

        ·    Trustee
        (as to itself)

         

        ·    Depositor
        (as to itself)

         

        ·    Operating
        Advisor (as to itself)

         

        ·    Asset
        Representations Reviewer (as to itself)

         

        ·    Any
        other Reporting Servicer (as to itself)

         

        ·     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ·    Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ·    Originators
        under Item 1110 of Regulation AB

         

        ·    Party
under Item 1100(d)(1) of Regulation AB

	Item 3:  Sale of Securities and Use of Proceeds 	  ·    Depositor
	Item 4:  Defaults Upon Senior Securities

	  ·    Certificate Administrator
	Item 5:  Submission of Matters to a Vote of Security Holders

	  ·    Certificate Administrator
	Item 6: Significant Obligors of Pool Assets:
	  ·    Master
        Servicer (excluding information for

 

    	Exhibit BB-2

    	 

    

 

	Item on Form 10-D	Party Responsible
	

         

        ·    Item
        1112(b) of Regulation AB provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Agreement; provided, however,
        that for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income for the most recent fiscal year
        and interim period is required and, if such information for a prior period was required but not previously reported, such
        information for such prior period; and

         

        (c) the information shall be reportable in the Form 10-D that
        relates to the Distribution Date that immediately follows the Collection Period in which the information was received or prepared
        by the “Party Responsible” as described in clause (b) above.

         
	
        which the Special Servicer is the “Party Responsible”)

         

        ·    Special
        Servicer (as to REO Properties)

         

	
        Item 7: Change in Sponsor Interest in the Securities:

         

        ·    Item
        1124 of Regulation AB

        
	·     Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	
        Item 8: Significant Enhancement Provider Information:

        
	·    Depositor

 

    	Exhibit BB-3

    	 

    

 

	Item on Form 10-D	Party Responsible
	
·    Item
        1114(b)(2) and Item 1115(b) of Regulation AB

                                                                                                                                                                        
	 
	Item 9:  Other Information, but only to the extent of any information that meets all the following conditions:  (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

         

        ·     Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
        as of the related Distribution Date and the preceding Distribution Date)

         

        ·     Master
        Servicer (with respect to the balances of each REO Account (to the extent the related information has been received from the Special
        Servicer within the time period specified in Section 11.04 of this Agreement) and the Collection Account as of the related Distribution
        Date and the preceding Distribution Date)

         

        ·     Special
        Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

         

        ·     Any
other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
AB to the extent material to Certificateholders)

	
        Item 10: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K)
	 ·      Depositor

 

    	Exhibit BB-4

    	 

    

 

	Item on Form 10-D	Party Responsible
	
         

        Item 10: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
      

        ·     Certificate
        Administrator

         

        ·     Depositor

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this 

         

        provided further, in each case, that
in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor
shall be the responsible party.

	
         

        Item 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
         

        Item 10: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote
of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the party that is the “Party Responsible”
with respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects
to report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published
report.
	·     The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.
	
         

        Item 10: Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit
	·     Depositor

 

    	Exhibit BB-5

    	 

    

 

	Item on Form 10-D	Party Responsible
	No. 23(ii) of Item
        601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.
	 
	
         

        Item 10: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney.
	·     Certificate Administrator 
	
         

        Item 10: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K)
	·     Not Applicable.
	
         

        Item 10: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K).
	·     Not Applicable.
	Item 10:  Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·     Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K); provided, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party for this Item 10.

 

    	Exhibit BB-6

    	 

    
 

EXHIBIT CC

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The parties identified
in the “Party Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to
disclose to the Depositor and the Certificate Administrator any information described in the corresponding Form 10-K Item described
in the “Item on Form 10-K” column to the extent such party has knowledge (and in the case of net operating income information,
financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b)
below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
notice to the contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no “significant obligor”
other than a party or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Master Servicer or the
Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For this Series 2015-JP1 Pooling
and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its
capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-K	Party
    Responsible
	
         

        Item 1B: Unresolved Staff Comments

         
	·     Depositor
	
         

        Item 9B: Other Information, but only to the extent of any information
        that meets all the following conditions:

         

        (a) such information constitutes “Additional Form 8-K
        Disclosure” pursuant to Exhibit DD,

         

        (b) such information is required to be reported as “Additional
        Form 8-K Disclosure” during the period to which the Form 10-K relates, and

         

        (c) such information was not previously
	·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party Responsible” with respect to such information pursuant to Exhibit DD.  

 

    	Exhibit CC-1

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”	 
	Item 15:  Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	
         

        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 1 of 3 Parts:

         

        ·     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the Prospectus,
(ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
as “Additional Form 10-D Information”.

         
	
        ·     The
        applicable Mortgage Loan Seller

         

         

         

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 2 of 3 Parts:

         

        ·     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus and (ii) the applicable
Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”.

         
	·     The Depositor	 
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 3 of 3 Parts:

         

        ·     Item
        1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only
with respect to a party or

        
	
        ·     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·     Special
        Servicer (as to REO Properties)

         
	 

 

    	Exhibit CC-2

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Agreement; provided, however,
        that for a significant obligor described under item 1101(k)(2) of Regulation AB, only net operating income for the most recent
        fiscal year and interim period is required and, if such information for a prior period was required but not previously reported, such
        information for such prior period; and

         

        (c) the information shall be reportable only to the extent that
        is has not previously been reported as “Additional Form 10-D Information”.

         
	 
	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ·     Items
        1114(b)(2) and 1115(b) of Regulation AB

         
	 ·     Depositor
	
        Instruction J(2)(d) (Legal Proceedings):

         

        ·     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein that
        are material to security holders)

         
	
        ·     Master
        Servicer (as to itself)

         

        ·     Special
        Servicer (as to itself)

         

        ·     Certificate
        Administrator (as to itself)

         

        ·     Trustee
(as to itself)

        

 

    	Exhibit CC-3

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	 	·     Depositor
        (as to itself)

         

        ·     Trustee/Certificate
        Administrator /Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ·     Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ·     Originators
        under Item 1110 of Regulation AB

         

        ·     Party
under Item 1100(d)(1) of Regulation AB

	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 1 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        but only the existence and (if existent) how there is (that
        is, the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and
        any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4) any other
        party listed under this item as a “Party Responsible”; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(b)
        of Regulation AB,

         

        but only the existence and (if existent) the general character
        of any business relationship, agreement, arrangement, transaction or understanding that is entered
	
        ·     Master
        Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate Administrator, each Special
        Servicer         or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).

         

        ·     Special
        Servicer

         

        ·     Certificate
        Administrator

         

        ·     Trustee

         

        ·     Asset
        Representations Reviewer

         

        ·     Each
        party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator” of
        one or more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the
        assets of the Trust at the date of the Prospectus (provided that such a party shall no longer constitute a “Party
        Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to this Agreement
        to the effect that such party no longer constitutes an originator of 10% or

 

    	Exhibit CC-4

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 201[_]-[_] transaction) between itself (that is, the particular “Party Responsible”) or any of its
        affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller,
        and (3) the Trust; provided, however, that a relationship, agreement, arrangement, transaction or understanding (A)
        must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to
        an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if
        it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(c)
        of Regulation AB,

         

        but only the existence and (if existent) a description
(including the terms and approximate dollar amount) of any specific relationship involving or related to the Series 201[_]-[_]
transaction or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates,
on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3)
the Trust; provided, however, that a relationship (A) must be reported only if it then exists or existed within
the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and
(C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously
reported as “Additional Form 10-K
	   more of the assets of the Trust).

         

        ·     Each
        party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator of 10% or more of the
        assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered to the parties
        to this Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K is due.

         

        ·     Each
        party (if any) that is identified in the Prospectus as an “other material party to the securities or transaction” (or
        substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party Responsible”
        under this item from and after the date (if any) when the Depositor notifies the parties to this Agreement to the effect that such
        party no longer constitutes a material party for purposes of Regulation AB.

         

        ·     Each
        party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes
        of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice delivered by the Depositor
        to the parties to this Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K is due.

 

    	Exhibit CC-5

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	Disclosure”.

                                                                                 
	 
	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 2 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        But only the existence and (if existent) how there is any affiliation
        between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed
        under the preceding item as a “Party Responsible”, on the other; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(b)
        of Regulation AB,

         

        but only the existence and (if existent) the general character
        of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 201[_]-[_] transaction) between itself (that is, the particular “Party Responsible”), on the one hand,
        and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the other; provided,
        however, that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if it then
        exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s understanding
        of the Certificates
        
	
        ·     The
        Depositor

         

        ·     Each
        Mortgage Loan Seller

         

 

    	Exhibit CC-6

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus
        or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(c)
        of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 201[_]-[_] transaction
        or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the
        other; provided, however, that a relationship (A) must be reported only if it then exists or existed within the two
        prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need
        not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.
	 
	
        Item 15: Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
or succession (Exhibit No. 2 of Item 601 of Regulation S-K)
	 ·     Depositor
	
        Item 15: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K)
	 ·     Depositor

 

    	Exhibit CC-7

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	
        Item 15: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ·     Trustee

         

        ·     Certificate
        Administrator

         

        ·     Depositor

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Agreement

         

        provided further, in each case, that
in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor
shall be the responsible party.

	
        Item 15: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	 ·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 15: Exhibits (no. 11):

         

        Statement regarding computation of per share earnings
(Exhibit No. 11 of Item 601 of Regulation S-K)
	 ·     Not Applicable
	
        Item 15: Exhibits (no. 12):

         

        Statement regarding computation of ratios (Exhibit No. 12 of
        Item 601 of Regulation S-K)

        
	 ·     Not Applicable.

 

    	Exhibit CC-8

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	
        Item 15: Exhibits (no. 13):

         

        Annual report to security holders, Form 10-Q and Form
10-QSB, or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 15: Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
S-K)
	·     Not Applicable.
	
        Item 15: Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit
No. 16 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 15: Exhibits (no. 18):

         

        Letter re change in accounting principles (Exhibit
No. 18 of Item 601 of Regulation S-K)
	·     Not Applicable.
	
        Item 15: Exhibits (no. 21):

         

        Subsidiaries of registrant (Exhibit No. 18 of Item
601 of Regulation S-K)
	·     Depositor.
	
        Item 15: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote
of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K).
	·     Not Applicable.
	
        Item 15: Exhibits (no. 23) – Part 1 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D) that
        is incorporated by reference in the Depositor’s registration statement and (b) the 

        
	·     Depositor

 

    	Exhibit CC-9

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	consent is not the consent of a registered public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Agreement.	 
	
        Item 15: Exhibits (no. 23) – Part 2 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), but the required shall consist of a consent of the registered public accounting firm for purposes of any
        attestation report rendered with respect to the particular “Party Responsible” pursuant to Section 11.13 of this Agreement.

         
	
        ·     Master
        Servicer

         

        ·     Special
        Servicer

         

        ·     Depositor

         

        ·     Any
        other Servicing Function Participant

         

        provided, however, in each case, that
such party shall have the duty to report or deliver, or cause the reporting or delivery, of such consent only to the extent that
such party is required to deliver or cause the delivery of the related attestation report.

	
        Item 15: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney.
	·     Certificate Administrator 
	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No.
31(i) of Item 601 of Regulation S-K).
	·     Not Applicable
	
        Item 15: Exhibits (no. 31(ii))

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No.
31(ii) of Item 601 of Regulation S-K).
	·     Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Agreement.
	
        Item 15: Exhibits (no. 32)

         

        Section 1350 Certifications (Exhibit No. 32 of Item
601 of Regulation S-K).
	·     Not Applicable.
	
        Item 15: Exhibits (no. 33)

	·     Delivery of this exhibit (annual compliance 

 

    	Exhibit CC-10

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	 

                                                                                                                                                                   Report on assessment of compliance with servicing criteria
for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K).
	assessment) is governed by Section 11.10 (and Section 11.07) of this Agreement.
	
        Item 15: Exhibits (no. 34)

         

        Attestation report on assessment of compliance with
servicing criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K).
	·     Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Agreement.
	
        Item 15: Exhibits (no. 35)

         

        Servicer compliance statement (Exhibit No. 35 of Item
601 of Regulation S-K).
	·     Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Agreement.
	
        Item 15: Exhibit (no. 36)

         

        Certification For Shelf Offerings of Asset-Backed Securities
(Exhibit No. 36 of Item 601 of Regulation S-K).
	·     Depositor.
	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K)
	·     Not Applicable.
	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K).
	·     Not Applicable.
	Item 15:  Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·     Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K).

 

    	Exhibit CC-11

    	 

    

 

	Item on Form 10-K	Party
    Responsible
	Item 15:  Exhibit (no. 101)

Interactive Data File (Exhibit No. 101 of Item 601 of Regulation S-K).	  ·     Not Applicable
	Item 15:  Exhibit (no. 102)

Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).	
        ·     [Certificate
        Administrator]

         

        ·     [Depositor]

	Item 15:  Exhibit (no. 103)

Asset Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).	
        ·     [Certificate
        Administrator]

         

        ·     [Depositor]

  

    	Exhibit CC-12

    	 

    

 

EXHIBIT DD

 

FORM
8-K DISCLOSURE INFORMATION

 

The parties identified
in the “Party Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement to
report to the Depositor and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item
described in the “Item on Form 8-K” column to the extent such party has knowledge of such information (other than information
as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity
as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set
forth in or omitted from the Prospectus), in the absence of specific notice to the contrary from the Depositor or a Mortgage Loan
Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such)
shall be entitled to assume that there is no “significant obligor” other than a party or property identified as such
in the Prospectus and to assume that no other party or property will constitute a “significant obligor” after the Cut-off
Date. In no event shall the Master Servicer or the Special Servicer be required to provide any information for inclusion in a Form
8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not the applicable Master Servicer
or Special Servicer, as the case may be. For this Series 2015-JP1 Pooling and Servicing Agreement, each of the Certificate Administrator,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no
provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01: Entry into a Material Definitive Agreement

         

         

         
	
        ·     Depositor,
        except as described in the next bullet (it being acknowledged that Item 601 of Regulation S-K requires filing of material contracts
        to which the registrant or a subsidiary thereof is a party).

         

        ·     Certificate
Administrator, Trustee, Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form
8-K requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed
securities transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment
or definitive agreement

 

    	Exhibit DD-1

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 	that satisfies all the following conditions: (a) such amendment or definitive agreement relates to the Trust
        or one or more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement is an amendment or definitive
        agreement to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor
        or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that
        the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Agreement.

	Item 1.02:  Termination of a Material Definitive Agreement– Part 1 of 2 Parts	·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Agreement.
	Item 1.02:  Termination of a Material Definitive Agreement– Part 2 of 2 Parts	·     Depositor, to the extent of any material agreement not covered in the prior item
	Item 1.03:  Bankruptcy or Receivership	·     Depositor

 

    	Exhibit DD-2

    	 

    

 

	Item on Form 8-K	Party Responsible 
	Item 2.04:  Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	
        ·     Depositor

         

        ·     Certificate
Administrator

	Item 3.03:  Material Modification to Rights of Security Holders	  ·     Certificate Administrator
	Item 5.03:  Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	  ·     Depositor
	Item 6.01:  ABS Informational and Computational Material	  ·     Depositor
	Item 6.02 (Part 1 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in trustee	
        ·     Trustee

         

        ·     Depositor

	Item 6.02 (Part 2 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	
        ·     Certificate
        Administrator

         

        ·     Master
Servicer or Special Servicer, as the case may be (in each case, as to itself)

	Item 6.02 (Part 3 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	
        ·     Master
        Servicer

         

        ·     Special
        Servicer

         

        ·     Certificate
        Administrator

         

        ·     Depositor

	Item 6.03:  Change in Credit Enhancement or External Support	
        ·     Depositor

         

        ·     Certificate
Administrator

	Item 6.04:  Failure to Make a Required Distribution	  ·     Certificate Administrator
	Item 6.05:  Securities Act Updating Disclosure	  ·     Depositor
	Item 7.01:  Regulation FD Disclosure	  ·     Depositor

 

    	Exhibit DD-3

    	 

    

 

	Item on Form 8-K	Party Responsible 
	Item 8.01:  Other Events	·     Depositor
	
        Item 9.01(d): Exhibits (no. 1):

         

        Underwriting agreement (Exhibit No. 1 of Item 601 of
Regulation S-K)
	·     Not applicable
	
        Item 9.01(d): Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
or succession (Exhibit No. 2 of Item 601 of Regulation S-K)
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K)
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 4):

         

        With respect to instruments defining the rights of
security holders (Exhibit No. 4 of Item 601 of Regulation S-K)
	    ·      Certificate
        Administrator

         

        provided, in each case, that this shall in
no event be construed to make such party responsible for the initial filing of this Agreement

	
        Item 9.01(d): Exhibits (no. 7):

         

        Correspondence from an independent accountant regarding
non-reliance on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 14):
	·     Not Applicable

 

    	Exhibit DD-4

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)
	 
	
        Item 9.01(d): Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit
No. 16 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 17):

         

        Correspondence on departure of director (Exhibit No.
17 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 20):

         

        Other documents or statements to security holders (Exhibit
No. 20 of Item 601 of Regulation S-K)
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii)
of Item 601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D)
that is incorporated by reference in the Depositor’s registration statement.
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney.
	·     Certificate Administrator 
	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K)
	·     Not Applicable.
	
        Item 15: Exhibits (no. 100)

        	·     Not Applicable.

 

    	Exhibit DD-5

    	 

    

 

	Item on Form 8-K	Party Responsible 
	XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K).
	 

 

    	Exhibit DD-6

    	 

    

 

EXHIBIT EE

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY
BELOW**

 

Wells
Fargo Bank, National Association, as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045-1951

Attn:
Corporate Trust Services (CMBS) J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2015-JP1—SEC REPORT PROCESSING

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section [11.04] [11.05] [11.07] of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as [ ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to [                       ],
phone number: [                       ];
email address: [                       ]. 

	 	 	 
		[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

cc:
Depositor

 

    	Exhibit EE-1 

     

    

 

EXHIBIT
FF

 

INITIAL
SUB-SERVICERS

 

		1.	NorthMarq
                                         Capital, LLC

 

		2.	Holliday
                                         Fenoglio Fowler, L.P.

 

		3.	Goedecke
                                         & Co., LLC

 

		4.	Grandbridge
                                         Real Estate Capital LLC

 

		5.	Rivercore
                                         Servicing, LLC

 

    	Exhibit FF-1 

     

    

 

EXHIBIT
GG

 

SERVICING
FUNCTION PARTICIPANTS

  

None.

 

    	Exhibit GG-1 

     

    

 

EXHIBIT
HH

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

JPMCC Commercial Mortgage Securities Trust 2015-JP1,

Commercial Mortgage Pass-Through Certificates

Series 2015-JP1 (the “Trust”)

 

I,
[identifying the certifying individual], on behalf of [Wells Fargo Bank, National Association, as Master Servicer] [Midland
Loan Services, a Division of PNC Bank, National Association, as Special Servicer] [Wells Fargo Bank, National Association, as
Certificate Administrator] [Wilmington Trust, National Association, as Trustee] (the “Certifying
Servicer”), certify to J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I
                                         (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s
                                         activities [during the preceding calendar year] [between [__] and [__]] (the “Reporting
                                         Period”) and the Certifying Servicer’s performance under the Pooling
                                         and Servicing Agreement; and

 

		2.	To
                                         the best of my knowledge, based on such review, the Certifying Servicer has fulfilled
                                         all of its obligations under the Pooling and Servicing Agreement in all material respects
                                         during the Reporting Period. [To my knowledge, the Certifying Servicer has failed to
                                         fulfill the following obligations under the Pooling and Servicing Agreement: [SPECIFY
                                         EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	Date:	 	 
	 	 	 
	[WELLS
FARGO BANK, NATIONAL ASSOCIATION, as master servicer]

[MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL
ASSOCIATION, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, as certificate
administrator]

[WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee]	 

 

	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	Exhibit HH-1

    	 

    

 

EXHIBIT
II

 

FORM
OF REPORT ON ASSESSMENT OF

COMPLIANCE with SERVICING CRITERIA

 

[Name
of Reporting Servicer] (the “Reporting Servicer”) is responsible for assessing compliance with the servicing
criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December
31, 20[__] (the “Reporting Period”), as set forth in Exhibit AA to the Pooling and Servicing Agreement. The
transactions covered by this report include asset-backed securities transactions for which the Reporting Servicer acted as [a
master servicer, special servicer, trustee, certificate administrator] involving commercial mortgage loans [other than __________________1]
(the “Platform”);

 

The
Reporting Servicer has engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”)
to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance
with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on
Schedule A;

 

Except
as set forth in paragraph 4 below, the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation
AB to assess the compliance with the applicable servicing criteria;

 

The
criteria listed in the column titled “Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the
Reporting Servicer based on the activities it performs, directly or through its Vendors, with respect to the Platform;

 

The
Reporting Servicer has complied, in all material respects, with the applicable servicing criteria as of December 31, 20[__] and
for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The
Reporting Servicer has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable
servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except
as described on Schedule B hereto];

 

The
Reporting Servicer has not identified any material deficiency in its policies and procedures to monitor the compliance by the
Vendors with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform
taken as a whole[, except as described on Schedule B hereto]; and

  

 

 

1   Describe
any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e. transactions registered prior
to compliance with Regulation AB, transactions involving an offer and sale of asset backed securities that were not required to
be issued), if applicable.

 

    	Exhibit II-1 

     

    

 

[____],
a registered public accounting firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance
with the applicable servicing criteria for the Reporting Period.

 

[Date
of Certification]

	 	 	 
		[Name
of Reporting Servicer]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit II-2 

     

    

 

EXHIBIT
JJ

 

CREFC®
PAYMENT INFORMATION

 

Payments
shall be made to “CRE Finance Council” and sent to:

Commercial
Real Estate Finance Council, Inc.

900
7th Street, NW, Suite 820

Washington,
DC 20001

Attn:
Stephen M. Renna

 

or by
wire transfer to:

 

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

Bank
Name: Chase

Bank
Address: 80 Broadway, New York, NY 10005

Routing
Number: 021000021 

Account
Number: 213597397

 

    	Exhibit JJ-1 

     

    

 

EXHIBIT
KK

 

Form
of Notice of ADDITIONAL 

INDEBTEDNESS
NOTIFICATION

  

VIA
E-MAIL: 

To:
Wells Fargo Bank, National Association, as Certificate Administrator; cts.sec.notifications@wellsfargo.com 

 

Ref:
JPMCC 2015-JP1, Additional Debt Notice for Form 10-D

 

The
following information is being furnished to you for inclusion on Form 10-D pursuant to Sections 3.18(g) and 11.04(a) of the Pooling
and Servicing Agreement

  

	 	Portfolio
    Name	Mortgage

    Loan	Position
    in

    Debt Stack	Additional

    Debt	OPB	OPB
    Date	Appraised

    Value	Appraised

    Value Date	Aggregate

    LTV	Aggregate

    NCF DSCR	Aggregate

    NCF DSCR

    Date	Primary

    Servicer	Master
    

    Servicer	Lead
    

    Servicer	Prospectus

    ID
	1	JPMCC
    2015-JP1	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$

        
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	      Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	JPMCC
    2015-JP1	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$

        
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	      Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	JPMCC
    2015-JP1	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$

        
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	      Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit KK-1 

     

    

 

 EXHIBIT
LL

 

[Reserved.]

 

    	Exhibit LL-2

    	 

    

 

EXHIBIT
MM

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

  

INSTRUCTIONS:

 

FOR
ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

CTS.SEC.NOTIFICATIONS@WELLS
FARGO.COM

 

FOR
ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells
Fargo Bank, National Association, as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045-1951

Attn:
Corporate Trust Services (CMBS)JPMCC 2015-JP1—SEC REPORT PROCESSING

E-Mail:
cts.sec.notifications@wellsfargo.com

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.04 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and
Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as [ ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K]. 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With
respect to the Collection Account and REO Account balance information:

 

	Account
    Name	Beginning
                                         Balance as of 

        

        MM/DD/YYYY 
	Ending
                                         Balance as of 

        

        MM/DD/YYYY

        

	Collection
    Account	 	 
	REO
    Account	 	 

 

    	Exhibit MM-1 

     

    

  

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to
[                       ],
phone number: [         ];
email
address:  [                   ].

	 	 	 
		[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc:
Depositor

 

    	Exhibit MM-2 

     

    

 

EXHIBIT
NN

 

Form
of NOTICE OF PURCHASE OF CONTROLLING CLASS CERTIFICATE

 

[Date]

 

Wells
Fargo Bank, National Association

          as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

 

Wells
Fargo Bank, National Association

          as
Master Servicer

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMCC 2015-JP1 Asset Manager

Telecopy Number: (704) 715-0036

  

Midland
Loan Services, a Division of PNC Bank, National Association

          as
Special Servicer

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy number: (913) 253-9001

  

Pentalpha
Surveillance LLC

          as
Operating Advisor
 375 N. French Road, Suite
100
 Amherst, New York 14228
 Attention:
Don Simon, Chief Operating Officer
 Email: don.simon@pentalphasurveillance.com
and notices@pentalphasurveillance.com

 

Re:          JPMCC
Commercial Mortgage Securities Trust 2015-JP1 Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of
December 1, 2015, by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer

 

    	Exhibit NN-1 

     

    

 

This
letter is delivered to you, pursuant to Section 3.23 of the Pooling and Servicing Agreement in connection with the transfer by
____________ (the “Transferor”) to us (the “Transferee”) of $__________________ original
principal balance in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates. The Certificates were
issued pursuant to the Pooling and Servicing Agreement.

 

		1.	Our
                                         name and address is as follows:

__________________________________

__________________________________

__________________________________

 

Contact
Info: [Tel/Email]

 

		2.	[IF
                                         APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
                                         that we are purchasing a majority interest in the Class [__] Certificates, and that
                                         we are not affiliated with the Transferor. To the extent that any Control Event or Consultation
                                         Termination Event has occurred due to a waiver of a prior Class [__] Certificateholder
                                         of its rights under the Pooling and Servicing Agreement, we hereby request that you reinstate
                                         such rights and post a “special notice” on your website to the following
                                         effect:

 

“A
Consultation Termination Event or a Control Event has been terminated and is no longer in effect due to a transfer of a
majority interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior
Holder.

 

All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

	 	 	 
		Very truly yours,
	 	 	 
	 	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit NN-2 

     

    

 

 

EXHIBIT
OO

 

FORM
OF ASSET REVIEW REPORT

 

BY
THE ASSET REPRESENTATIONS REVIEWER1

 

To:
[Addresses of Recipients]

 

		Re:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1

 

Ladies
and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and
Servicing Agreement”), the undersigned Asset Representations Reviewer (“ARR”)has performed an Asset
Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	As
                                         described in the detailed scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion
                                         is that there is [no evidence of a Test failure/evidence of [•] Test failures] with
                                         respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the ARR of a Test pass or a Test failure shall not constitute a determination
                                         by the ARR of (i) the existence or nonexistence of a Material Defect, or (ii) whether
                                         the Trust should enforce any rights it may have against the applicable Mortgage Loan
                                         Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         ARR, other than forwarding this report to the persons listed above, will not be required
                                         to take or participate in any other or further action with respect to the aforementioned
                                         Asset Review Report.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the above-captioned Pooling and Servicing Agreement.

 

	 	 	 
		PENTALPHA SURVEILLANCE LLC,

    as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

1   This report is an indicative
report, and the Asset Representations Reviewer will have the ability to modify or alter the organization and content of this report,
subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation, provisions relating
to Privileged Information.

 

    	Exhibit OO-1 

     

    

 

Exhibit
A

 

Detailed
Scorecard [Template Example Below]

  

	Test
                                         failures

         

	Loan
    #	Loan
    

Name	R&W

    #	R&W
    Name	Test

    #	Test
    Description	Findings
	[Insert
    Loan Number]	[Insert
    Loan Name]	44	Lease
    Estoppels	44c	[Insert
    Test Description]	[Insert
    Test findings]
	32	Due
    on Sale or Encumbrance	32b	 	 

 

    	Exhibit OO-2 

     

    

 

EXHIBIT
PP

 

FORM
OF ASSET REVIEW REPORT SUMMARY1

 

To:
[Addresses of Recipients]

 

		Re:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1

 

Ladies
and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and
Servicing Agreement”), the undersigned Asset Representations Reviewer (“ARR”) has performed an Asset
Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report Summary.

 

		1.	As
                                         described in the summary scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion
                                         is that there is [no evidence of a Test failure/evidence of [•] Test failures] with
                                         respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the ARR of a Test pass or a Test failure shall not constitute a determination
                                         by the ARR of (i) the existence or nonexistence of a Material Defect, or (ii) whether
                                         the Trust should enforce any rights it may have against the applicable Mortgage Loan
                                         Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         ARR, other than forwarding this Asset Review Report Summary to the parties listed above,
                                         will not be required to take or participate in any other or further action with respect
                                         to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the above-captioned Pooling and Servicing Agreement.

 

	 	 	 
		PENTALPHA SURVEILLANCE LLC,

    as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

1   This report is an indicative report, and
the Asset Representations Reviewer will have the ability to modify or alter the organization and content of this report, subject
to compliance with the terms of the Pooling and Servicing Agreement, including without limitation, provisions relating to Privileged
Information.

  

    	Exhibit PP-1 

     

    

 

Exhibit
A

  

Summary
Scorecard [Template Example Below]

  

	Test
                                         failures

         
	 	 	 	 
	Loan
    #	Loan
    Name	Representations

and Warranty #	Representation
    and Warranty Name	Test
    #
	[Insert
    Loan #]	[Insert
    Loan Name]	44	Lease
    Estoppels	44c
	32	Due
    on Sale or Encumbrance	32b

 

    	Exhibit PP-2 

     

    

 

EXHIBIT QQ

 

ASSET
REVIEW PROCEDURES

 

    	Exhibit QQ-1 

     

    

 

ASSET REVIEW PROCEDURES

 

Pursuant to the terms and subject to
the conditions set forth in the Pooling and Servicing Agreement, the Asset Representations Reviewer
(“ARR”) shall perform an Asset Review with respect to each representation and warranty made by the related
Mortgage Loan Seller only with respect to each Delinquent Loan in accordance with the procedures set forth below (each such
procedure, a “Test”). Capitalized terms used herein but not defined herein have the meaning set forth in
the Pooling and Servicing Agreement or, solely with respect to a representation and warranty, the meaning set forth in the
related Mortgage Loan Purchase Agreement. For the avoidance of doubt, in connection with the performance of the following
Tests:

 

		(A)	With respect to any representation and warranty that includes a knowledge qualifier (e.g., to the Mortgage Loan Seller’s
knowledge, etc.), the ARR shall not be responsible for any investigation or review beyond that set forth in the applicable Test
related to such representation and warranty;

 

		(B)	With respect to any representation and warranty that includes the examination of an insurance policy or Title Policy, the ARR
will be permitted to engage a qualified consultant (at the ARR’s own expense) to perform a review of the applicable policy,
and will be allowed to rely upon the conclusions of the consultant when making a determination as to whether there is a Test pass.

 

		(C)	The ARR shall be under no duty to provide or obtain a legal opinion, legal review or legal conclusion;

  

		(D)	Unless otherwise provided in the Test, the “as of” date for the testing of a representation is as of the Closing
Date;

  

		(E)	Unless otherwise provided in the Test, if there is more than one version of the same document with respect to a particular
Mortgage Loan or Mortgaged Property, the document that will be used by the ARR in testing is the document that is dated as of the
Closing Date or, if none, the document closest prior to the Closing Date;

 

		(F)	With respect to each representation and warranty and its related Test(s), the ARR shall take into account any exceptions to
such representation and warranty described in a Mortgage Loan Purchase Agreement with respect to a Mortgage Loan, and a Test pass
shall be deemed to have occurred with respect to such Test if the sole reason for not satisfying the applicable Test is caused
by such exception(s); and

 

		(G)	A failure of a Test could result from (i) an affirmative determination by the ARR that the Test failed to achieve a Test pass,
or (ii) a determination by the ARR that the documentation included in the Review Materials is not sufficient to perform the Test
after the application of Section 12.01(b)(vii), if applicable.

 

		(H)	A determination by the ARR of a Test pass or a Test failure shall not constitute a determination by the ARR of (i) the existence
or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage
Loan Seller.

  

The ARR will only be required to perform the Tests described
in this Exhibit QQ, and will not be obligated to perform additional procedures on any Delinquent Loan. Notwithstanding the
required Tests, the ARR will not be required to review any information other than (1) Review Materials specified in the related
Test and (2) if applicable, Unsolicited Information. The ARR may, but is under no obligation to, consider Unsolicited Information
relevant to the Tests subject to the terms of the Pooling and Servicing Agreement. If the ARR considers Unsolicited Information,
the ARR shall take into account such Unsolicited Information, in addition to the Review Materials referred to in the applicable
Test(s) procedure when making a determination as to whether there is a Test pass.

 

    	QQ-1

    	 

    

 

	Representations
    and Warranties	Test	Review
    Materials
	1.   Complete
    Servicing File. All documents comprising the Servicing File will be or have been delivered to the Master Servicer with
    respect to each Mortgage Loan by the deadlines set forth in the Pooling and Servicing Agreement and/or Mortgage Loan Purchase
    Agreement.	1a	Review
    the Servicing File to determine if it includes a signed custodian certification that does not contain any exceptions
    reported.     If so determined, it will be a Test pass.	Servicing
    File; custodian certification
	2.   Whole
    Loan; Ownership of Mortgage Loans. Except with respect to each Serviced Mortgage Loan, each Mortgage Loan is a whole loan
    and not an interest in a Mortgage Loan. Each Serviced Mortgage Loan is a senior portion (or a pari passu portion of
    a senior portion) of a whole mortgage loan. Immediately prior to the sale, transfer and assignment to depositor, no Mortgage
    Note or Mortgage was subject to any assignment (other than assignments to the Seller), participation (other than with respect
    to Serviced Mortgage Loans) or pledge, and the Seller had good and marketable title to, and was the sole owner of, each Mortgage
    Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to agreements
    among noteholders with respect to a Whole Loan) (subject to certain agreements regarding servicing and/or defeasance successor
    borrower rights as provided in the Pooling and Servicing Agreement, subservicing agreements permitted thereunder and that
    certain Servicing Rights Purchase Agreement, dated as of the Closing Date between the Master Servicer and the Seller), any
    other ownership interests and other interests on, in or to such Mortgage Loan (subject to certain agreements regarding servicing
    and/or defeasance successor borrower rights as provided in the Pooling and Servicing Agreement, subservicing agreements permitted
    thereunder and that certain Servicing Rights Purchase Agreement, dated as of the Closing Date between the Master Servicer
    and the Seller). The Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment
    to depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens,
    pledges, charges or security interests of any nature encumbering such Mortgage Loan (subject to certain agreements regarding
    servicing and/or defeasance successor borrower rights as provided in the Pooling and Servicing Agreement, subservicing agreements
    permitted thereunder and that certain Servicing Rights Purchase Agreement, dated as of the Closing Date between the Master
    Servicer and the Seller).	2a	Except
    with regard to each Serviced Mortgage Loan and Non-Serviced Mortgage Loan, review the amounts listed on the original Mortgage
    Note and Mortgage to determine if they match the amounts listed on the Mortgage Loan Schedule. If the amounts are the same,
    then such Mortgage Loan would be considered a whole loan. If there is more than one property then the Mortgage for each property
    would be need to be aggregated. If so determined, it will be a Test pass.	Mortgage
    Note; Mortgage; Mortgage Loan Schedule.
	2b	If
    the Mortgage Loan is a Serviced Mortgage Loan or Non-Serviced Mortgage Loan, review the Mortgage(s), Mortgage Note, loan agreement
    related to the Mortgage Loan (“Loan Agreement”), Mortgage Loan guaranty, Assignment of Leases, and Environmental
    Indemnification Agreement (collectively, the “Mortgage Loan Documents”) or intercreditor agreement to determine
    if it is a senior portion (or a pari passu portion of a senior portion) of a whole mortgage loan. If so determined, it will
    be a Test pass.	Mortgage
    Loan Documents; intercreditor agreement
	2c	Review
    any Asset Status Report or Final Asset Status Report (collectively referred to herein as “Collective Asset Status
    Reports”) for a notation or other indication of any claim or assertion regarding the Mortgage Loan Seller not
    having     good and marketable title to, or not being the sole owner of, the Mortgage Loan, free and clear of any and all
    liens, charges,     pledges, encumbrances, participations (other than with respect to agreements among Mortgage Noteholders
    with respect to a     Whole Loan), any other ownership interests and other interests on, in or to such Mortgage Loan (subject
    to certain agreements     regarding servicing and/or defeasance successor borrower rights as provided in the Pooling and
    Servicing Agreement, subservicing     agreements permitted thereunder and that certain Servicing Rights Purchase Agreement,
    dated as of the Closing Date between     the Master Servicer and the Mortgage Loan Seller). If such a notation or other
    indication is not found, it will be a Test     pass.	Collective
    Asset Status Reports
	2d	Review
    the Collective Asset Status Reports for a notation or 	Collective
    Asset Status Reports

 

    	QQ-2

    	 

    

 

	Representations
    and Warranties	Test	Review
    Materials
	 	 	other
    indication of any claim or assertion regarding the Mortgage Loan Seller not having the full right and authority to sell, assign
    and transfer the Mortgage Loan. If such a notation or other indication is not found, it will be a Test pass.	 
	 	2e	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion regarding the assignment to
    the Depositor not constituting a legal, valid and binding assignment of such Mortgage Loan as described in the last sentence
    of representation and warranty 2. If such a notation or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	3.   Loan
        Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and
        other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such
        Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject
        to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or
        market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except as
        such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other
        similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless
        of whether such enforcement is considered in a proceeding in equity or at law and except that certain provisions in such
        Mortgage Loan documents (including, without limitation, provisions requiring the payment of default interest, late fees
        or prepayment/yield maintenance premiums) may be further limited or rendered unenforceable by applicable law (clauses
        (i) and (ii) collectively, the “Insolvency Qualifications”).

         

        Except
as set forth in the immediately preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available
to the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including,
without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Seller in connection
with the origination of the Mortgage Loan, that would deny the mortgagee the principal benefits intended to be provided by the
Mortgage Note, Mortgage or other Mortgage Loan documents. 
	3a	Review
    the opinion of Mortgagor’s counsel (“Mortgagor’s Counsel Opinion”) to determine if it contains
    language indicating that the related Mortgage Note, Mortgage, assignment of leases (if a separate instrument), guaranty and
    other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage
    Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse
    provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency
    legislation), as applicable, and is enforceable in accordance with its terms, except as specified in representation and warranty
    3. If so determined, it will be a Test pass.	Mortgagor’s
    Counsel Opinion
	3b	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion regarding rights of offset,
    defenses, counterclaims or rights of rescission available to the related Mortgagor with respect to any of the related Mortgage
    Notes, Mortgages or other Mortgage Loan documents, except with respect to any Insolvency Qualifications. If such a notation
    or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports

 

 

    	QQ-3

    	 

    

 

	Representations
    and Warranties	Test	Review
    Materials
	4.    Mortgage
    Provisions. The Mortgage Loan documents for each Mortgage Loan contain provisions that render the rights and remedies
    of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the
    security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject
    to the limitations set forth in the Insolvency Qualifications.	4a	Review
    the Mortgage Loan Documents and Mortgagor’s Counsel Opinion to determine if the Mortgage Loan Documents contain provisions
    that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property
    of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable,
    nonjudicial foreclosure subject to the limitations set forth in the Insolvency Qualifications. If so determined, it will be
    a Test pass.	Mortgage
    Loan Documents; Mortgagor’s Counsel Opinion
	5.    Hospitality
    Provisions. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property operated pursuant
    to a franchise agreement includes an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of
    such property enforceable by the Trust against such franchisor, either directly or as an assignee of the originator. The Mortgage
    or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest in the
    revenues of such property for which a UCC financing statement has been filed in the appropriate filing office.	5a	Review
    the appraisals to determine if any of the properties are specifically identified as hospitality properties. If so, review
    the Mortgage File to determine if there exists a franchise agreement and executed comfort letter or other similar agreement
    signed by the Mortgagor and franchisor that is enforceable by the Trust against such franchisor, either directly or as an
    assignee of the originator. If so determined with respect to each part of the Test, it will be a Test pass.	Appraisal;
    franchise     agreement; Comfort letter or similar agreement signed by or from such franchisor
	5b	If
    the appraisals specifically identify any Mortgaged Properties as hospitality properties, review the security agreement for
    each Mortgaged Property to determine if there are provisions related to creating a security interest in the revenues of such
    property. Also, review the Mortgage File to determine if there exist filed copies (bearing evidence of filing) or evidence
    of filing of any related UCC financing statements, related amendments and continuation statements. If so determined with respect
    to each part of this Test, it will be a Test pass.	UCC
    filing; appraisal; Mortgage File
	6.    Mortgage
    Status; Waivers and Modifications. Since origination and except by written instruments set forth in the related Mortgage
    File or as otherwise provided in the related Mortgage Loan documents (a) the material terms of such Mortgage, Mortgage Note,
    Mortgage Loan guaranty, and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied,
    canceled, subordinated or rescinded in any respect; (b) no related Mortgaged Property or any portion thereof has been released
    from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided
    by such Mortgage or the use or operation of such Mortgaged Property; and (c) neither Mortgagor nor guarantor has been released
    from its obligations under the Mortgage Loan. The material terms of such Mortgage, Mortgage Note, Mortgage Loan 	6a	Review
    the Mortgage Loan Documents and Collective Asset Status Reports to determine if the material terms of such documents have
    been     waived, impaired, modified, altered, satisfied, cancelled, subordinated or rescinded in any respect, except by
    written instruments     set forth in the related Mortgage File. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents; Collective Asset Status Reports
	6b	Review
    the Collective Asset Status Reports and Mortgage Loan Documents to determine if a related mortgaged property, or any portion
    thereof, has been released from the lien of the related Mortgage in any manner which materially interferes with the security
    intended to be provided by such Mortgage or the use or operation of such Mortgaged Property. If not so determined, it will
    be a Test pass.	Collective
    Asset Status Reports; Mortgage Loan Documents

 

    	QQ-4

    	 

    

 

 

	Representations
    and Warranties	Test	Review
    Materials
	       guaranty,
    and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or
    rescinded in any respect since December 2, 2015.	6c	Review
    the Collective Asset Status Reports for a notation or other indication that either the Mortgagor or Guarantor has been
    released     from its obligations under any Mortgage Loan. If such a notation or other indication is not found, it will be a
    Test pass.	Collective
    Asset Status Reports
	7.   Lien;
        Valid Assignment. Subject to the Insolvency Qualifications, each endorsement and assignment of Mortgage and assignment
        of Assignment of Leases (if a separate instrument from the Mortgage) from the Seller constitutes a legal, valid and binding
        endorsement or assignment from the Seller. Each related Mortgage and Assignment of Leases is freely assignable without
        the consent of the related Mortgagor. Each related Mortgage is a legal, valid and enforceable first lien on the related
        Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in
        the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined
        below)), except as the enforcement thereof may be limited by the Insolvency Qualifications. Such Mortgaged Property (subject
        to Permitted Encumbrances) as of origination was, and as of the Cut-off Date to the Seller’s knowledge, is free
        and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances,
        and to the Seller’s knowledge and subject to the rights of tenants, no rights exist which under law could give rise
        to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which
        are insured against by a lender’s title insurance policy (as described below). Any security agreement, chattel mortgage
        or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid and
        enforceable lien on property described therein subject to Permitted Encumbrances, except as such enforcement may be limited
        by Insolvency Qualifications subject to the limitations described in clause (11) below. Notwithstanding anything herein
        to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property
        to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing
        statements is required in order to effect such perfection.

         

        The assignment
        of the Mortgage Loans to the Depositor validly and effectively transfers and conveys all legal and beneficial ownership
        of

         
	7a	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion regarding any endorsement
    and     assignment of Mortgage and Assignment of Leases not constituting a legal, valid and binding endorsement or assignment
    from     the Mortgage Loan Seller, subject to the Insolvency Qualifications. If such a notation or other indication is not
    found, it     will be a Test pass.	Collective
    Asset Status Reports
	7b	Review
    the Mortgage for each property and the Assignment of Leases for each property for provisions to the effect that the related
    Mortgage and Assignment of Leases is not freely assignable without the consent of the related Mortgagor. If no such provision
    is found, it will be a Test pass.	Mortgage;
    Assignment of Leases
	7c	Review
    the title policy (as defined in representation and warranty 8, the “Title Policy”) to determine if the
    Mortgage is a first lien on the Mortgagor’s interest in the Mortgaged Property. Compare the amount of the Title Policy
    to the principal amount of the Mortgage Loan or allocated loan amount to determine they are equivalent. If each such determination
    is made, it will be a Test pass.	Title
    Policy
	7d	Review
    the Title Policy to determine if the Mortgaged Property was free and clear of any recorded mechanics’ liens, recorded
    materialmen’s liens and other recorded encumbrances. If so determined, it will be a Test pass.	Title
    Policy
	7e	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that, as of the Cut-off
    Date,     the Mortgage Loan Seller had knowledge that the Mortgaged Property was not free and clear of any recorded
    mechanics’     liens, recorded materialmen’s liens and other recorded encumbrances. If such a notation or other
    indication is not found,     it will be a Test pass.	Collective
    Asset Status Reports
	7f	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that, subject to the rights
    of tenants, there are rights existing which under law could give rise to any such lien or encumbrance that would be prior
    to or equal with the lien of the related Mortgage, except those which 	Collective
    Asset Status Reports

 

    	QQ-5

    	 

    

 

	Representations
    and Warranties	Test	Review
    Materials
	        the
    Mortgage Loans to the Depositor free and clear of any pledge, lien, encumbrance or security interest (subject to certain agreements
    regarding servicing as provided in the Pooling and Servicing Agreement, subservicing agreements permitted thereunder and that
    certain Servicing Rights Purchase Agreement, dated as of the Closing Date between the Master Servicer and the Seller).	 	are
    insured against by a lender’s title insurance policy. If such a notation or other indication is not found, it will be
    a Test pass.	 
	7g	Review
    the Title Policy to determine if any security agreement, chattel mortgage or equivalent document related to and delivered
    in connection with the Mortgage Loan establishes and creates a valid and enforceable lien on property described therein subject
    to Permitted Encumbrances, except as such enforcement may be limited by Insolvency Qualifications subject to the limitations
    described in representation 11 below. The foregoing excludes the perfection of any security interest in rents or other personal
    property to the extent that possession or control of such items or actions other than the filing of a UCC financing statements
    is required in order to effect such perfection. If so determined, it will be a Test pass.	Title
    Policy
	7h	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that the Mortgage Loan
    Seller     did not have good and marketable title free and clear of any pledge, lien, encumbrance or security interest. If
    such a notation     or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	7i	Review the Collective
    Asset Status Reports for a notation or other indication of any claim or assertion that the Mortgage Loan Seller was not the
    sole owner of any Mortgage Loan, or that the Mortgage Loan was not free and clear of any pledge, lien, encumbrance or security
    interest. If such a notation or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	7j	Review
    the Collective Asset Status Reports for a notation or other indication of claim or assertion that the assignment did not
    validly     and effectively transfer and convey all legal and beneficial ownership of any Mortgage Loans to the Depositor
    free and clear     of any pledge, lien, encumbrance or security interest. If such a notation or other indication is not
    found,     it will be a Test     pass.	Collective
    Asset Status Reports
	8.    Permitted
    Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association
    loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction
    (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked
    up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the	8a	Review
    the Title Policy to determine if it is an American Land Title Association loan title insurance policy or another comparable
    form of loan title insurance policy approved for use in the applicable jurisdiction. Review to determine if the amount of
    the     policy covers the amount of the Mortgage Loan, or for multiple properties, an amount equal to the allocated loan
    amount after     all advances of principal. If so determined with respect to 	Title Policy;
    Mortgage Loan Documents

 

    	QQ-6

    	 

    

 

	Representations and Warranties	Test	Review Materials
	
        original principal amount of such
        Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan
        amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in
        escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority
        lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and
        assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of
        public record specifically identified in the Title Policy; (c) the exceptions (general and specific) and exclusions set forth in
        such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only)
        under leases (including subleases) pertaining to the related Mortgaged Property which the Mortgage Loan documents do not require
        to be subordinated to the lien of such Mortgage; and (f) if the related Mortgage Loan constitutes a cross-collateralized Mortgage
        Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Crossed Mortgage Loan Group, provided that none
        of which items (a) through (f), individually or in the aggregate, materially interferes with the value, current use or operation
        of the Mortgaged Property or the security intended to be provided by such Mortgage or with the current ability of the related Mortgaged
        Property to generate net cash flow sufficient to service the related Mortgage Loan or the Mortgagor’s ability to pay its
        obligations when they become due (collectively, the “Permitted Encumbrances”).

         

        Except as contemplated by clause (f) of
the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with
the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in
full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder and no claims
have been paid thereunder. Neither the Seller, nor to the Seller’s knowledge, any other holder of the Mortgage Loan, has
done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy contains
no exclusion for, or affirmatively insures (except for any Mortgaged 
		each part of this Test, it will be a Test pass.

 	 
	8b	Review the Title Policy to determine if the first priority lien of the Mortgage is subject only to Permitted Encumbrances. If so determined, it will be a Test pass.	Title Policy
	8c	Review the Title Policy to determine if any Permitted Encumbrance is a mortgage lien that is senior to or coordinate and co-equal to the lien of the related Mortgage, other than as contemplated by item (f) in the definition of Permitted Encumbrances. If not so determined, it will be a Test pass.	Title Policy
	8d	Review the Title Policy and Collective Asset Status Reports for a notation or other indication that the coverage is not in full force and effect, that all premiums thereon have not been paid or that claims have been made by any Mortgage Loan Seller. If no such notation or other indication is found, it will be a Test pass.	Title Policy; Collective Asset Status Reports
	8e	Review
    the Collective Asset Status Reports for a notation or other indication that the Mortgage Loan Seller, or any other holder of
    the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such policy. If
    such a notation or other indication is not found, it will be a Test pass.	Collective Asset Status Reports
	8f	Review
    the Title Policy to determine if the Title Policy contains no exclusion for, or affirmatively insures (except for any
    Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion
    may exist), that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage. If
    so determined, it will be a Test pass.	Title Policy
	8g	Review
    the Title Policy to determine if the Title Policy contains no exclusion for, or affirmatively insures (except for any
    Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion
    may exist), to the extent that the Mortgaged Property 	Title Policy

 

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	Representations and Warranties	Test	Review Materials
	Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage, and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous.	 	consists
    of two or more adjoining parcels, such parcels are contiguous. If so determined, it will be a Test pass.	 
	9.    Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, there are no subordinate mortgages or junior liens encumbering the related Mortgaged Property. The Seller has no knowledge of any mezzanine debt related to the Mortgaged Property and secured directly by the ownership interests in the Mortgagor.	9a	Review the Title Policy to determine if there is any subordinate mortgage or junior lien encumbering the Mortgaged Property. If not so determined, it will be a Test pass.	Title Policy
	9b	Review
    the Collective Asset Status Reports for a notation or other indication that the Mortgage Loan Seller had knowledge of any
    mezzanine debt related to the Mortgaged Property and secured directly by the ownership interests in the Mortgagor. If such a
    notation or other indication is not found, it will be a Test pass.	Collective Asset Status Reports
	10.  Assignment of Leases and Rents. There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Insolvency Qualifications; no person other than the related Mortgagor owns any interest in any payments due under such lease or leases that is superior to or of equal priority with the lender’s interest therein. The related Mortgage or related Assignment of Leases, subject to applicable law, provides for, upon an event of default under the Mortgage Loan, a receiver to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.	10a	Review
    the Mortgage File to determine if an Assignment of Leases (either as a separate instrument or incorporated into the related
    Mortgage) is in the Mortgage File. If so determined, it will be a Test pass.	Mortgage File; Mortgage; Assignment of Leases
	10b	Review
    the Title Policy to determine if the Mortgage, or any related Assignment of Leases, has been recorded, and creates a valid
    first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights
    under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and
    to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased
    property, except as the enforcement thereof may be limited by the Insolvency Qualifications; and to determine that no person
    other than the related Mortgagor owns any interest in any payments due under such lease or leases that is superior to or of
    equal priority with the lender’s interest therein. If so determined with respect to each part of this Test, it will be
    a     Test pass.	Title Policy
	10c	Review
    the Title Policy to determine if any person other than the Mortgagor owns any interest in any payments due under such lease
    or leases that is superior to or of equal priority with the lender’s interest therein. If not so determined, it will be
    a Test pass.	Title Policy
	10d	Review the Assignment of Leases (either as a separate instrument 	Mortgage; Assignment of Leases

 

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	Representations and Warranties	Test	Review Materials
	 	 	or incorporated into the related Mortgage) to determine if the Mortgage, or related Assignment of Leases, provides that upon an event of default under the Mortgage Loan, a receiver is to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. If so determined, it will be a Test pass.	 
	11.Financing Statements. Each Mortgage Loan or related security agreement establishes a valid security interest in, and a UCC-1 financing statement has been filed (except, in the case of fixtures, the Mortgage constitutes a fixture filing) in all places necessary to perfect a valid security interest in, the personal property (the creation and perfection of which is governed by the UCC) owned by the Mortgagor and necessary to operate any Mortgaged Property in its current use other than (1) non-material personal property, (2) personal property subject to purchase money security interests and (3) personal property that is leased equipment. Each UCC-1 financing statement, if any, filed with respect to personal property constituting a part of the related Mortgaged Property and each UCC-2 or UCC-3 assignment, if any, filed with respect to such financing statement was in suitable form for filing in the filing office in which such financing statement was filed.	11a	Review
    the Collective Asset Status Reports for a notation or other indication of inappropriately filed or nonexistent UCC-1
    financing     statements. If such a notation or other indication is not found, it will be a Test pass.	Collective Asset Status Reports
	11b	Review
    the Collective Asset Status Reports for notation or other indication that the UCC-1, UCC-2 and UCC-3 statements were not in
    suitable form for filing. If such a notation or other indication is not found, it will be a Test pass.	Collective Asset Status Reports
	12.Condition
    of Property. The Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged
    Property within four months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering
    report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than
    twelve months prior to the Cut-off Date, which indicates that, except as set forth in such engineering report or with respect
    to which repairs were required to be reserved for or made, all building systems for the improvements of each related
    Mortgaged Property are in good working order, and further indicates that each related Mortgaged Property (a) is free of any
    material damage, (b) is in good repair and condition, and (c) is free of structural defects, except to the extent (i) any
    damage or deficiencies that would not materially and adversely affect the use, operation or value of the Mortgaged Property
    or the security intended to be provided by such Mortgage or repairs with respect to such damage or deficiencies estimated to
    cost less than $50,000 in the aggregate per Mortgaged Property; (ii) such repairs have been completed; or (iii) escrows in an
    aggregate amount consistent with the 	12a	Review
    the engineering report or property condition assessment in the Mortgage File to determine if it is dated within four months
    of the origination date, and within twelve months of the Cut-off Date. If so determined, it will be a Test pass.	engineering report; Property Condition Assessment
	12b	Review the engineering report or property condition assessment in the Mortgage File to determine if it was dated no more than 12 months prior to the Cut-off Date. Review the engineering report to confirm that all building systems for the improvements of each Mortgaged Property being in good working order, and free of material damage. If so determined with respect to each part of the Test, it will be a Test pass.	engineering report; property condition assessment
	12c	Review the engineering report or property condition assessment in the Mortgage File dated no more than 12 months prior to the Cut-off Date to determine if it provides that each related Mortgaged Property is free of structural defects, except to the extent: (i) any damage or deficiencies that would not materially and adversely affect the use, operation or value of the Mortgaged Property or the security intended to be provided by such Mortgage or repairs with respect to such damage or deficiencies 	engineering report; property condition assessment

 

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	Representations and Warranties	Test	Review Materials
	standards utilized by the Seller with respect to similar loans it originates for securitization have been established, which escrows will in all events be in an aggregate amount not less than the estimated cost of such repairs. The Seller has no knowledge of any material issues with the physical condition of the Mortgaged Property that the Seller believes would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the engineering report and those addressed in sub-clauses (i), (ii) and (iii) of the preceding sentence.	 	estimated to cost less than $50,000 in the aggregate per Mortgaged Property; (ii) such repairs have been completed; or (iii) escrows in an aggregate amount consistent with the standards utilized by the Mortgage Loan Seller with respect to similar loans it originates for securitization have been established, which escrows will in all events be in an aggregate amount not less than the estimated cost of such repairs. If so determined, it will be a Test pass.	 
	12d	Review
    the Collective Asset Status Reports for a notation or other indication that the Mortgage Loan Seller had knowledge of
    material issues with the physical condition of the Mortgaged Property that the Mortgage Loan Seller believed would have a
    material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the most
    recently dated engineering report and those addressed in sub-clauses (i), (ii) and (iii) of representation and warranty 12.
    If such a notation or other indication is not found, it will be a Test pass.	Collective Asset Status Reports
	13.Taxes and Assessments. As of the date of origination and as of the Closing Date, all taxes and governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges) due with respect to the Mortgaged Property (excluding any related personal property) securing a Mortgage Loan that is or if left unpaid could become a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that became due and delinquent and owing prior to the Cut-off Date with respect to each related Mortgaged Property have been paid, or, if the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute, the unpaid taxes or charges are covered by an escrow of funds or other security sufficient to pay such tax or charge and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real property taxes, governmental assessments and other outstanding governmental charges shall not be considered delinquent until the date on which interest and/or penalties would be payable thereon.	13a	Review
    the Collective Asset Status Reports for a notation or other indication that all taxes and governmental assessments and other
    outstanding governmental charges due with respect to the Mortgaged Property securing a Mortgage Loan (including, without
    limitation, water and sewage charges) due with respect to the Mortgaged Property (excluding any related personal property) as
    of the Closing Date have been paid, and if the appropriate amount of such taxes or charges is being appealed or is otherwise
    in dispute, the unpaid taxes or charges were not covered by an escrow of funds or other security sufficient to pay such tax
    or charge and reasonably estimated interest and penalties, if any, thereon. If such a notation or other indication is not
    found, it will be a Test pass.	Collective Asset Status Reports
	13b	Review
    the Collective Asset Status Reports for a notation or other indication that all taxes and governmental assessments and other
    outstanding governmental charges (including, without limitation, water and sewage charges) due with respect to the Mortgaged
    Property (excluding any related personal property) were current as of the Closing Date. If such a notation or other
    indication is found, it will be a Test pass.	Collective Asset Status Reports
	14.Condemnation. As of the date of origination and to the Seller’s knowledge as of the Closing Date, there is no proceeding pending or 	14a	Review
    the Collective Asset Status Reports for a notation or other indication of any proceeding pending or threatened for the 	Collective Asset Status Reports

 

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	Representations and Warranties	Test	Review Materials
	threatened for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the use or operation of the Mortgaged Property.	 	total
    or partial condemnation of such Mortgaged Property as of the origination date, or for a notation or other indication that the
    Mortgage Loan Seller had knowledge as of the Closing Date of any such proceeding. If such a notation or other indication is
    not found, it will be a Test pass.	 
	15.Actions Concerning Mortgage Loan. As of the date of origination and to the Seller’s knowledge as of the Closing Date, there was no pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the use, operation or value of the Mortgaged Property, (f) the principal benefit of the security intended to be provided by the Mortgage Loan documents, (g) the current ability of the Mortgaged Property to generate net cash flow sufficient to service such Mortgage Loan, or (h) the current principal use of the Mortgaged Property.	15a	Review
    the Mortgage Loan Documents, the Mortgagor’s Counsel Opinion and the Collective Asset Status Reports for an indication
    of pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation involving any
    Mortgagor, guarantor, or Mortgaged Property that existed on the origination date, and review the Diligence File and the
    Collective Asset Status Reports to determine if the Mortgage Loan Seller’s had knowledge of same as of the Closing
    Date.     If such an indication is not found with respect to each part of this Test, it will be a Test pass.	Mortgage
    Loan Documents; Mortgagor’s Counsel Opinion; Collective Asset Status Reports
	15b	Based on the Collective Asset Status Reports, determine if an adverse outcome of any such pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgaged Property would adversely affect the matters set forth in clauses (a)-(h) of representation and warranty 15. If any such adverse outcome would not adversely affect the matters set forth in clauses (a)-(h) of representation and warranty 15, it will be a Test pass.	Collective Asset Status Reports
	16.Escrow Deposits. All escrow deposits and payments required pursuant to each Mortgage Loan (including capital improvements and environmental remediation reserves) are in the possession, or under the control, of the Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required under the related Mortgage Loan documents are being conveyed by the Seller to depositor or its servicer and identified as such with appropriate detail. Any and all requirements under the Mortgage Loan as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to have been complied with on or before Closing Date, have been complied with in all material respects or the funds so escrowed have not been released unless such release was consistent with proper and prudent commercial mortgage servicing practices or such released funds were otherwise used for their intended purpose. 	16a	Review
    the Collective Asset Status Reports for a notation or other indication of any escrow deposits and payments required pursuant
    to the Mortgage Loan not in the servicer’s possession or control. If such a notation or other indication is not found,
    it will be a Test pass.	Collective Asset Status Reports
	16b	Review
    the Servicing File and the Collective Asset Status Reports to determine if all escrows and deposits required pursuant to the
    Mortgage Loan have been conveyed to the depositor or its servicer. If so determined, it will be a Test pass.	Servicing File; Collective Asset Status Reports
	16c	Review
    the Servicing File and the Collective Asset Status Reports for a notation or other indication that the requirements under
    the     Mortgage Loan as to completion of any material improvements and as to disbursements of any funds escrowed for such
    purpose on     or before the Closing Date have not been complied with in all material respects. If such a notation or other
    indication is not     found, it will be a Test pass.	Servicing File; Collective Asset Status Reports

 

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    and Warranties	 Test	Review
    Materials
	No
    other escrow amounts have been released except in accordance with the terms and conditions of the related Mortgage Loan documents.	16d	Review
    the Servicing File and the Collective Asset Status Reports to determine if an escrow release has been made that was not in
    accordance with the terms of the Mortgage Loan Documents. If not so determined, it will be a Test pass.	Servicing
    File; Collective Asset Status Reports
	17.  No
                                         Holdbacks. The principal amount of the Mortgage Loan stated on the Mortgage Loan
                                         Schedule has been fully disbursed as of the Closing Date and there is no requirement
                                         for future advances thereunder (except in those cases where the full amount of the Mortgage
                                         Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts
                                         pending the satisfaction of certain conditions relating to leasing, repairs, occupancy,
                                         performance or other matters with respect to the related Mortgaged Property).
	17a	Review
    the Mortgage Loan Schedule, Loan Agreement, Mortgage Note and origination settlement statement to determine if the principal
    amount of the Mortgage Loan was fully disbursed as of the Closing Date. If so determined, it will be a Test pass.	Mortgage
    Loan Schedule; Loan Agreement; Mortgage Note; and origination settlement statement
	17b	Review
    the Mortgage Loan Documents to determine if there is no requirement for future advances by the lender. If so determined, it
    will be a Test pass. 	Mortgage
    Loan Documents 
	18.  Insurance.
                                         Each related Mortgaged Property is, and is required pursuant to the related Mortgage
                                         to be, insured by a property insurance policy providing coverage for loss in accordance
                                         with coverage found under a “special cause of loss form” or “all-risk
                                         form” that includes replacement cost valuation issued by an insurer meeting the
                                         requirements of the related Mortgage Loan documents and having a claims-paying or financial
                                         strength rating of at least “A-:VIII” (for a Mortgage Loan with a principal
                                         balance below $35 million) and “A:VIII” (for a Mortgage Loan with a principal
                                         balance of $35 million or more) from A.M. Best Company or “A3” (or the equivalent)
                                         from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s
                                         Ratings Services (collectively the “Insurance Rating Requirements”),
                                         in an amount not less than the lesser of (1) the original principal balance of the Mortgage
                                         Loan and (2) the full insurable value on a replacement cost basis of the improvements,
                                         furniture, furnishings, fixtures and equipment owned by the mortgagor and included in
                                         the Mortgaged Property (with no deduction for physical depreciation), but, in any event,
                                         not less than the amount necessary or containing such endorsements as are necessary to
                                         avoid the operation of any coinsurance provisions with respect to the related Mortgaged
                                         Property.

         

        Each
        related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents,
        by business interruption or rental loss insurance which (i) covers a period beginning on the date of loss and continuing
        until the earlier to occur

         
	18a	Review
    the insurance consultant report to determine if it shows that the Mortgaged Property is insured by a property insurance policy
    providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all-risk
    form” that includes replacement cost valuation issued by an insurer meeting the requirements of the Mortgage Loan Documents
    and the Insurance Rating Requirements, in an amount not less than the lesser of (1) the original principal balance of any
    Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures
    and equipment owned by the mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation),
    but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation
    of any coinsurance provisions with respect to the Mortgaged Property. If so determined, it will be a Test pass.	Insurance
    Consultant Report
	18b	Review
    the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 18a above. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents
	18c	Review
    the Mortgage Loan Documents for provisions requiring business interruption or rental loss insurance that (i) covers a period
    beginning on the date of loss and continuing until the earlier to occur of restoration of the Mortgaged Property or the expiration
    of 12 months (or with respect to a Mortgage Loan with a principal balance of $35 million or more, 18 months); (ii) for a Mortgage
    Loan with a principal balance of $50 million or more 	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
    Materials
	of
                                         restoration of the Mortgaged Property or the expiration of 12 months (or with respect
                                         to each Mortgage Loan with a principal balance of $35 million or more, 18 months); (ii)
                                         for a Mortgage Loan with a principal balance of $50 million or more contains a 180-day
                                         “extended period of indemnity”; and (iii) covers the actual loss sustained
                                         (or in certain cases, an amount sufficient to cover the period set forth in (i) above)
                                         during restoration.

         

        If
        any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
        in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related Mortgagor
        is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such
        additional excess flood coverage in an amount as-is generally required by the Seller originating mortgage loans for securitization.

         

        If
        windstorm and/or windstorm related perils and/or “named storms” are excluded from the primary property damage
        insurance policy, the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting
        the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or
        named storms, in an amount at least equal to 100% of the full insurable value on a replacement cost basis of the Improvements
        and personalty and fixtures owned by the mortgagor and included in the related Mortgaged Property by an insurer meeting
        the Insurance Rating Requirements.

         

        The
        Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial
        general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including broad-form
        coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as
        are generally required by the Seller for loans originated for securitization, and in any event not less than $1 million
        per occurrence and $2 million in the aggregate.

         

        An
        architectural or engineering consultant has performed an analysis

	 	contains
    a 180-day “extended period of indemnity”; and (iii) covers the actual loss sustained (or in certain cases, an
    amount sufficient to cover the period set forth in clause (i) above) during restoration. If such provisions are found, it
    will be a Test pass.	 
	18d	Review
    the Mortgage Loan Documents to determine if any material part of the improvements, exclusive of a parking lot, located on
    a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having
    special flood hazards, the related Mortgagor is required to maintain insurance in the maximum amount available under the National
    Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by the Mortgage
    Loan Seller originating mortgage loans for securitization. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	18e	Review
    the insurance consultant report to determine if windstorm and/or windstorm related perils and/or “named storms”
    are excluded from coverage. If so, review Diligence File to determine if the property is covered by a windstorm insurance
    policy covering damage from windstorm and/or windstorm related perils and/or “named storms” are excluded from
    the primary property damage insurance policy, which policy is issued by an insurer meeting the Insurance Rating Requirements
    or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount at least equal
    to 100% of the full insurable value on a replacement cost basis of the Improvements and personalty and fixtures owned by the
    mortgagor and included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements. If so determined
    with respect to each part of this Test, it will be a Test pass.	Insurance
    Consultant Report; Diligence File
	18f	Review the insurance consultant report dated before the Cut-off Date to determine if it covers the property and is issued by an insurer meeting the Insurance Rating Requirements including broad-form coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by any Mortgage Loan Seller for loans originated for securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate. If so determined, it will be a Test pass.
	Insurance
    Consultant Report

 

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	Representations
    and Warranties	 Test	Review
    Materials
	of
                                         each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate
                                         the structural and seismic condition of such property, for the sole purpose of assessing
                                         the probable maximum loss (“PML”) for the Mortgaged Property in the
                                         event of an earthquake. In such instance, the PML or equivalent was based on a 475-year
                                         return period, an exposure period of 50 years and a 10% probability of exceedance. If
                                         the resulting report concluded that the PML or equivalent would exceed 20% of the amount
                                         of the replacement costs of the improvements, earthquake insurance on such Mortgaged
                                         Property was obtained by an insurer rated at least “A:VIII” by A.M. Best
                                         Company or “A3” (or the equivalent) from Moody’s Investors Service,
                                         Inc. or “A-” by Standard & Poor’s Ratings Services in an amount
                                         not less than 100% of the PML or the equivalent.

         

        The
        Mortgage Loan documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair
        or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of
        the then-outstanding principal amount of the related Mortgage Loan, the lender (or a trustee appointed by it) having the
        right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding
        principal balance of such Mortgage Loan together with any accrued interest thereon.

         

        All
        premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid,
        and such insurance policies name the lender under the Mortgage Loan and its successors and assigns as a loss payee under
        a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured.
        Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s
        failure to do so, authorizes the lender to maintain such insurance at the Mortgagor’s cost and expense and to charge
        such Mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require at
        least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium
        and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than 10
        days, as may be required by applicable law) arising for

         
	18g	Review
    the property condition assessment to determine if the properties are located in a seismic zone 3 or 4. If such indication
    is found, review the seismic engineering study to determine if it has been performed by an architectural or engineering consultant,
    for the sole purpose of assessing the PML for the Mortgaged Property in the event of an earthquake, based on a 475-year return
    period, an exposure period of 50 years and a 10% probability of exceedance. If so determined, it will be a Test pass.	property
    condition assessment; seismic engineering study
	18h	Review
    the most recent seismic engineering study or Insurance Consultant Report to determine if the PML or equivalent would exceed
    20% of the amount of the replacement costs of the improvements, and if so, review to determine if earthquake insurance on
    such Mortgaged Property was obtained. If so determined, determine if the insurer is rated at least “A:VIII” by
    A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
    Standard & Poor’s Ratings Services. The insurance amount should be not less than 100% of the PML or the equivalent.
    If so determined, the ratings are adequate, and the insurance amount is not less than 100% of the PML or the equivalent, it
    will be a Test pass.	seismic
    engineering study; Insurance Consultant Report
	18i	Review
    the Mortgage Loan Documents for provisions requiring that insurance proceeds in respect of a property loss be applied either
    (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in
    excess of 5% of the then-outstanding principal amount of the Mortgage Loan, the lender (or a trustee appointed by it) having
    the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding
    principal balance of such Mortgage Loan together with any accrued interest thereon. If such provisions are found, it will
    be a Test pass.	Mortgage
    Loan Documents
	18j	Review
    the Collective Asset Status Reports for a notation or other indication that insurance premiums are current as of the Cut-off
    Date. If such a notation or other indication is found, it will be a Test pass.	Collective
    Asset Status Reports
	18k	Review
    the insurance consultant report to determine if the insurance policies name the lender under any Mortgage Loan and its successors
    and assigns as a loss payee under a mortgagee 	Insurance
    Consultant Report

 

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	any
    reason other than non-payment of a premium and no such notice has been received by the Seller. 	 	endorsement
    clause or, in the case of the general liability insurance policy, as named or additional insured. If so determined, it will
    be a Test pass.	 
	18l	Review
    the insurance consultant report to determine if the insurance will inure to the benefit of the trustee. If so determined,
    it will be a Test pass.	Insurance
    Consultant Report
	18m	Review
    the Mortgage Loan Documents to determine if any Mortgage Loan obligates the Mortgagor to maintain all such insurance and,
    at such Mortgagor’s failure to do so, authorizes the lender to maintain such insurance at the Mortgagor’s cost
    and expense and to charge such Mortgagor for related premiums. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	18n	Review
    the insurance consultant report to determine if the insurance policies (other than commercial liability policies) require
    at least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium
    and at least 30 days’ prior notice to the lender of termination or cancellation (or such lesser period, not less than
    10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium. If so determined,
    it will be a Test pass. 	Insurance
    Consultant Report
	18o	Review
    the Collective Asset Status Reports for a notation or other indication that any notice described in Test 18n may have been
    received by the Mortgage Loan Seller. If such a notation or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	19.  Access;
    Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal
    access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
    a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic)
    and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes
    one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject
    to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has
    been made to the 	19a	Review
    the zoning report to determine if each Mortgaged Property is located on or adjacent to a public road and has direct legal
    access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
    a public road. If so determined, it will be a Test pass.	zoning
    report
	19b	Review
    the zoning report to determine if each Mortgaged Property is served by or has uninhibited access rights to public or private
    water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged
    Property. If so determined, it will be a Test pass.	zoning
    report

 

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	applicable
    governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the Mortgagor to escrow an
    amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax
    lots are created.	19c	Review
    the Title Policy to determine if each Mortgaged Property constitutes one or more separate tax parcels and do not include any
    property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated Title Policy
    insuring the Mortgaged Property, or in certain cases, an application has been made to the applicable governing authority for
    creation of separate tax lots, in which case any Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay
    taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created. If so
    determined, it will be a Test pass.	Title
    Policy
	20.  No
    Encroachments. To the Seller’s knowledge and based solely on surveys obtained in connection with origination and
    the lender’s Title Policy (or, if such policy is not yet issued, a pro forma Title Policy, a preliminary Title Policy
    with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each Mortgage
    Loan, (a) all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged
    Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property,
    except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property, or are
    insured by applicable provisions of the Title Policy, (b) no improvements on adjoining parcels encroach onto the related Mortgaged
    Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property,
    or are insured by applicable provisions of the Title Policy and (c) no improvements encroach upon any easements except for
    encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property
    or are insured by applicable provisions of the Title Policy.	20a	Review
    the survey and Title Policy to determine if all material improvements that were included for the purpose of determining the
    appraised value of the Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of
    the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use
    of such Mortgaged Property, or are insured by applicable provisions of the most recently dated Title Policy. If so determined,
    it will be a Test pass.	survey;
    Title Policy
	20b	Review
    the survey and Title Policy to determine if there exist improvements on adjoining parcels that encroach onto the Mortgaged
    Property that could materially and adversely affect the value or current use of such Mortgaged Property, which are not insured
    by applicable provisions of the most recently dated Title Policy. If not so determined, it will be a Test pass.	survey;
    Title Policy
	20c	Review
    the survey or Title Policy to determine if there exist improvements that encroach upon any easements and the removal of such
    encroachments could materially and adversely affect the value or current use of such Mortgaged Property and are not insured
    by applicable provisions of the most recently dated Title Policy. If not so determined, it will be a Test pass. 	survey;
    Title Policy
	21.  No
    Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
    interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of
    interest in excess of the rate in effect prior to the Anticipated Repayment Date) or an equity participation by the Seller.	21a	Review
    the Mortgage Loan Documents for any shared appreciation or any other contingent interest provisions, any negative amortization
    feature (other than the accrual of the portion of interest on any ARD Loan in excess of the rate in effect prior to the Anticipated
    Repayment Date), or an equity participation provision. If no such provision or feature found with 	Mortgage
    Loan Documents 

 

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	 	 	respect
    to each part of this Test, it will be a Test pass.	 
	22.  REMIC.
    The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined
    without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as
    qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did
    not exceed the non-contingent principal amount of the Mortgage Loan and (B) either (a) such Mortgage Loan or Whole Loan is
    secured by an interest in real property (including buildings and structural components thereof, but excluding personal property)
    having a fair market value (i) at the date the Mortgage Loan or Whole Loan was originated at least equal to 80% of the adjusted
    issue price of the Mortgage Loan or Whole Loan on such date or (ii) at the Closing Date at least equal to 80% of the adjusted
    issue price of the Mortgage Loan or Whole Loan on such date, provided that for purposes hereof, the fair market value of the
    real property interest must first be reduced by (1) the amount of any lien on the real property interest that is senior to
    the Mortgage Loan and (2) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially
    all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only
    security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning
    of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan or Whole Loan was “significantly modified”
    prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified
    as a result of the default or reasonably foreseeable default of such Mortgage Loan or Whole Loan or (y) satisfies the provisions
    of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan or
    Whole Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance
    charges applicable to the Mortgage Loan or Whole Loan constitute “customary prepayment penalties” within the meaning
    of Treasury Regulations Section 1.860G-(b)(2). All terms used in this paragraph shall have the same meanings as set forth
    in the related Treasury Regulations.	22a	Review
    the origination settlement statement and Mortgage Note to determine if the proceeds advanced by the lender did not exceed
    the stated principal amount of the Mortgage Note. If so determined, it will be a Test pass.	origination
    settlement statement; Mortgage Note
	22b	Review
    the most recent appraisal and Mortgage Loan Documents to determine if (a) the Mortgage Loan or Whole Loan is secured by an
    interest in real property (including buildings and structural components thereof, but excluding personal property) having
    a fair market value (i) at the date such Mortgage Loan or Whole Loan was originated at least equal to 80% of the initial principal
    amount of any Mortgage Loan or Whole Loan on such date or (ii) at the Closing Date at least equal to 80% of the outstanding
    principal amount of the Mortgage Loan or Whole Loan on such date, provided that for purposes of clauses (i) and (ii) above,
    the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property
    interest that is senior to such Mortgage Loan and (B) a proportionate amount of any lien that is in parity with such Mortgage
    Loan or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property
    which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement
    within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).. If so determined, it will be a Test pass.	Appraisal;
    Mortgage Loan Documents
	22c	Review
    the Collective Asset Status Reports for an indication or other notation that the Loan was modified prior to the Closing Date,
    and if so, if the modification was made as to result in a taxable exchange under Section 1001 of the Code, it either (x) was
    modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions
    of either sub-clause (B)(i) in the first sentence of representation and warranty 22 (substituting the date of the last such
    modification for the date any Mortgage Loan was originated) or sub-clause (B)(ii) in the first sentence of representation
    and warranty 22, including the proviso thereto. If there were any such modifications, and such a notation or other indication
    is found, it will be a Test pass.	Collective
    Asset Status Reports

 

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    and Warranties	 Test	Review
    Materials
	 	22d	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion to the effect that the prepayment
    premium and yield maintenance charges applicable to any Mortgage Loan do not constitute “customary prepayment penalties”.
    If such a notation or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	23.  Compliance.
    The terms of the Mortgage Loan documents evidencing such Mortgage Loan, comply in all material respects with all applicable
    local, state and federal laws and regulations, and the Seller has complied with all material requirements pertaining to the
    origination of the Mortgage Loans, including but not limited to, usury and any and all other material requirements of any
    federal, state or local law to the extent non-compliance would have a material adverse effect on the Mortgage Loan.	23a	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion to the effect that the terms
    of the Mortgage Loan do not comply with applicable local, state, and federal laws in any material respect. If such a notation
    or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	23b	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion to the effect that any material
    requirements pertaining to the origination of any Mortgage Loan, including but not limited to, usury and any and all other
    material requirements of any federal, state or local law have not been complied with. If such a notation or other indication
    is not found, it will be a Test pass.	Collective
    Asset Status Reports
	23c	Review
    the Loan Agreement to determine if it provides that the Mortgage Loan complied with usury laws. If so determined, it will
    be a Test pass.	Loan
    Agreement
	24.  Authorized
    to do Business. To the extent required under applicable law, as of the Closing Date or as of the date that such entity
    held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in
    which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect
    the enforceability of such Mortgage Loan.	24a	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that as of the date that
    the Mortgage Loan Seller or any prior lender held the Mortgage Note, each such holder of the Mortgage Note was not authorized
    to transact or do business in the jurisdiction in which each Mortgaged Property is located. If such a notation or other indication
    is found, determine whether the failure to be so authorized could not materially and adversely affect the enforceability of
    such Mortgage Loan. If so determined, it will be a Test pass.	Collective
    Asset Status Reports
	25.  Trustee
    under Deed of Trust. With respect to each Mortgage which is a deed of trust, a trustee, duly qualified under applicable
    law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the
    Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related mortgagee,
    and except in connection with a trustee’s sale after a default by the related Mortgagor or in connection with any full
    or partial release of the related Mortgaged Property or 	25a	Review
    the Mortgage Loan Documents to determine if a trustee is appointed. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	25b	Review
    the Mortgage Loan Documents for an indication that, except in connection with a trustee’s sale after a default by the
    Mortgagor or in connection with any full or partial release of the Mortgaged Property or related security for such Mortgage
    Loan, no fees are payable to such trustee except for reasonable fees paid by the Mortgagor. If so determined, it will be a
    Test pass.	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
    Materials
	related
    security for such Mortgage Loan, no fees are payable to such trustee except for reasonable fees paid by the Mortgagor.	 	 	 
	26.  Local
    Law Compliance. To the Seller’s knowledge, based solely upon any of a letter from any governmental authorities,
    a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy,
    or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar
    commercial and multifamily mortgage loans intended for securitization, the improvements located on or forming part of each
    Mortgaged Property securing a Mortgage Loan are in material compliance with applicable laws, zoning ordinances, rules, covenants,
    and restrictions (collectively “Zoning Regulations”) governing the occupancy, use, and operation of such
    Mortgaged Property or constitute a legal non-conforming use or structure and any non-conformity with zoning laws constitutes
    a legal non-conforming use or structure which does not materially and adversely affect the use or operation of such Mortgaged
    Property. In the event of casualty or destruction, (a) the Mortgaged Property may be restored or repaired to the extent necessary
    to maintain the use of the structure immediately prior to such casualty or destruction, (b) law and ordinance insurance coverage
    has been obtained for the Mortgaged Property in amounts customarily required by the Seller for loans originated for securitization
    that provides coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations, (c) the inability
    to restore the Mortgaged Property to the full extent of the use or structure immediately prior to the casualty would not materially
    and adversely affect the use or operation of such Mortgaged Property, or (d) title insurance coverage has been obtained for
    such nonconformity.	26a	Review
    the zoning report to determine if the improvements located on or forming part of each Mortgaged Property securing a Mortgage
    Loan are in material compliance with applicable Zoning Regulations governing the occupancy, use, and operation of such Mortgaged
    Property or constitute a legal non-conforming use or structure. If so determined, it will be a Test pass.	zoning
    report
	26b	Review
    the zoning report to determine if any non-conformity with zoning laws constitutes a legal non-conforming use or structure
    which does not materially and adversely affect the use or operation of such Mortgaged Property. If so determined, it will
    be a Test pass.	zoning
    report
	26c	Review
    the Mortgage Loan Documents for provisions to the effect that, in the event of casualty or destruction, the Mortgaged Property
    may be restored or repaired to the extent necessary to maintain the use of the structure immediately prior to such casualty
    or destruction. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	26d	If
    the zoning report indicates that all or any part of the Mortgaged Property do not comply with zoning laws, review the insurance
    consultant report to determine if law and ordinance coverage was obtained prior to the Closing Date that provides coverage
    for additional costs to rebuild and/or repair the property to current Zoning Regulations. If not so determined, review the
    Title Policy to determine if it insures over such nonconformity. If so determined, it will be a Test pass.	zoning
    report; Insurance Consultant Report
	27.  Licenses
    and Permits. Each Mortgagor covenants in the Mortgage Loan documents that it shall keep all material licenses, permits,
    franchises, certificates of occupancy, consents, and other approvals necessary for the operation of the Mortgaged Property
    in full force and effect, and to the Seller’s knowledge based upon any of a letter from any government authorities or
    other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar
    commercial and multifamily mortgage loans intended for securitization; all such material licenses, permits, franchises, certificates
    of occupancy, consents, and other approvals 	27a	Review
    the Mortgage Loan Documents to determine if the Mortgagor has covenanted to keep all material licenses, permits, franchises,
    certificates of occupancy, consents, and other approvals necessary for the operation of the Mortgaged Property in full force
    and effect. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	27b	Review
    the Mortgage Loan Documents and the Collective Asset Status Reports for a notation or other indication that (a) the Mortgage
    Loan Seller had knowledge that any licenses, permits, franchises, certificates of occupancy, consents, or other approvals
    necessary for the operation of the Mortgaged Property are not in 	Mortgage
    Loan Documents; Collective Asset Status Report

 

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    and Warranties	 Test	Review
    Materials
	are
    in effect or the failure to obtain or maintain such material licenses, permits, franchises or certificates of occupancy does
    not materially and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the
    date of origination of the Mortgage Loan or the rights of a holder of the related Mortgage Loan. The Mortgage Loan requires
    the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located
    and for the Mortgagor and the Mortgaged Property to be in compliance in all material respects with all regulations, zoning
    and building laws.	 	effect,
    and (b) the failure to obtain or maintain such material licenses, permits, franchises or certificates of occupancy could materially
    and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the date of origination.
    If such a notation or other indication is not found, it will be a Test pass.	 
	27c	Review
    the Mortgage Loan Documents for provisions requiring the Mortgagor to be qualified to do business in the jurisdiction in which
    the Mortgaged Property is located, and in compliance in all material respects with all regulations, zoning and building laws.
    If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	28.  Recourse
    Obligations. The Mortgage Loan documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse
    to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be
    affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis)
    in any of the following events: (i) if any petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal
    bankruptcy law, or any similar federal or state law, shall be filed by, consented to, or acquiesced in by, the Mortgagor;
    (ii) Mortgagor or guarantor shall have colluded with other creditors to cause an involuntary bankruptcy filing with respect
    to the Mortgagor or (iii) transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of
    the Mortgage Loan documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which
    is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has
    assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained in the
    case of (i) (A) misapplication, misappropriation or conversion of insurance proceeds or condemnation awards or of rents following
    an event of default, or (B) any security deposits not delivered to lender upon foreclosure or action in lieu thereof (except
    to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (ii) the Mortgagor’s fraud
    or intentional misrepresentation; (iii) willful misconduct by the Mortgagor or guarantor; (iv) breaches of the environmental
    covenants in the Mortgage Loan documents; or (v) commission of material physical waste at the Mortgaged Property, which may,
    with respect to 	28a	Review
    the Mortgage Loan Documents for provisions permitting full recourse to the Mortgagor and guarantor in connection with the
    events or circumstances set forth in clauses (a)(i) through (a)(iii) of representation and warranty 28. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents
	28b	Review
the Mortgage Loan Documents to determine if there exist provisions permitting recourse against the Mortgagor and guarantor in
connection with the events or circumstances set forth in clauses (b)(i) through (b)(v) of representation and warranty 28. If so
determined, it will be a Test pass.

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
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	this
    clause (v), in certain instances, be limited to acts or omissions of the related Mortgagor, guarantor, property manager or
    their affiliates, employees or agents.	 	 	 
	29.  Mortgage
                                         Releases. The terms of the related Mortgage or related Mortgage Loan documents do
                                         not provide for release of any material portion of the Mortgaged Property from the lien
                                         of the Mortgage except (a) a partial release, accompanied by principal repayment of not
                                         less than a specified percentage at least equal to 115% of the related allocated loan
                                         amount of such portion of the Mortgaged Property, (b) upon payment in full of such Mortgage
                                         Loan, (c) upon a Defeasance defined in paragraph (34) below, (d) releases of out-parcels
                                         that are unimproved or other portions of the Mortgaged Property which will not have a
                                         material adverse effect on the underwritten value of the Mortgaged Property and which
                                         were not afforded any material value in the appraisal obtained at the origination of
                                         the Mortgage Loan and are not necessary for physical access to the Mortgaged Property
                                         or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation.
                                         With respect to any partial release under the preceding clauses (a) or (d), either: (x)
                                         such release of collateral (i) would not constitute a “significant modification”
                                         of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2)
                                         and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage”
                                         within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer
                                         can, in accordance with the related Mortgage Loan documents, condition such release of
                                         collateral on the related Mortgagor’s delivery of an opinion of tax counsel to
                                         the effect specified in the immediately preceding clause (x). For purposes of the preceding
                                         clause (x), for any Mortgage Loan originated after December 6, 2010, if the fair market
                                         value of the real property constituting such Mortgaged Property after the release (reduced
                                         for any lien senior to, and any lien in parity with, the lien of the Mortgage Loan) is
                                         not equal to at least 80% of the principal balance of the Mortgage Loan or Whole Loan
                                         outstanding after the release, the Mortgagor is required to make a payment of principal
                                         in an amount not less than the amount required by the REMIC provisions.

         

        In
        the case of any Mortgage Loan originated after December 6, 2010, in the event of a taking of any portion of a Mortgaged
        Property by a

         
	29a	Review
    the Mortgage Loan Documents to determine if the only conditions under which a property may be released during the life of
    the loan are as set forth in clauses (a) through (e) of the first sentence of representation and warranty 29. If so determined,
    it will be a Test pass. 	Mortgage
    Loan Documents
	29b	Review
    the Mortgage Loan Documents to determine if any partial release described in clauses (a) or (d) of the first sentence of representation
    and warranty 29 (i) for Mortgage Loans originated on or before December 6, 2010, is pursuant to a unilateral option of the
    Mortgagor within the meaning of Treasury Regulations Section 1.1001-3 or (ii) for Mortgage Loans originated after December
    6, 2010, is prohibited if the ratio of the value of the remaining Mortgaged Property to the outstanding principal amount of
    the Mortgage Loan or Whole Loan, as applicable, is less than 80% (based solely on the value of the real property securing
    such Mortgage Loan) without a “qualified paydown” as such term is defined in Revenue Procedure 2010-30. If so
    determined, it will be a Test pass.	Mortgage
    Loan Documents
	29c	Review
    the Mortgage Loan Documents to determine if there are provisions that provide that, for any Mortgage Loan originated after
    December 6, 2010, in the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision
    or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal
    balance of the Mortgage Loan or Whole Loan in an amount not less than the amount required by the REMIC Provisions and, to
    such extent, may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor,
    if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into
    account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property
    (reduced for any lien senior to, and any lien in parity with, the lien of the Mortgage Loan) is not equal to at least 80%
    of the remaining principal balance of the Mortgage Loan or Whole Loan. If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
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	State
                                         or any political subdivision or authority thereof, whether by legal proceeding or by
                                         agreement, the Mortgagor can be required to pay down the principal balance of the Mortgage
                                         Loan or Whole Loan in an amount not less than the amount required by the REMIC provisions
                                         and, to such extent, such amount may not be required to be applied to the restoration
                                         of the Mortgaged Property or released to the Mortgagor, if, immediately after the release
                                         of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into
                                         account the planned restoration) the fair market value of the real property constituting
                                         the remaining Mortgaged Property (reduced for any lien senior to, and any lien in parity
                                         with, the lien of the Mortgage Loan) is not equal to at least 80% of the remaining principal
                                         balance of the Mortgage Loan or Whole Loan.

         

        In
        the case of any Mortgage Loan originated after December 6, 2010, no such Mortgage Loan that is secured by more than one
        Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization
        of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance
        with the loan-to-value ratio and other requirements of the REMIC provisions.

         
	29d	Review
    the Mortgage Loan Documents to determine if, for any Mortgage Loan originated after December 6, 2010 and is secured by more
    than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan, the Mortgage Loan does not permit
    the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial
    condemnation, if the ratio of the value of the remaining Mortgaged Property to the outstanding principal amount of the Mortgage
    Loan or Whole Loan, as applicable, is less than 80% (based solely on the value of the real property securing such Mortgage
    Loan) without a “qualified paydown” as such term is defined in Revenue Procedure 2010-30. If so determined, it
    will be a Test pass.	Mortgage
    Loan Documents
	30.  Financial
    Reporting and Rent Rolls. Each Mortgage requires the Mortgagor to provide the owner or holder of the Mortgage with quarterly
    (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties)
    rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements,
    which annual financial statements (i) with respect to each Mortgage Loan with more than one Mortgagor are in the form of an
    annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements
    of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the
    Mortgaged Properties on a combined basis and (ii) for each Mortgage Loan with an original principal balance greater than $50
    million shall be audited by an independent certified public accountant upon the request of the owner or holder of the Mortgage.	30a	Review
    the Mortgage Loan Documents to determine if they require the Mortgagor to provide the owner or holder of the Mortgage with
    quarterly (other than for single-tenant properties) and annual operating statements. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	30b	Review
    the Mortgage Loan Documents to determine if they require the Mortgagor to provide the owner or holder of the Mortgage with
    quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of
    the in-place base rent. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	30c	Review
    the Mortgage Loan Documents to determine if there is more than one Mortgagor with respect to the Mortgage Loan, and if so
    determined, review to determine if the annual financial statements for each are required to be in the form of an annual combined
    balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations,
    members’ capital and cash flows, including a 	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
    Materials
	 	 	combining
    balance sheet and statement of income for the Mortgaged Properties on a combined basis. If so determined with respect to each
    part of this Test, it will be a Test pass.	 
	30d	Review
    the Mortgage Loan Documents to determine if the original principal balance was greater than $50 million, and if so, review
    the Mortgage Loan Documents to determine if the annual financial statements are required to be audited by an independent certified
    public accountant upon the request of the owner or holder of the Mortgage. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	31.  Acts
                                         of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, the
                                         related special-form all-risk insurance policy and business interruption policy (issued
                                         by an insurer meeting the Insurance Rating Requirements) do not specifically exclude
                                         Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended
                                         by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred
                                         to as “TRIA”), from coverage, or if such coverage is excluded, it
                                         is covered by a separate terrorism insurance policy. With respect to each other Mortgage
                                         Loan, the related special all-risk insurance policy and business interruption policy
                                         (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date
                                         of origination of the Mortgage Loan, and, to the Seller’s knowledge, do not, as
                                         of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from
                                         coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance
                                         policy. With respect to each Mortgage Loan, the related Mortgage Loan documents do not
                                         expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism,
                                         as defined in TRIA, or damages related thereto, except to the extent that any right to
                                         require such coverage may be limited by availability on commercially reasonable terms.

         

         

         
	31a	Review
    the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million. If so determined,
    review the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the
    Insurance Rating Requirements) to determine if they do not specifically exclude acts of terrorism, from coverage, or if they
    do, there exists in the Diligence File a separate terrorism insurance policy related to the Mortgaged Property. If so determined,
    it will be a Test pass.	Mortgage
    Loan Documents; Insurance Policies; Diligence File
	31b	Review
    the Mortgage Loan Documents to determine if the original principal balance was $20 million or less at origination. If so,
    review the related special all-risk insurance policy and business interruption policy to determine if they do not, as of the
    date of origination of the Mortgage Loan, specifically exclude acts of terrorism, from coverage, or if such coverage is excluded,
    it is covered by a separate terrorism insurance policy. If so determined with respect to each part of this Test, it will be
    a Test pass.	Mortgage
    Loan Documents; Insurance Policy
	31c	Review
    the insurance policy to determine if, as of the Cut-off Date, the related special all-risk insurance policy and business interruption
    policy specifically excluded acts of terrorism from coverage, and if such coverage is excluded, the related Mortgaged Property
    was not covered by a separate terrorism insurance policy. If not so determined, it will be a Test pass	Mortgage
    Loan Documents; Insurance Policy

 

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    and Warranties	 Test	Review
    Materials
	 	31d	Review
    the Mortgage Loan Documents to determine if they expressly waive or prohibit the mortgagee from requiring coverage for acts
    of terrorism, or damages related thereto, except to the extent that any right to require such coverage may be limited by availability
    on commercially reasonable terms. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents
	32.  Due
    on Sale or Encumbrance. Subject to specific exceptions set forth below, each Mortgage Loan contains a “due-on-sale”
    or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without
    the consent of the holder of the Mortgage and/or complying with the requirements of the related Mortgage Loan documents (which
    provide for transfers without the consent of the lender which are customarily acceptable to the Seller lending on the security
    of property comparable to the related Mortgaged Property, such as transfers of worn-out or obsolete furnishings, fixtures,
    or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in
    accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any controlling equity interest in the
    related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate
    planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related
    Mortgage Loan documents, (iii) transfers of less than a controlling interest in a Mortgagor, (iv) transfers to another holder
    of direct or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage Loan documents or a Person
    satisfying specific criteria identified in the related Mortgage Loan documents, (v) transfers of common stock in publicly
    traded companies, (vi) a substitution or release of collateral within the parameters of paragraphs 29 and 34 in this Exhibit
    B, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan, or future permitted
    mezzanine debt or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the
    related Mortgaged Property, other than (i) any companion interest of any Mortgage Loan or any subordinate debt that existed
    at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security interests (iii) any
    Mortgage Loan that is cross-collateralized and cross-defaulted with 	32a	Review
    the Mortgage Loan Documents to determine if there are “due-on-sale” or other such provisions for the acceleration
    of the payment of the unpaid principal balance of such Mortgage Loan in the circumstances described in the first sentence
    of representation and warranty 32. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	32b	Review
the Mortgage Loan Documents to determine if there are provisions that require that if Rating Agency fees are incurred in connection
with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other
reasonable fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. If so determined, it will be
a Test pass.

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
    Materials
	another
    Mortgage Loan or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that to the extent any
    Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor
    is responsible for such payment along with all other reasonable fees and expenses incurred by the mortgagee relative to such
    transfer or encumbrance.	 	 	 
	33.  Single-Purpose
    Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Mortgage Loan
    is outstanding. Both the Mortgage Loan documents and the organizational documents of the Mortgagor with respect to each Mortgage
    Loan with a Cut-off Date Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity, and each Mortgage
    Loan with a Cut-off Date Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor.
    For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational
    documents (or if the Mortgage Loan has a Cut-off Date Balance equal to $5 million or less, its organizational documents or
    the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose
    of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging
    in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or
    which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets
    other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other
    than as permitted by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records
    and accounts separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized
    and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from
    any other person or entity.	33a	Review
    the Mortgage Loan Documents to determine if they require that the Mortgagor to be a Single-Purpose Entity (as defined in representation
    and warranty 33) for at least as long as any Mortgage Loan is outstanding. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	33b	Examine
    the Mortgage Loan Purchase Agreement (“MLPA”) or the Pooling and Servicing Agreement for the Cut-off Date
    Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-off Date Balance in excess of $5 million, review the Mortgage
    Loan Documents and the Mortgagor’s organizational documents to determine if they require that the Mortgagor is a Single
    Purpose Entity. If so determined, it will be a Test pass.	Mortgage
    Loan Documents; MLPA; Pooling and Servicing Agreement; Mortgagor’s organizational documents
	33c	Review the MLPA or the
                                                                                                                             Pooling and Servicing Agreement for Closing Date balances, and with respect to Mortgage Loans with a Cut-off Date Balance of
                                                                                                                             $20 million, review the Mortgagor’s Counsel Opinion for an opinion regarding non-consolidation of the Mortgagor.
                                                                                                                             If such an opinion is found, it will be a Test pass.

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	MLPA;
    Pooling and Servicing Agreement; Mortgagor’s Counsel Opinion
	34.  Defeasance.
    With respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”),
    (i) the Mortgage Loan documents provide for defeasance as a unilateral right 	34a	Review
    the Mortgage Loan Documents to determine if there are provisions allowing the Mortgage Loan to be defeased, and if so, whether
    such Mortgage Loan Documents contain the provisions 	Mortgage
    Loan Documents

 

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    and Warranties	 Test	Review
    Materials
	of
    the Mortgagor, subject to satisfaction of conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot
    be defeased within two years after the Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government
    securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in
    the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due, including the
    entire remaining principal balance on (A) the maturity date, (B) on or after the first date on which payment may be made without
    payment of a yield maintenance charge or prepayment penalty or (C) if the Mortgage Loan is an ARD Loan, the entire principal
    balance outstanding on the related Anticipated Repayment Date, and if the Mortgage Loan permits partial releases of real property
    in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments
    calculated on a principal amount equal to a specified percentage at least equal to 115% of the allocated loan amount for the
    real property to be released; (iv) the defeasance collateral is not permitted to be subject to prepayment, call, or early
    redemption; (v) the Mortgagor is required to provide a certification from an independent certified public accountant that
    the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above; (vi) if the
    Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured
    by defeasance collateral is required to be assumed (or the mortgagee may require such assumption) by a Single-Purpose Entity;
    (vii) the Mortgagor is required to provide an opinion of counsel that the trustee has a perfected security interest in such
    collateral prior to any other claim or interest; and (viii) the Mortgagor is required to pay all rating agency fees associated
    with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket
    expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.	 	described
    in clauses (i) through (viii) of the representation and warranty. If so determined, it will be a Test pass.	 
	35.  Fixed
    Interest Rates. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage
    Loan, except in the case of an ARD Loan and situations where default interest is imposed.	35a	Review
    the Mortgage Note or Loan Agreement to determine if there are provisions requiring that the loan has a fixed interest rate
    that remains fixed throughout the term of such Mortgage Loan, except in the case of ARD Loans and situations where default
    interest is imposed. If so determined, it will be a Test 	Mortgage
    Note; Loan Agreement

 

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    and Warranties	 Test	Review
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	 	 	pass.	 
	36.  Ground
                                         Leases. For purposes of this agreement, a “Ground Lease” shall
                                         mean a leasehold estate in real property where the fee owner as the ground lessor conveys
                                         for a term or terms of years its entire interest in the land and buildings and other
                                         improvements, if any, to the ground lessee (who may, in certain circumstances, own the
                                         building and improvements on the land), subject to the reversionary interest of the ground
                                         lessor as fee owner.

         

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

         

        (A)  The
        ground lease or a memorandum regarding such ground lease has been duly recorded or submitted for recordation in a form
        that is acceptable for recording in the applicable jurisdiction. The ground lease or an estoppel or other agreement received
        from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict
        the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would adversely affect
        the security provided by the related Mortgage. To the Seller’s knowledge, no material change in the terms of the
        ground lease had occurred since its recordation, except by any written instruments which are included in the related Mortgage
        File;

         
	36a	Review
                                         the appraisal to determine if the Loan is secured by a Ground Lease (as defined in representation
                                         and warranty 36). If so, review the Title Policy and Mortgage Loan Documents to determine
                                         if the related Mortgage does not also encumber the lessor’s fee interest in the
                                         Mortgaged Property. If so determined, it will be a Test pass.

        
	Appraisal;
    Mortgage Loan Documents
	36b	Review
    the Title Policy and Mortgage Loan Documents to determine if the Ground Lease or memorandum has been recorded or submitted
    for recordation. If so determined, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	36c	Review
    the Ground Lease and the ground lessor’s estoppel (or other agreement of the ground lessor) to determine if the interest
    of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property by such
    lessee, its successors or assigns in a manner that would adversely affect the security provided by the Mortgage. If so determined,
    it will be a Test pass.	Ground
    Lease; ground lessor’s estoppel
	36d	Review
                                         the Collective Asset Status Reports for a notation or other indication of any claim or
                                         assertion that, as of the Closing Date, there was any material change in the terms of
                                         any Ground Lease since its recordation. If such a notation or other indication is not
                                         found, it will be a Test pass.

         

        If
        such a notation or other indication is found, review the Mortgage File to determine if the modification agreement or instrument
        is in the Mortgage File. If so determined, it will be a Test pass.

         
	Collective
    Asset Status Reports; Mortgage File

 

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    and Warranties	          Test	Review
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	(B)
                                           The lessor under such ground lease has agreed in a writing included in the
                                         related Mortgage File (or in such ground lease) that the ground lease may not be amended,
                                         modified, canceled or terminated without the prior written consent of the lender and
                                         that any such action without such consent is not binding on the lender, its successors
                                         or assigns;

         

        (C)
          The ground lease has an original term (or an original term plus one or more optional renewal terms, which,
        under all circumstances, may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends
        not less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if
        such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual
        360 basis, substantially amortizes);

         

        (D) 
        The ground lease is not subject to any interests, estates, liens or encumbrances superior to, or of equal priority with,
        the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances;

         

        (E) 
        The ground lease does not place commercially unreasonable restrictions on the identity of the mortgagee and the ground
        lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor
        thereunder, and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors
        and assigns without the consent of the lessor;

         

        (F) 
        The Seller has not received any written notice of default under or notice of termination of such ground lease. To the
        Seller’s knowledge, there is no default under such ground lease and no condition that, but for the passage of time
        or giving of notice, would result in a default under the terms of such ground lease. Such ground lease is in full force
        and effect as of the Closing Date;

         

        (G)
         The ground lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the
        lender written notice of any default, provides that no notice of default or termination is effective unless such notice
        is given to the lender, and requires that the ground lessor will supply an estoppel;

         

        (H)
         A lender is permitted a reasonable opportunity (including, where

         
	36e	Review
    the Ground Lease and Ground lessor’s estoppel to determine if the lessor has agreed that the Ground Lease may not be
    amended, modified, canceled or terminated without the prior written consent of the lender and that any such action without
    such consent is not binding on the lender, its successors or assigns. If so determined, it will be a Test pass.	Ground
    Lease; estoppel (or other agreement of the ground lessor)
	36f	Review
    the Ground Lease to determine if it has an original term (or an original term plus one or more optional renewal terms, which,
    under all circumstances, may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends not
    less than 20 years beyond the stated maturity of the  Mortgage Loan, or 10 years past the stated maturity if such
    Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis,
    substantially amortizes). If so determined, it will be a Test pass.	Ground
    Lease; estoppel
	36g	Review
    the Title Policy to determine if the Ground Lease is not subject to any interests, estates, liens or encumbrances superior
    to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances.  If
    so determined, it will be a Test pass.	Title
    Policy
	36h	Review
                                         the Ground Lease and any estoppel (or other agreement of the ground lessor) to determine
                                         if the Ground Lease does not place restrictions on the identity of the Mortgagee, as
                                         determined by the ARR. If so determined, it will be a Test pass.

         

         

         

         

         
	Ground
    Lease; estoppel (or other agreement of the ground lessor)
	36i	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the Ground Lease is assignable to the
    holder of any Mortgage Loan and its successors and assigns without the consent of the lessor, and in the event of such assignment,
    it is further assignable by the holder of any Mortgage Loan and its successors and assigns without the consent of the lessor.
    If so determined, it will be a Test pass.	Ground
    Lease; estoppel (or other agreement of the ground lessor)

 

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    and Warranties	          Test	Review
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	necessary,
                                         sufficient time to gain possession of the interest of the lessee under the ground lease
                                         through legal proceedings) to cure any default under the ground lease which is curable
                                         after the lender’s receipt of notice of any default before the lessor may terminate
                                         the ground lease;

         

        (I)   
        The ground lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by the
        Seller in connection with loans originated for securitization;

         

        (J)   Under
        the terms of the ground lease, an estoppel or other agreement received from the ground lessor and the related Mortgage
        (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s
        interest (other than in respect of a total or substantially total loss or taking as addressed in subpart (K)) will be
        applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such
        proceeds are in excess of the threshold amount specified in the related Mortgage Loan documents) the lender or a trustee
        appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment
        of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

         

        (K)  In
        the case of a total or substantial taking or loss, under the terms of the ground lease, an estoppel or other agreement
        and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable
        to ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged
        Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance
        of the Mortgage Loan, together with any accrued interest; and

         

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

         
	36j	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that the Mortgage Loan
    Seller     has received any written notice of default under or notice of termination of such Ground Lease. If such a notation
    or other     indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	36k	Review
                                         the Collective Asset Status Reports for a notation or other indication of any claim or assertion
                                         that the Mortgage Loan Seller had knowledge as of the Closing Date that there was a default
                                         under such Ground Lease or there existed any condition that, but for the passage of time
                                         or giving notice, would result in a default under the terms of such Ground Lease. If
                                         such a notation or other indication is not found, it will be a Test pass.

         

         

         
	Collective
    Asset Status Reports
	36l	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that the Ground Lease was
    not     in full force and effect as of the Closing Date. If such a notation or other indication is not found, it will be a
    Test pass.	Collective
    Asset Status Reports
	36m	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the lessor is required to give to the
    lender written notice of any default, and provides that no notice of default or termination is effective unless such notice
    is given to the lender, and requires that the ground lessor will supply an estoppel. If so determined, it will be a Test pass.	Ground
    Lease; estoppel  (or other agreement of the ground lessor)
	36n	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the lender is permitted an
    opportunity     (including, where necessary, sufficient time to gain possession of the interest of the lessee under the
    Ground Lease through     legal proceedings) to cure any default under the Ground Lease which is curable after the
    lender’s receipt of notice     of any default before the lessor may terminate the Ground Lease. If so determined, it
    will be a Test pass.	Ground
    Lease; estoppel  (or other agreement of the ground lessor)
	36o	Review
    the Ground Lease to determine if it does not impose any unreasonable restrictions on subletting. If so determined, it will
    be a Test pass.	Ground
    Lease
	36p	Review
    the Ground Lease, estoppel (or other agreement of the ground lessor), and Mortgage Loan Documents to determine if there are
    provisions that any related insurance proceeds or the 	Ground
    Lease; estoppel (or other agreement of the ground lessor); Mortgage Loan Documents

 

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	Representations
    and Warranties	          Test	Review
    Materials
	 	 	portion
    of the condemnation award allocable to the ground lessee’s interest (other than in respect of a total or substantially
    total loss or taking as addressed in subpart (K)) are required to be applied either to the repair or to restoration of all
    or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in
    the related Mortgage Loan documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds
    as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together
    with any accrued interest. If so determined, it will be a Test pass.	 
	 	36q	Review
    the Ground Lease, estoppel (or other agreement of the ground lessor), and Mortgage Loan Documents to determine if, in the
    case     of a total or substantial taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and
    the related     Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to
    ground lessee’s     interest in respect of a total or substantially total loss or taking of the related Mortgaged
    Property to the extent not applied     to restoration, will be applied first to the payment of the outstanding principal
    balance of any Mortgage Loan, together with     any accrued interest. If so determined, it will be a Test pass.	Ground
    Lease; estoppel (or other agreement of the ground lessor); Mortgage Loan Documents
	 	36r	Review
    the Ground Lease or estoppel (or other agreement of the ground lessor) to determine if the ground lessor has agreed to enter
    into a new lease with lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease
    in a bankruptcy proceeding, provided that the lender cures any defaults which are susceptible to being cured. If so determined,
    it will be a Test pass.	Ground
    Lease; estoppel (or other agreement of the ground lessor)
	37.  
    Servicing. The servicing and collection practices used by the Seller in respect of each Mortgage Loan complied in all
    material respects with all applicable laws and regulations and was in all material respects legal, proper and prudent, in
    accordance with Seller’s customary commercial mortgage servicing practices.	37a	Review
    the Collective Asset Status Reports for a notation or other indication of any claims or assertions to the effect that the
    servicing     and collection practices used by the Mortgage Loan Seller in respect of the Mortgage Loan did not comply in all
    material respects     with all applicable laws and regulations or was not in all material respects legal, proper and prudent,
    in accordance with     Mortgage Loan Seller’s customary commercial mortgage servicing practices. If such a notation or
    other indication is not     found, it will be a Test pass.	Collective
    Asset Status Reports
	38.  ARD
    Loan. Each Mortgage Loan identified in the Mortgage Loan	38a	Review
    the Mortgage Loan Schedule to determine if the	Mortgage
    Loan Schedule;

 

    	QQ-30

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	       
    Schedule as an ARD Loan starts to amortize no later than the Due Date of the calendar month immediately after the calendar
    month in which such ARD Loan closed and substantially fully amortizes over its stated term, which term is at least 60 months
    after the related Anticipated Repayment Date. Each ARD Loan has an Anticipated Repayment Date not less than five years following
    the origination of such Mortgage Loan. If the related Mortgagor elects not to prepay its ARD Loan in full on or prior to the
    Anticipated Repayment Date pursuant to the existing terms of the Mortgage Loan or a unilateral option (as defined in Treasury
    Regulations under Section 1001 of the Code) in the Mortgage Loan exercisable during the term of the Mortgage Loan, (i) the
    Mortgage Loan’s interest rate will step up to an interest rate per annum as specified in the related Mortgage Loan documents;
    provided, however, that payment of such Excess Interest shall be deferred until the principal of such ARD Loan has been paid
    in full; (ii) all or a substantial portion of the excess cash flow (which is net of certain costs associated with owning,
    managing and operating the related Mortgaged Property) collected after the Anticipated Repayment Date shall be applied towards
    the prepayment of such ARD Loan and once the principal balance of an ARD Loan has been reduced to zero all excess cash flow
    will be applied to the payment of accrued Excess Interest; and (iii) if the property manager for the related Mortgaged Property
    can be removed by or at the direction of the mortgagee on the basis of a debt service coverage test, the subject debt service
    coverage ratio shall be calculated without taking account of any increase in the related Mortgage Interest Rate on such Mortgage
    Loan’s Anticipated Repayment Date. No ARD Loan provides that the property manager for the related Mortgaged Property
    can be removed by or at the direction of the mortgagee solely because of the passage of the related Anticipated Repayment
    Date.	 	Mortgage
    Loan is an ARD Loan. If so determined, review the Mortgage Loan Documents to determine if the Mortgage Loan has the provisions
    described in the first two sentences of the representation and warranty. If so determined with respect to each part of this
    Test, it will be a Test pass.	Mortgage
    Loan Documents
	38b	If
    the Mortgage Loan is an ARD Loan, review the Mortgage Loan Documents to determine if there are the provisions required by
    clauses (i) through (iii) of the third sentence of representation 38. If so determined, it will be a Test pass.	Mortgage;
    Loan Documents
	38c	If
    the Mortgage Loan is an ARD Loan, review the Mortgage Loan Documents to determine if the property manager for the related
    Mortgaged Property cannot be removed by or at the direction of the mortgagee solely because of the passage of the related
    Anticipated Repayment Date. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	39.  
    Rent Rolls; Operating Histories. The Seller has obtained a rent roll (each, a “Certified Rent Roll”)
    other than with respect to hospitality properties certified by the related Mortgagor or the related guarantor(s) as accurate
    and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan.
    The Seller has obtained operating histories (the “Certified Operating Histories”) with respect to each
    Mortgaged Property certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material
    respects as of a date within 180	39a	Determine
    that there is one or more Certified Rent Rolls in the Diligence File for all properties other than hospitality properties,
    or, with respect to properties other than hospitality properties, a representation as to the accuracy of the rent roll or
    rent rolls is made by the Mortgagor in the Mortgage Loan Documents.  If there are Certified Rent Rolls, determine
    if they have been certified by the Mortgagor or the guarantor(s) as being accurate and complete in all material respects
    within     180 days of the date of origination of any Mortgage Loan. If so determined as to each 	Diligence
    File; Certified Rent Roll; Mortgage Loan Documents

 

    	QQ-31

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	days
    of the date of origination of the related Mortgage Loan. The Certified Operating Histories collectively report on operations
    for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property was owned, operated
    or constructed by the Mortgagor or an affiliate for less than three years then for such shorter period of time, it being understood
    that for mortgaged properties acquired with the proceeds of a Mortgage Loan, Certified Operating Histories may not have been
    available.	 	part
    of this Test, it will be a Test pass.	 
	39b	Determine
    that there are operating histories for each Mortgaged Property that are certified by the Mortgagor or the guarantor(s) as
    being accurate and complete in all material respects within 180 days of the date of origination of the related Mortgage Loan.  If
    so determined, it will be a Test pass.	operating
    statements; Mortgage Loan Documents
	39c	For
    any Mortgaged Property not acquired with the proceeds of any Mortgage Loan, review the Certified Operating Histories to determine
    if they report on operations for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged
    Property was owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such shorter
    period of time. If so determined, it will be a Test pass.	operating
    statements
	40. 
    No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect
    to any grace or cure period, in making required payments since origination, and as of the Closing Date, no Mortgage Loan is
    delinquent (beyond any applicable grace or cure period) in making required payments. To the Seller’s knowledge, there
    is (a) no, and since origination there has been no, material default, breach, violation or event of acceleration existing
    under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage
    of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation
    or event of acceleration, provided, however, that this representation and warranty does not cover any default, breach, violation
    or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation
    and warranty made by the Seller in Exhibit C to this Agreement. No person other than the holder of such Mortgage Loan may
    declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan documents.	40a	Review
    the Servicing File and the Collective Asset Status Reports for a notation or other indication that (i) the Mortgage Loan has
    been more than 30 days delinquent, giving effect to any grace or cure period, in making required payments since origination,
    and (ii) the Mortgage Loan was delinquent beyond any applicable grace or cure periods as of the Closing Date. If such a
    notation     or other indication is not found, it will be a Test pass.	Servicing
    File; Collective Asset Status Reports
	40b	Review
    the Servicing File and the Collective Asset Status Reports for a notation or other indication that (a) as of the Closing
    Date     or since origination (i) there was a material default, breach, violation or event of acceleration existing under the
    related     Mortgage Loan or (b) as of the Closing Date, there was an event (other than payments due but not yet delinquent)
    which, with     the passage of time or with notice and the expiration of any grace or cure period, would constitute a
    material default, breach,     violation or event of acceleration (it being understood that the ARR will not deem as evidence
    any default, breach, violation     or event of acceleration that specifically pertains to or arises out of an exception
    scheduled to any other representation     and warranty made by any Mortgage Loan Seller in Exhibit C to the MLPA). If such a
    notation or other indication is not found,     it will be a Test pass.	Servicing
    File; Collective Asset Status Reports
	41. 
    Bankruptcy. In respect of each Mortgage Loan, the related Mortgagor is not a debtor in any bankruptcy, receivership,
    conservatorship, reorganization, insolvency, moratorium or similar proceeding.	41a	Review
    the Lexis/Nexis (or comparable) search and Collective Asset Status Reports for a notation or other indication that the
    Mortgagor     was a debtor in any bankruptcy, receivership, 	Lexis/Nexis
    (or comparable) search; Collective Asset Status Reports

 

    	QQ-32

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	 	 	conservatorship,
    reorganization, insolvency, moratorium or similar proceeding on the Closing Date. If such notation or other indication is
    not found, it will be a Test pass.	 
	42. 
    Organization of Mortgagor. The Seller has obtained an organizational chart or other description of each Mortgagor
    which     identifies all beneficial controlling owners of the Mortgagor (i.e., managing members, general partners or similar
    controlling     person for such Mortgagor) (the “Controlling Owner”) and all owners that hold a 20% or
    greater direct ownership     share (i.e., the “Major Sponsors”). The Seller (1) required questionnaires to
    be completed by each Controlling     Owner and guarantor or performed other processes designed to elicit information from
    each Controlling Owner and guarantor     regarding such Controlling Owner’s or guarantor’s prior history for at
    least 10 years regarding any bankruptcies     or other insolvencies, any felony convictions, and (2) performed or caused to
    be performed searches of the public records     or services such as Lexis/Nexis, or a similar service designed to elicit
    information about each Controlling Owner, Major Sponsor     and guarantor regarding such Controlling Owner’s, Major
    Sponsor’s or guarantor’s prior history for at least     10 years regarding any bankruptcies or other insolvencies, any felony convictions, and provided, however, that records searches     were limited to the last 10 years.
    (clauses (1) and (2) collectively, the “Sponsor Diligence”). Based solely     on the Sponsor Diligence, to
    the knowledge of the Seller, no Major Sponsor or guarantor (i) was in a state of federal bankruptcy     or insolvency
    proceeding, (ii) had a prior record of having been in a state of federal bankruptcy or insolvency, or (iii)     had been
    convicted of a felony.	42a	Review
    the Diligence File to determine if it includes an organizational chart or other description of each Mortgagor in the Diligence
    File which purports to identify all Controlling Owners and Major Sponsors. If so determined, it will be a Test pass.	Diligence
    File; Organization Chart
	42b	Review
    the Diligence File to determine if the Sponsor Diligence is included. If so determined, it will be a Test pass.	Diligence
    File
	43.   Environmental
    Conditions. At origination, each Mortgagor represented and warranted that to its knowledge no hazardous materials or any
    other substances or materials which are included under or regulated by environmental laws are located on, or have been handled,
    manufactured, generated, stored, processed, or disposed of on or released or discharged from the Mortgaged Property, except
    as disclosed by a Phase I environmental assessment (or a Phase II environmental assessment, if applicable) delivered in connection
    with the origination of the Mortgage Loan or except for those substances commonly used in the operation and maintenance of
    properties of kind and nature similar to those of the Mortgaged Property in compliance with all environmental laws and in
    a manner that does not	43a	Review
    the Mortgage Loan Documents to determine if they include a representation and warranty by the Mortgagor described in the
    first     sentence of representation and warranty 43. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	43b	Review
    the Diligence File to determine if an ESA is included. If so determined, review the ESA to determine that the ESA was conducted
    in connection with the Mortgage Loan within 12 months prior to its origination date, and to confirm that the ESA on its face
    (i) did not reveal any known circumstance or condition that rendered the Mortgaged Property at the date of the ESA in material
    noncompliance with applicable environmental laws or the existence of recognized environmental conditions or the need	Diligence
    File;  ESA; escrow statements; operations or maintenance plan; no further action letter; closure letter; environmental
    policy or lender’s pollution legal liability policy

  

    	QQ-33

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	result
    in contamination of the Mortgaged Property. A Phase I environmental site assessment (or update of a previous Phase I and or
    Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment
    (collectively,     an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant
    in connection with     such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was
    prepared), and such     ESA (i) did not reveal any known circumstance or condition that rendered the Mortgaged Property at
    the date of the ESA in     material noncompliance with applicable environmental laws or the existence of recognized
    environmental conditions (as such     term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental
    Condition”) or the need for     further investigation, or (ii) if any material noncompliance with environmental
    laws or the existence of an Environmental     Condition or need for further investigation was indicated in any such ESA, then
    at least one of the following statements is     true: (A) 125% of the funds reasonably estimated by a reputable environmental
    consultant to be sufficient to cover the estimated     cost to cure any material noncompliance with applicable environmental
    laws or the Environmental Condition has been escrowed     by the related Mortgagor and is held by the related lender; (B) if
    the only Environmental Condition relates to the presence     of asbestos-containing materials, radon in indoor air, lead
    based paint, or lead in drinking water, and the only recommended     action in the ESA is the institution of such a plan, an
    operations or maintenance plan has been required to be instituted     by the related Mortgagor that can reasonably be
    expected to mitigate the identified risk; (C) the Environmental Condition     identified in the related environmental report
    was remediated or abated in all material respects prior to the Cut-off Date,     and, as appropriate, a no further action or
    closure letter was obtained from the applicable governmental regulatory authority     (or the environmental issue affecting
    the related Mortgaged Property was otherwise listed by such governmental authority as     administratively
    “closed” or a reputable environmental consultant has concluded that no further action is required);     (D) an
    environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth
    below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than
    A-  (or     the equivalent) by Moody’s Investors	 	for
further investigation, or (ii) if any material noncompliance with environmental laws or the existence of an Environmental Condition
(as defined in representation and warranty 43) or need for further investigation was indicated in any such ESA, then the following
procedures will be performed: (43b-1 through 43b-5)

         

        1.
Review escrow statements in the Diligence File used to determine if 125% of the funds reasonably estimated by a reputable environmental
consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws
or the Environmental Condition has been escrowed by the Mortgagor and is held by the lender. 

         

        2.
        If the determination in subpart 1 cannot be made and if the only Environmental Condition relates to the presence of
        asbestos-containing materials, radon in indoor air, lead based paint, or lead in drinking water, and the only recommended
        action in the ESA is the institution of an operations or maintenance plan, review the Diligence File to determine if there
        exists an operations or maintenance plan regarding such Environmental Condition. If so determined, confirm that the plan on
        its face appears to be expected to mitigate the identified risk. 

         

        3.
If the determination in subpart 1 cannot be made and the determination in subpart 2 cannot be made or such subpart is not applicable,
review the Diligence File to determine if any Environmental Condition identified was remediated or abated in all material respects
prior to the Cut-off Date, or that a no further action or closure letter was obtained from the applicable governmental regulatory
authority (or to determine if the environmental issue affecting the Mortgaged Property was otherwise listed by such governmental
authority as administratively “closed” or a reputable environmental consultant has concluded that no further action
is required).

         

        4.
        If the determinations in subparts 1 and 3 cannot be made and the determination in subpart 2 cannot be made or such subpart
        is not applicable, review the Diligence File to determine if there exists an environmental policy or a lender’s
        pollution legal 
	 

 

    	QQ-34

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	 
                                                                                                                                                           Service, Inc., Standard & Poor’s Ratings Services
                                                                                                             and/or Fitch Ratings, Inc.;                                          (E) a party not related to the Mortgagor with assets
                                                                                                             reasonably estimated to be adequate                                          to effect all necessary remediation was
                                                                                                             identified as the responsible party for such                                          condition or circumstance; or (F) a
                                                                                                             party related to the Mortgagor with assets reasonably                                          estimated to be adequate to
                                                                                                             effect all necessary remediation was identified as the responsible                                          party for such
                                                                                                             condition or circumstance is required to take action. The ESA will be                                          part of the
                                                                                                             Servicing File; and to the Seller’s knowledge, except as set forth                                          in the ESA,
                                                                                                             there is no (i) known circumstance or condition that rendered the Mortgaged                                          Property
                                                                                                             in material noncompliance with applicable environmental laws, (ii) Environmental
                                                                                                             Conditions (as such term is defined in ASTM E1527-05 or its successor), or (iii) need
                                                                                                             for further investigation.

         

        In
        the case of each Mortgage Loan set forth on Schedule I to this Agreement, (i) such Mortgage Loan is the subject of an
        environmental insurance policy, issued by the issuer set forth on Schedule I (the “Policy Issuer”)
        and effective as of the date thereof (the “Environmental Insurance Policy”), (ii) as of the Cut-off
        Date the Environmental Insurance Policy is in full force and effect, there is no deductible and the trustee is a named
        insured under such policy, (iii)(a) a property condition or engineering report was prepared, if the related Mortgaged
        Property was constructed prior to 1985, with respect to asbestos-containing materials (“ACM”) and,
        if the related Mortgaged Property is a multifamily property, with respect to radon gas (“RG”) and lead-based
        paint (“LBP”), and (b) if such report disclosed the existence of a material and adverse LBP, ACM or
        RG environmental condition or circumstance affecting the related Mortgaged Property, the related Mortgagor (A) was required
        to remediate the identified condition prior to closing the Mortgage Loan or provide additional security or establish with
        the mortgagee a reserve in an amount deemed to be sufficient by the Seller, for the remediation of the problem, and/or
        (B) agreed in the Mortgage Loan documents to establish an operations and maintenance plan after the closing of the Mortgage
        Loan that should reasonably be expected to mitigate the environmental risk related to the identified LBP, ACM or RG condition,
        (iv) on the effective date of the Environmental Insurance Policy, the Seller as originator had no knowledge of any

         
	 	liability
                                         insurance policy meeting the requirements set forth below that covers liability for the
                                         identified circumstance or condition was obtained from an insurer rated no less than
                                         A- (or the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s
                                         Ratings Services and/or Fitch Ratings, Inc.

         

         

         

        5.
        If the determinations in subparts 1, 3 and 4 cannot be made and the determination in subpart 2 cannot be made or such
        subpart is not applicable, review the Diligence File to determine if a party with assets reasonably estimated to be adequate
        to effect all necessary remediation was identified as the responsible party for such condition or circumstance.

         

         

         

        If
        the matters set forth in any of subparts 1 through 5 above can be made, it will be a Test pass.

         
	 
	43c	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that the Mortgage Loan
    Seller     had knowledge as of the Closing Date of (a) a known circumstance or condition, not set forth in the ESA, that
    rendered the     Mortgaged Property in material noncompliance with applicable environmental laws, and (b) any Environmental
    Condition (as such     term is defined in ASTM E1527-05 or its successor) not set forth in the ESA or (c) there is a need
    for     further investigation     not set forth in the ESA. The ARR will obtain the ESA from the Diligence File and review
    for     disclosure of the known circumstances     or conditions. If such a notation or other indication is not found, it
    will     be a Test     pass.	Collective
    Asset Status Reports; ESA
	43d	Review
    Schedule I to the MLPA, if the Mortgage Loan is listed on Schedule I, also review the Diligence File to determine if the Mortgage
    Loan is the subject of an Environmental Insurance Policy. If so, review such Environmental Insurance Policy to determine if
    it was issued by a Policy Issuer identified on Schedule I to the MLPA. If so determined, it will be a Test pass.	Schedule
    I to MLPA; Diligence File; Environmental Insurance Policy
	43e	Review
    the Environmental Insurance Policy to determine if the policy was in full force and effect as of the Cut-off Date, there is
    no deductible, and the Trustee is a named insured under such policy. If so determined, it will be a Test pass.	Environmental
    Insurance Policy; servicing records
	43f	Review
    the Diligence File to determine if there exists a property condition assessment or engineering report.   For
    Mortgaged 	Diligence
    File; property condition assessment; 

 

    	QQ-35

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	material
    and adverse environmental condition or circumstance affecting the Mortgaged Property (other than the existence of LBP, ACM
    or RG) that was not disclosed to the Policy Issuer in one or more of the following: (a) the application for insurance, (b)
    a Mortgagor questionnaire that was provided to the Policy Issuer, or (c) an engineering or other report provided to the Policy
    Issuer, and (v) the premium of any Environmental Insurance Policy has been paid through the maturity of the policy’s
    term and the term of such policy extends at least five years beyond the maturity of the Mortgage Loan.	 	Properties
    constructed prior to 1985, review the related report to determine if it addresses asbestos containing materials. If so
    determined     with respect to each part of the Test, it will be a Test pass.	engineering
    report
	43g	Review
    the appraisal to determine if the property is a multifamily property. If so, review the Diligence File to determine if there
    exists a property condition report or engineering report. Review the related report to determine if there is a radon gas and
    lead based paint section in the report. If so determined, it will be a Test pass.  	Appraisal;
    property condition Assessment; engineering report
	43h	Review
    the most recently dated property condition assessment or engineering report for disclosures of the existence of a material
    and adverse environmental condition or circumstance affecting the  Mortgaged Property.  If so, determine  if
    the related Mortgagor (A) was required to remediate the identified condition prior to closing any Mortgage Loan or provide
    additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by any Mortgage Loan Seller,
    for the remediation of the problem, and/or (B) agreed in any documents in the Mortgage File to establish an operations and
    maintenance plan after the closing of any Mortgage Loan that should reasonably be expected to mitigate the environmental risk.
    If so determined, it will be a Test pass.	property
    condition assessment; engineering report; remediation agreement; Mortgage Loan Documents
	43i	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that, in the case of a
    Mortgage     Loan set forth on Schedule I to the MLPA, on the effective date of the Environmental Insurance Policy, the
    Mortgage Loan Seller     had knowledge of any material and adverse environmental condition or circumstance affecting the
    Mortgaged Property (other     than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one or
    more of the following: (a) the     application for insurance, (b) a Mortgagor questionnaire that was provided to the Policy
    Issuer, or (c) an engineering or     other report provided to the Policy Issuer. If such a notation or other indication is
    not     found, it will be a Test pass.	Collective
    Asset Status Reports
	43j	Review
    the Environmental Insurance Policy to determine if the premium of any Environmental Insurance Policy has been paid through
    the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of any
    	Environmental
    Insurance Policy;  Mortgage Loan Documents

 

    	QQ-36

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	 	 	Mortgage
    Loan. If so determined, it will be a Test pass.	 
	44.    Lease Estoppels. With respect to each Mortgage Loan predominantly secured by a retail, office or industrial property
    leased to a single tenant, the Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the
    origination date of the related Mortgage Loan, and to the Seller’s knowledge based solely on the related estoppel certificate,
    the related lease is in full force and effect or if not in full force and effect, the related space was underwritten as vacant,
    subject to customary reservations of tenant’s rights, such as, without limitation, with respect to common area maintenance
    (“CAM”) and pass-through audits and verification of landlord’s compliance with co-tenancy provisions.
    With respect to each Mortgage Loan predominantly secured by a retail, office or industrial property, the Seller has received
    lease estoppels executed within 90 days of the origination date of the related Mortgage Loan that collectively account for
    at least 65% of the in-place base rent for the Mortgaged Property or set of cross-collateralized properties that secure a
    Mortgage Loan that is represented on the Certified Rent Roll. To the Seller’s knowledge, each lease represented on the
    Certified Rent Roll is in full force and effect, subject to customary reservations of tenant’s rights, such as with
    respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions.	44a	Review
    the appraisal to determine if the property is a retail, office, or industrial property, and if so, review the Certified Rent
    Roll to determine if the property is leased to a single tenant.  If so, review the estoppel to determine if it was
    obtained from such tenant no earlier than 90 days prior to the origination date of the Mortgage Loan. If so determined, it
    will be a Test pass.	estoppels;
    Certified Rent Roll; Appraisal
	44b	Review
    the estoppel certificate referenced in Test 44 a and the asset summary report to determine if (i) the related lease is in
    full     force and effect, subject to customary reservations of tenant’s rights, such as, without limitation, with
    respect to     CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions, or
    (ii) if there is     no estoppel certificate, the property was underwritten as vacant. If the matters set forth in clause
    (i)     or (ii) are so determined,     it will be a Test pass.	estoppels;
    Diligence File; asset summary report
	44c	Review
    the appraisal to determine if the Mortgage Loan is predominantly secured by a retail, office, or industrial property. If so,
    review the Diligence File to determine if lease estoppels executed within 90 days of the origination date of the Mortgage
    Loan were received that collectively account for at least 65% of the in-place base rent for the Mortgaged Property or set
    of cross-collateralized properties that secure a Mortgage Loan that is represented on the Certified Rent Roll. If so determined
    with respect to each part of this Test, it will be a Test pass.	Appraisal;
    Diligence File
	44d	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that, as of the Closing
    Date,     and subject to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits
    and verification     of landlord’s compliance with co-tenancy provisions, the Mortgage Loan Seller had knowledge that
    any lease represented     on the Certified Rent Roll was not in full force and effect. If such a notation or other
    indication is not found, it will be     a Test pass. 	Collective
    Asset Status Reports; Certified Rent Roll
	45. 
    Appraisal. The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within
    6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser
    who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s knowledge, had no interest,
    direct or indirect, in the Mortgaged Property or the	45a	Review
    the appraisal to determine if it was dated within 6 months of the Mortgage Loan origination date and with 12 month of the
    Closing Date. If so determined, it will be a Test pass.	Appraisal
	45b	Review
    the appraisal to determine if it was signed by an appraiser represented to be an MAI. If so determined, it will be a Test
    pass.	Appraisal
	45c	Review
    the appraisal to determine if it includes an appraiser’s 	Appraisal

 

    	QQ-37

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	Mortgagor
    or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the
    Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the
    requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards
    Board of the Appraisal Foundation.	 	certification
    or supplemental letter that indicates that the appraiser had no interest, direct or indirect, in the Mortgagor, the Mortgaged
    Property or any loan made on the security of the Mortgaged Property. If so determined, it will be a Test pass.	 
	45d	Review
    the appraisal to determine if it includes an appraiser’s certification or supplemental letter that indicates that the
    appraiser’s     compensation is not affected by the approval or disapproval of the Mortgage Loan. If so determined, it will
    be a Test pass.	Appraisal
	45e	Review
    the appraisal to determine if it includes documentation in the appraisal or a letter that the appraisal satisfies the requirements
    of the “Uniform Standards of Professional appraisal Practice” as adopted by the appraisal Standards Board of the
    appraisal Foundation. If so determined, it will be a Test pass.	Appraisal
	46. 
    Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule
    attached as an exhibit to this Agreement is true and correct in all material respects as of the Cut-off Date and contains
    all information required by the Pooling and Servicing Agreement to be contained therein.	46a	Review
    the Mortgage Loan Schedule attached as an exhibit to the MLPA and compare it to the corresponding information in (i) Annex
    A to the final prospectus (ii) Mortgage Loan Documents, (iii) Pooling and Servicing Agreement, and (iv) asset summary report
    to determine if there are discrepancies between the documents.  If there are no such discrepancies, it will be a
    Test pass.	MLPA;
    Annex A to final prospectus; Mortgage Loan Documents; Pooling and Servicing Agreement; asset summary report
	46b	Compare
    the information in the Mortgage Loan Schedule to the requirements of the Pooling and Servicing Agreement to determine if they
    match. If there are no discrepancies, it will be a Test pass.	Mortgage
    Loan Schedule; Pooling and Servicing Agreement
	47.      Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that
    is outside the Mortgage Pool.	47a	Review
    the Mortgage Loan Documents to determine if the Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage
    Loan that is outside the Mortgage Pool. If not so determined, it will be a Test pass.	Mortgage
    Loan Documents
	48. 
    Advance of Funds by the Seller. No advance of funds has been made by the Seller to the related Mortgagor, and no funds
    have been received from any person other than the related Mortgagor or an affiliate, directly, or, to the knowledge of the
    Seller, indirectly for, or on account of, payments due on the Mortgage Loan. Neither the Seller nor any affiliate thereof
    has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made
    on or prior to the Closing Date.	48a	Review
    the Collective Asset Status Reports for a notation or other indication that, as of the Closing Date, an advancement of funds
    had been made by the Mortgage Loan Seller to the related Mortgagor, or that funds have been received from any person other
    than the Mortgagor or an affiliate, directly, for, or on account of, payments due on the Mortgage Loan. If such a notation
    or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports
	48b	Review
    the Mortgage Loan Documents to determine if the 	Mortgage
    Loan Documents

 

    	QQ-38

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	 	 	Mortgage
    Loan Seller, or an affiliate, has an obligation to make any capital contribution to the Mortgagor, other than contributions
    made on or prior to the Closing Date. If not so determined, it will be a Test pass.	 
	49. 
    Compliance with Anti-Money Laundering Laws. The Seller has complied with its internal procedures with respect to all
    applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 in connection
    with the origination of the Mortgage Loan.	49a	Review
    the Collective Asset Status Reports for a notation or other indication of any claim or assertion that the Mortgage Loan
    Seller     did not comply with its internal procedures with respect to all applicable anti-money laundering laws and
    regulations, including     without limitation the USA Patriot Act of 2001 in connection with the origination of any Mortgage
    Loan. If such a notation     or other indication is not found, it will be a Test pass.	Collective
    Asset Status Reports

 

    	QQ-39

    	 

    

 

EXHIBIT
RR

 

FORM
OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING 

ACCESS TO SECURE DATA ROOM

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

Email:
trustadministrationgroup@wellsfargo.com

 

		Attention:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-JP1

 

In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), by and among J.P. Morgan Chase Commercial
Mortgage Securities Corp., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a
Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

		1.	The
                                         undersigned is an authorized representative of the [____________________].

 

		2.	The
                                         undersigned acknowledges and agrees that (a) access to the Secure Data Room is being
                                         granted to it solely for purposes of the undersigned carrying out its obligations under
                                         the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
                                         contained on the Secure Data Room available to any other person except in accordance
                                         with the Pooling and Servicing Agreement or otherwise with the written consent of the
                                         Depositor and (c) it will only access information relating to the Mortgage Loans to which
                                         the Asset Review relates.

 

		3.	The
                                         undersigned agrees that each time it accesses the Secure Data Room, the undersigned is
                                         deemed to have recertified that the representations above remains true and correct.

 

    	Exhibit RR-1

    	 

    

 

		4.	[The
                                         undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser
                                         of any Certificate.]*

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 
	 	 	 	[NAME OF PARTY],
 as [role]
	 	 	 	 	 
	 	 	 	By:	
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Dated:	 	 	 	 
	 	 	 	 	 

 

	[J.P.
Morgan Chase Commercial Mortgage Securities Corp., as Depositor]*

	 	 	 
	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

 

 

*     Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure Data Room.

  

    	Exhibit RR-2

    	 

    

 

EXHIBIT
SS

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT LOAN][CESSATION OF

 DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  JPMCC 2015-JP1 Asset Manager	 	 

        

        Pentalpha
        Surveillance LLC

        375
N. French Road, Suite 100

        Amherst,
New York 14228

        Attention:
Don Simon, Chief Operating Officer

         

	 	 	 
	Midland
                                         Loan Services, a Division of PNC Bank, National Association

        10851
Mastin Street

        Overland
Park, Kansas 66210

        Attention: 
Executive Vice President – Division Head

        
	 	 

 

		Attention:	JPMCC
                                         Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-JP1

 

In
accordance with Section 12.01(a) of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and
Servicing Agreement”), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee
and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, the Certificate Administrator hereby
notifies you that as of [RELATED DISTRIBUTION DATE]:

 

5._____
An additional Mortgage Loan has become a Delinquent Loan. 

 

6._____
A Mortgage Loan has ceased to be a Delinquent Loan. 

 

7._____An
Asset Review Trigger has ceased to exist.

 

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	Exhibit SS-1

    	 

    

 

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

  

    	Exhibit SS-2

    	 

    

 

SCHEDULE
1

 

Mortgage
Loans with Additional Debt

 

		1.	32
                                         Avenue of the Americas

		2.	7700
                                         Parmer

		3.	Heinz
                                         57 Center

		4.	The
                                         9

		5.	First
                                         National Building

		6.	Double
                                         Tree Anaheim – Orange County

  

    	Schedule 1-1

    	 

    

 

SCHEDULE
2

 

CLass
A-SB Planned Principal Balance Schedule

See
Annex E to the Prospectus.

  

    	Schedule 2-1

    	 

    

 

SCHEDULE
3

 

Mortgage
Loans With “Performance”, “Earn-out” or “Holdback”

 Escrows or Reserves EXCEEDING 10% OF THE
INITIAL PRINCIPAL 

BALANCE

 

None.

 

    	Schedule 3-1

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