Document:

Exhibit 10.2

 

 

EXECUTION VERSION

	 

  

GS MORTGAGE SECURITIES CORPORATION II,

PURCHASER

 

and

 

CITIGROUP GLOBAL MARKETS REALTY CORP.,

SELLER

 

MORTGAGE LOAN PURCHASE AGREEMENT

Dated as of July 1, 2015 

Series 2015-GC32

	 

 

    	 

    	 

    

 

This Mortgage Loan Purchase
Agreement (“Agreement”), dated as of July 1, 2015, is between GS Mortgage Securities Corporation II, a Delaware
corporation, as purchaser (in such capacity, the “Purchaser”), and Citigroup Global Markets Realty Corp., a
New York corporation, as seller (the “Seller”).

 

Capitalized terms used
in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as
of July 1, 2015 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities Corporation II, as depositor
(in such capacity, the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as
master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”) and as trustee (in such capacity, the “Trustee”),
pursuant to which the Purchaser will transfer the Mortgage Loans (as defined herein), together with certain other mortgage loans,
to a trust fund and certificates representing ownership interests in the Mortgage Loans, together with the other mortgage loans,
will be issued by the trust fund (the “Trust Fund”). In exchange for the Mortgage Loans and the other mortgage
loans, the Trust Fund will issue to or at the direction of the Depositor certificates to be known as GS Mortgage Securities Trust
2015-GC32, Commercial Mortgage Pass-Through Certificates, Series 2015-GC32 (collectively, the “Certificates”).
For purposes of this Agreement, “Mortgage Loans” refers to the mortgage loans listed on Exhibit A and
“Mortgaged Properties” refers to the properties securing such Mortgage Loans.

 

The Purchaser and the
Seller wish to prescribe the manner of sale of the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

 

SECTION
1     Sale and Conveyance of Mortgages; Possession of Mortgage File. The Seller does hereby
sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set forth
herein), (subject to the rights of the holders of interests in the Ascentia Communities Portfolio Companion Loan, Kaiser
Center Companion Loan, the US StorageMart Companion Loans and the Alderwood Mall Companion Loans) all of its right, title and
interest in and to the Mortgage Loans identified on Exhibit A to this Agreement (the “Mortgage Loan
Schedule”) including all interest and principal received on or with respect to the Mortgage Loans after the Cut-Off
Date, (excluding payments of principal, interest and other amounts due and payable on the Mortgage Loans on or before the
Cut-Off Date). Upon the sale of the Mortgage Loans, the ownership of each related Note, the Seller’s interest in the
related Mortgage represented by the Note and the other contents of the related Mortgage File (subject to the rights of the
holders of interests in the Ascentia Communities Portfolio Companion Loan, Kaiser Center Companion Loan, the US StorageMart
Companion

 

    	 

    	 

    

 

Loans and the Alderwood Mall Companion Loans) will be vested in the Purchaser and immediately thereafter the
Trustee, and the ownership of records and documents with respect to each Mortgage Loan (other than those to be held by the
holders of the Ascentia Communities Portfolio Companion Loan, Kaiser Center Companion Loan, the US StorageMart Companion
Loans and the Alderwood Mall Companion Loans) prepared by or which come into the possession of the Seller shall (subject to
the rights of the holders of the Ascentia Communities Portfolio Companion Loan, Kaiser Center Companion Loan, the US
StorageMart Companion Loans and the Alderwood Mall Companion Loans) immediately vest in the Purchaser and immediately
thereafter the Trustee. In connection with the transfer of the Ascentia Communities Portfolio Mortgage Loan, the Kaiser
Center Mortgage Loan, the US StorageMart Portfolio Mortgage Loan and the Alderwood Mall Mortgage Loan pursuant to this
Section 1, the Seller does hereby assign to the Purchaser all of its rights, title and interest (solely in its capacity as
the holder of the Ascentia Communities Portfolio Mortgage Loan, the Kaiser Center Mortgage Loan, the US StorageMart Portfolio
Mortgage Loan and the Alderwood Mall Mortgage Loan) in, to and under the related Co-Lender Agreement (it being understood and
agreed that the Seller does not assign any right, title or interest that it or any other party may have thereunder in its
capacity as the Ascentia Communities Portfolio Companion Loan Holder, the Kaiser Center Companion Loan Holder, a US
StorageMart Portfolio Companion Loan Holder or a Alderwood Mall Companion Loan Holder). The Purchaser will sell certain of
the Certificates (the “Public Certificates”) to the underwriters (the
“Underwriters”) specified in the Underwriting Agreement, dated as of July 16, 2015 (the
“Underwriting Agreement”), between the Purchaser and the Underwriters, and the Purchaser will sell certain
of the Certificates (the “Private Certificates”) to the initial purchasers (the “Initial
Purchasers” and, collectively with the Underwriters, the “Dealers”) specified in the Purchase
Agreement, dated as of July 16, 2015 (the “Certificate Purchase Agreement”), between the Purchaser and
Initial Purchasers.

 

The sale and conveyance
of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms. As consideration for the
Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller or at the Seller’s
direction $308,461,787.38, plus accrued interest on the Mortgage Loans from and including July 1, 2015 to but excluding the Closing
Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters and the Initial Purchasers on
behalf of the Depositor and for which the Seller is specifically responsible).

 

The purchase and sale
of the Mortgage Loans shall take place on the Closing Date.

 

SECTION
2     Books and Records; Certain Funds Received After the Cut-Off Date. From and after the
sale of the Mortgage Loans to the Purchaser, record title to each Mortgage (other than with respect to any Mortgage Loan that
is a Non-Serviced Mortgage Loan) and each Note shall be transferred to the Trustee subject to and in accordance with this
Agreement. Any funds due after the Cut-Off Date in connection with a Mortgage Loan received by the Seller shall be held in
trust on behalf of the Trustee (for the benefit of the Certificateholders) as the owner of such Mortgage Loan and shall be
transferred promptly to the Certificate Administrator. All scheduled payments of principal and interest due on or before the
Cut-Off Date but collected after the Cut-Off Date, and all recoveries and payments of principal and interest collected on or
before the Cut-Off Date (only in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date
and principal prepayments thereon), shall belong to, and shall be promptly remitted to, the Seller.

 

The transfer of each
Mortgage Loan shall be reflected on the Seller’s balance sheets and other financial statements as the sale of such Mortgage
Loan by the Seller to the Purchaser. The Seller intends to treat the transfer of each Mortgage Loan to the Purchaser as a sale
for tax purposes. Following the transfer of the Mortgage Loans by the Seller to the

 

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Purchaser, the Seller shall not take any actions
inconsistent with the ownership of the Mortgage Loans by the Purchaser and its assignees.

 

The transfer of each
Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such
Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller
as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a set of records for each
Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser
pursuant to this Agreement.

 

SECTION
3     Delivery of Mortgage Loan Documents; Additional Costs and Expenses. (a) The Purchaser
hereby directs the Seller, and the Seller hereby agrees, such agreement effective upon the transfer of the Mortgage Loans
contemplated herein, to deliver to or deposit with (or cause to be delivered to or deposited with) the Custodian (on behalf
of the Trustee), with copies to be delivered to the Master Servicer (other than with respect to the Non-Serviced Mortgage
Loans) and the Special Servicer, respectively, on the dates set forth in Section 2.01 of the Pooling and Servicing Agreement,
all documents, instruments and agreements required to be delivered by the Purchaser, or contemplated to be delivered by the
Seller (whether at the direction of the Purchaser or otherwise), to the Custodian, the Master Servicer and the Special
Servicer, as applicable, with respect to the Mortgage Loans under Section 2.01 of the Pooling and Servicing Agreement, and
meeting all the requirements of such Section 2.01 of the Pooling and Servicing Agreement; provided that the Seller
shall not be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence
analyses or data or internal worksheets, memoranda, communications or evaluations.

 

With respect to letters
of credit (exclusive of those relating to Non-Serviced Mortgage Loans), the Seller shall deliver to the Master Servicer and the
Master Servicer shall hold the original (or copy, if such original has been submitted by the Seller to the issuing bank to effect
an assignment or amendment of such letter of credit (changing the beneficiary thereof to the Trust (in care of the Master Servicer)
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 Loan Documents)) and the Seller shall be deemed to have satisfied any such delivery
requirements by delivering with respect to any letter(s) of credit a copy thereof to the Custodian together with an Officer’s
Certificate of the Seller certifying that such document has been delivered to the Master Servicer or an Officer’s Certificate
from the Master Servicer certifying that it holds the letter(s) of credit pursuant to Section 2.01(b) of the Pooling and Servicing
Agreement. 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 Loan
Documents, the Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment or amendment
documents if the Seller has submitted the originals to the related issuer of such letter of credit for processing) to the Master
Servicer within 90 days of the Closing Date. The 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 or the Special Servicer, as

 

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applicable, 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.

 

(b)          Except with respect
to any Mortgage Loan that is a Non-Serviced Mortgage Loan, the Seller shall deliver to and deposit (or cause to be delivered to
and deposited) with the Master Servicer within five (5) Business Days after the Closing Date: (i) a copy of the Mortgage File;
(ii) all documents and records not otherwise required to be contained in the Mortgage File that (A) relate to the origination and/or
servicing and administration of the Mortgage Loans and the Ascentia Communities Portfolio Companion Loan and the Kaiser Center
Companion Loan (prior to the Kaiser Center Companion Loan Securitization Date), (B) are reasonably necessary for the ongoing administration
and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans that were delivered to the
Rating Agencies in connection with the rating of the Certificates) and the Ascentia Communities Portfolio Companion Loan and the
Kaiser Center Companion Loan (prior to the Kaiser Center Companion Loan Securitization Date) or for evidencing or enforcing any
of the rights of the holder of the Mortgage Loans and the Ascentia Communities Portfolio Companion Loan and the Kaiser Center Companion
Loan (prior to the Kaiser Center Companion Loan Securitization Date) or holders of interests therein and (C) are in the possession
or under the control of the Seller; and (iii) all unapplied Escrow Payments and reserve funds in the possession or under control
of the Seller that relate to the Mortgage Loans or the Ascentia Communities Portfolio Companion Loan or the Kaiser Center Companion
Loan (prior to the Kaiser Center Companion Loan Securitization Date), together with a statement indicating which Escrow Payments
and reserve funds are allocable to each Mortgage Loan or to the Ascentia Communities Portfolio Companion Loan or to the Kaiser
Center Companion Loan (prior to the Kaiser Center Companion Loan Securitization Date), provided that copies of any document
in the Mortgage File and any other document, record or item referred to above in this sentence that constitutes a Designated Servicing
Document shall be delivered to the Master Servicer on or before the Closing Date; provided that the Seller shall not be
required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data
or internal worksheets, memoranda, communications or evaluations.

 

(c)          With respect to
any Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor
of the Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to
the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders,
the Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by the applicable comfort
letter), provide any such required notice or make any such required request to the related franchisor for the transfer or assignment
of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include such document in
the related Mortgage File), the Master Servicer and the Special Servicer, 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), and the Master

 

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Servicer shall, as soon as
reasonably practicable following receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement,
as applicable, to the Custodian for inclusion in the Mortgage File.

 

SECTION
4     Treatment as a Security Agreement. Pursuant to Section 1 hereof, the Seller has
conveyed to the Purchaser all of its right, title and interest in and to the Mortgage Loans. The parties intend that such
conveyance of the Seller’s right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to have granted, and in such event does hereby grant, to the Purchaser,
a first priority security interest in all of its right, title and interest in, to and under the Mortgage Loans, all payments
of principal or interest on such Mortgage Loans due after the Cut-Off Date, all other payments made in respect of such
Mortgage Loans after the Cut-Off Date (and, in any event, excluding scheduled payments of principal and interest due on or
before the Cut-Off Date) and all proceeds thereof, and that this Agreement shall constitute a security agreement under
applicable law. If such conveyance is deemed to be a pledge and not a sale, the Seller consents to the Purchaser
hypothecating and transferring such security interest in favor of the Trustee and transferring the obligation secured thereby
to the Trustee.

 

SECTION 5     Covenants
of the Seller. The Seller covenants with the Purchaser as follows:

 

(a)          except with respect
to any Mortgage Loan that is a Non-Serviced Mortgage Loan it shall cause Anderson McCoy & Orta, P.C. to record and file in
the appropriate public recording office for real property records or UCC financing statements, as appropriate (or, with respect
to any assignments that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver to
the Custodian for such purpose and cause the Custodian to record and file), each related assignment of Mortgage and assignment
of assignment of leases, rents and profits and each related UCC-3 financing statement referred to in the definition of Mortgage
File from the Seller to the Trustee as and to the extent contemplated under Section 2.01(c) of the Pooling and Servicing Agreement.
All out of pocket costs and expenses relating to the recordation or filing of such assignments, assignments of Mortgage and financing
statements shall be paid by the Seller. If any such document or instrument is lost or returned unrecorded or unfiled, as the case
may be, because of a defect therein, then the Seller shall prepare or cause the preparation of a substitute therefor or cure such
defect or cause such defect to be cured, as the case may be, and the Seller shall record or file, or cause AMO to record or file,
such substitute or corrected document or instrument or, with respect to any assignments that the Custodian has agreed to record
or file pursuant to the Pooling and Servicing Agreement, deliver such substitute or corrected document or instrument to the Custodian
(or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing Agreement, the then holder of such Mortgage Loan);

 

(b)          as to each Mortgage
Loan, except with respect to any Mortgage Loan that is a Non-Serviced Mortgage Loan, if the Seller cannot deliver or cause to be
delivered the documents and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of
“Mortgage File” in the Pooling and Servicing Agreement solely because of a delay caused by the public recording or
filing office where such document or instrument has been

 

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delivered for recordation or filing, as applicable, it shall forward to
the Custodian a copy of the original certified by the Seller to be a true and complete copy of the original thereof submitted for
recording. The Seller shall cause each assignment referred to in Section (5)(a) above that is recorded and the file copy
of each UCC-3 assignment referred to in Section (5)(a) above to reflect that it should be returned by the public recording
or filing office to the Custodian or its agent following recording (or, alternatively, to the Seller or its designee, in which
case the Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly following receipt);
provided that, in those instances where the public recording office retains the original assignment of Mortgage or assignment
of Assignment of Leases, the Seller shall obtain therefrom and deliver to the Custodian a certified copy of the recorded original.
On a monthly basis, at the expense of the Seller, the Custodian shall forward to the Master Servicer a copy of each of the aforementioned
assignments following the Custodian’s receipt thereof;

 

(c)          it shall take
any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer in order to
assist and facilitate the transfer of the servicing of the Mortgage Loans (other than any Mortgage Loans that are Non-Serviced
Mortgage Loans) to the Master Servicer, including effectuating the transfer of any letters of credit with respect to any Mortgage
Loan to the Master Servicer on behalf of the Trustee for the benefit of Certificateholders and/or the Ascentia Communities Portfolio
Companion Loan Holder and/or the Kaiser Center Companion Loan Holder (prior to the Kaiser Center Companion Loan Securitization
Date), as applicable. Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the Master
Servicer, the Seller will cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable,
in connection with effectuating a draw under such letter of credit as required under the terms of the related Loan Documents;

 

(d)          the Seller shall
provide the Master Servicer the initial data with respect to each Mortgage Loan for the CREFC® Financial File and
the CREFC® Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to the Pooling
and Servicing Agreement and the Supplemental Servicer Schedule;

 

(e)          if (during the
period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the Public Certificates
in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained actual knowledge of
undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event causes there to be
an untrue statement of a material fact with respect to the Seller Information in the Prospectus Supplement dated July 17, 2015
relating to the Public Certificates, the annexes and exhibits thereto and the DVD delivered therewith, or the Offering Circular
dated July 17, 2015 relating to the Private Certificates, the annexes and exhibits thereto and the DVD delivered therewith (collectively,
the “Offering Documents”), or causes there to be an omission to state therein a material fact with respect to
the Seller Information required to be stated therein or necessary to make the statements therein with respect to the Seller Information,
in the light of the circumstances under which they were made, not misleading, then the Seller shall promptly notify the Dealers
and the Depositor. If as a result of any such event the Dealers’ legal counsel determines that it is necessary to amend or
supplement the Offering Documents in order to correct the untrue statement, or to make the statements therein, in the light of
the circumstances when the Offering Documents are delivered to a purchaser, not misleading, or to

 

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make the Offering Documents in
compliance with applicable law, the Seller shall (to the extent that such amendment or supplement solely relates to the Seller
Information) at the expense of the Seller, do all things reasonably necessary to assist the Depositor to prepare and furnish to
the Dealers, such amendments or supplements to the Offering Documents as may be necessary so that the Seller Information in the
Offering Documents, as so amended or supplemented, will not contain an untrue statement, will not, in the light of the circumstances
when the Offering Documents are delivered to a purchaser, be misleading and will comply with applicable law. (All terms under this
clause (e) and not otherwise defined in this Agreement shall have the meanings set forth in the Indemnification Agreement, dated
as of July 16, 2015, among the Underwriters, the Initial Purchasers, the Seller and the Purchaser (the “Indemnification
Agreement” and, together with this Agreement, the “Operative Documents”));

 

(f)          for so long as
the Trust Fund (or with respect to the Ascentia Communities Portfolio Companion Loan or the Kaiser Center Companion Loan (prior
to the Kaiser Center Companion Loan Securitization Date), if such Companion Loan is deposited into another securitization, the
trust fund under such other securitization) is subject to the reporting requirements of the Exchange Act, the Seller shall provide
the Depositor (or with respect to the Ascentia Communities Portfolio Companion Loan or the Kaiser Center Companion Loan (prior
to the Kaiser Center Companion Loan Securitization Date), if such Companion Loan (or a portion thereof) is deposited into another
securitization, the depositor of such securitization) and the Certificate Administrator with any Additional Form 10-D Disclosure,
any Additional Form 10-K Disclosure and any Form 8-K Disclosure Information indicated on Exhibit U, Exhibit V and Exhibit Z to
the Pooling and Servicing Agreement, to the extent contemplated to be provided by the Seller, within the time periods set forth
in the Pooling and Servicing Agreement; provided that, in connection with providing Additional Form 10-K Disclosure and
the Seller’s reporting obligations under Item 1119 of Regulation AB, upon reasonable request by the Seller, the Purchaser
shall provide the Seller with a list of all parties to the Pooling and Servicing Agreement and any other Servicing Function Participant;
and

 

(g)          With respect to
the Ascentia Communities Portfolio Mortgage Loan or the Kaiser Center Mortgage Loan (prior to the Kaiser Center Companion Loan
Securitization Date), the Seller agrees that if disclosure related to the description of a party to the Pooling and Servicing Agreement
is requested by the holder of a related Companion Loan for inclusion in the disclosure materials relating to the securitization
of such Companion Loan, the reasonable costs of such party related to such disclosure and any opinion(s) of counsel, certifications
and/or indemnification agreement(s) shall be paid or caused to be paid by the Seller.

 

SECTION 6     Representations
and Warranties.

 

(a)          The Seller represents
and warrants to the Purchaser as of the date hereof and as of the Closing Date that:

 

(i)          The
Seller is a corporation, duly organized, validly existing and in good standing under the laws of the State of New York with full
power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good standing in
all jurisdictions to the extent such qualification is necessary to hold and sell the Mortgage Loans or otherwise comply with its
obligations under this Agreement

 

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except where the failure to be so qualified would not have a material adverse effect on its ability
to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution and delivery of,
and performance under, the Operative Documents and has duly executed and delivered each Operative Document, and has the power and
authority to execute, deliver and perform under each Operative Document and all the transactions contemplated hereby and thereby,
including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage Loans in accordance
with this Agreement;

 

(ii)           Assuming
the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal, valid
and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement may
be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement
of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification
for securities laws liabilities;

 

(iii)          The
execution and delivery of each Operative Document by the Seller and the performance of its obligations hereunder and thereunder
will not conflict with any provision of any law or regulation to which the Seller is subject, or conflict with, result in a breach
of, or constitute a default under, any of the terms, conditions or provisions of any of the Seller’s organizational documents
or any agreement or instrument to which the Seller is a party or by which it is bound, or any order or decree applicable to the
Seller, or result in the creation or imposition of any lien on any of the Seller’s assets or property, in each case, which
would materially and adversely affect the ability of the Seller to carry out the transactions contemplated by the Operative Documents;

 

(iv)          There
is no action, suit, proceeding or investigation pending or, to the Seller’s knowledge, threatened against the Seller 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 Seller to carry out the transactions contemplated by each Operative Document;

 

(v)           The
Seller 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 might have consequences that, in the Seller’s good faith and reasonable judgment,
is likely to materially and adversely affect the condition (financial or other) or operations of the Seller or its properties or
might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect
its performance under any Operative Document;

 

(vi)          No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Seller of, or compliance by the Seller with, each Operative Document or the consummation of the

 

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transactions
contemplated hereby or thereby, other than those which have been obtained by the Seller;

 

(vii)        The
transfer, assignment and conveyance of the Mortgage Loans by the Seller to the Purchaser is not subject to bulk transfer laws or
any similar statutory provisions in effect in any applicable jurisdiction; and

 

(viii)       Except
for the agreed-upon procedures report obtained from the accounting firm engaged to provide procedures involving a comparison of
information in loan files for the Mortgage Loans to information on a data tape relating to the Mortgage Loans (the “Accountant’s
Due Diligence Report”), the Seller has not obtained (and, through and including the Closing Date, will not obtain) any
“third party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act) in connection with the transactions
contemplated herein and in the Offering Documents and, except for the accountants with respect to the Accountants’ Due Diligence
Report, the Seller has not employed (and, through and including the Closing Date, will not employ) any third party to engage in
any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in
connection with the transactions contemplated herein and in the Offering Documents. The Underwriters and Initial Purchasers are
third-party beneficiaries of the provisions set forth in this Section 6(a)(viii).

 

(b)          The Purchaser
represents and warrants to the Seller as of the Closing Date that:

 

(i)           The
Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with
full corporate power and authority to own its assets and conduct its business, is duly qualified as a foreign corporation in good
standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification,
except where the failure to be so qualified would not have a material adverse effect on the ability of the Purchaser to perform
its obligations hereunder, and the Purchaser has taken all necessary action to authorize the execution, delivery and performance
of this Agreement by it, and has duly executed and delivered this Agreement, and has the power and authority to execute, deliver
and perform this Agreement and all the transactions contemplated hereby;

 

(ii)          Assuming
the due authorization, execution and delivery of this Agreement by the Seller, this Agreement will constitute a legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation 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 by the Purchaser and the performance of its obligations hereunder will not conflict with
any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or

 

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constitute
a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement
or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the Purchaser, or
result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would materially
and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;

 

(iv)          There
is no action, suit, proceeding or investigation pending or, to the Purchaser’s knowledge, threatened against the Purchaser
in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity
of this Agreement or any action taken in connection with the obligations of the Purchaser contemplated herein, or which would be
likely to impair materially the ability of the Purchaser to perform under the terms of this Agreement;

 

(v)           The
Purchaser 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 might have consequences that would materially and adversely affect the condition
(financial or other) or operations of the Purchaser or its properties or might have consequences that would materially and adversely
affect its performance under any Operative Document;

 

(vi)          No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Purchaser of or compliance by the Purchaser with this Agreement or the consummation of the transactions contemplated
by this Agreement other than those that have been obtained by the Purchaser; and

 

(vii)        The
Purchaser (A) prepared one or more reports on Form ABS-15G (each, a “Form 15G”) containing the findings and conclusions
of the Accountant’s Due Diligence Report and meeting the requirements of that Form 15G, Rule 15Ga-2, any other rules and
regulations of the Securities and Exchange Commission and the Exchange Act; (B) provided a copy of the final draft of each such
Form 15G to the Underwriters and the Initial Purchasers at least 6 Business Days before the first sale in the offering contemplated
by the Offering Documents; and (C) furnished each such Form 15G to the Securities and Exchange Commission on EDGAR at least 5 Business
Days before the first sale in the offering contemplated by the Offering Documents as required by Rule 15Ga-2.

 

(c)           The Seller further
makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this Agreement as of the Cut-Off
Date or such other date set forth in Exhibit B to this Agreement, which representations and warranties are subject to the
exceptions thereto set forth in Exhibit C to this Agreement.

 

(d)           Pursuant to the
Pooling and Servicing Agreement, if (i) any party thereto discovers or receives notice alleging that any document constituting
a part of a Mortgage File has not been properly executed, is missing, contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan Schedule, or

 

    	-10-

    	 

    

 

does not appear to be regular on its face
(each, a “Document Defect”), or discovers or receives notice alleging a breach of any representation or warranty
of the Seller made pursuant to Section 6(c) of this Agreement with respect to any Mortgage Loan (a “Breach”)
or (ii) the Special Servicer or the Purchaser receives a Repurchase Request, then such party is required to give prompt written
notice thereof to the Seller.

 

(e)          Pursuant to the
Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect or Breach with
respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance with Section 2.03
of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan or any related REO Property
or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified Mortgage (any such Document
Defect shall constitute a “Material Document Defect” and any such Breach shall constitute a “Material
Breach”). If such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach,
then the Special Servicer will be required to give prompt written notice thereof to the Seller. Promptly upon becoming aware of
any such Material Document Defect or Material Breach (including through a written notice given by the Master Servicer or the Special
Servicer, as provided above if the Document Defect or Breach identified therein is a Material Document Defect or Material Breach,
as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s discovery or receipt of notice
of, and receipt of a demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be
(or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being a “qualified mortgage”
within the meaning of the REMIC Provisions, not later than 90 days from any party discovering such Material Document Defect or
Material Breach), cure the same in all material respects (which cure shall include payment of any losses and Additional Trust Fund
Expenses associated therewith) or, if such Material Document Defect or Material Breach, as the case may be, cannot be cured within
such 90 day period, the Seller shall either (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust
Fund’s interest therein) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection
Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than 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; provided, however, that if (i)
such Material Document Defect or Material Breach is capable of being cured but not within such 90 day period, (ii) such Material
Document Defect or Material Breach is not related to any Mortgage Loan’s not being a “qualified mortgage” within
the meaning of the REMIC Provisions and (iii) the Seller has commenced and is diligently proceeding with the cure of such Material
Document Defect or Material Breach within such 90 day period, then the Seller shall have an additional 90 days to complete such
cure, or, in the event of a failure to so cure, to complete such repurchase of the related Mortgage Loan or substitute a Qualified
Substitute Mortgage Loan as described above (it being understood and agreed that, in connection with the Seller’s receiving
such additional 90 day period, the Seller shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and
the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach is not capable of being
cured within the initial 90 day period and what actions the Seller is pursuing in connection with the cure thereof and stating
that the Seller anticipates that such Material Document Defect or Material Breach will be cured within such additional 90 day period);
and 

 

    	-11-

    	 

    

 

provided, further, that, if any such Material Document Defect is still not cured after the initial 90 day period
and any such additional 90 day period solely due to the failure of the Seller to have received the recorded document, then the
Seller shall be entitled to continue to defer its cure, repurchase or substitution obligations in respect of such Document Defect
so long as the Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter
that the Document Defect is still in effect solely because of its failure to have received the recorded document and that the Seller
is diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, repurchase
or substitution may continue beyond the date that is 18 months following the Closing Date. Any such repurchase or substitution
of a Mortgage Loan shall be on a whole loan, servicing released basis. The Seller shall have no obligation to monitor the Mortgage
Loans regarding the existence of a Breach or a Document Defect, but if the Seller discovers a Material Breach or Material Document
Defect with respect to a Mortgage Loan, it will notify the Purchaser. Monthly Payments due with respect to each Qualified Substitute
Mortgage Loan (if any) after the related Due Date in the month of substitution, and Monthly 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 Cut-off Date through, but not including, the related date of repurchase or substitution, shall be part of the Trust Fund.
Monthly 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 Monthly 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 to the Seller effecting the related repurchase or substitution
promptly following receipt.

 

Subject to the Seller’s
right to cure set forth above in this Section 6(e), and further subject to Sections 2.01(b) and 2.01(c) of the Pooling and Servicing
Agreement, failure of the Seller to deliver the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition
of “Mortgage File” in the Pooling and Servicing Agreement in accordance with this Agreement and the Pooling and Servicing
Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect
(except such deemed Material Document Defect described above) shall be considered to be a Material Document Defect unless the document
with respect to which the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights
or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage
Loan, establishing the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant
servicing obligation.

 

With respect to
each of the Kaiser Center Mortgage Loan (after the Kaiser Center Companion Loan Securitization Date), the US StorageMart
Mortgage Loan and Alderwood Mall Mortgage Loan, the Seller agrees that if a “Material Document Defect” (or
equivalent concept) under, and as such term or any analogous term is defined in, the related Other Pooling and Servicing
Agreement exists with respect to the related controlling Non-Serviced Companion Loan and the applicable seller thereof or
other responsible party repurchases such related Non-Serviced Companion Loan from the related Other Securitization Trust,
then the Seller shall repurchase the Kaiser Center Mortgage Loan (after the Kaiser Center Companion Loan Securitization
Date), the US StorageMart Mortgage Loan and Alderwood Mall
Mortgage Loan, 

 

    	-12-

    	 

    

 

as applicable; provided, however, that the foregoing shall not apply to any Material Document Defect (or equivalent
concept) related to the promissory note for the related Non-Serviced Companion Loan.

 

(f)          In connection
with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling and Servicing
Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the repurchasing entity evidencing
such repurchase or substitution, all portions of the Mortgage File (including, without limitation, the Servicing File) and other
documents and all escrows and reserve funds pertaining to such Mortgage Loan possessed by it, and each document that constitutes
a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the repurchasing entity or
its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the Trustee,
and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents
were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer and reconveyance of the Mortgage
Loan and the security therefor to the Seller or its designee; provided that such tender by the Trustee and the Custodian
shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an Officer’s Certificate to the
effect that the requirements for repurchase or substitution have been satisfied.

 

(g)         The representations
and warranties of the parties hereto shall survive the execution and delivery and any termination of this Agreement and shall inure
to the benefit of the respective parties, notwithstanding any restrictive or qualified endorsement on the Notes or Assignment of
Mortgage or the examination of the Mortgage Files.

 

(h)         Each party hereto
agrees to promptly notify the other party of any breach of a representation or warranty contained in Section 6(c) of this
Agreement. The Seller’s obligation to cure any Material Breach or Material Document Defect or to repurchase, or substitute
for, any affected Mortgage Loan pursuant to this Section 6 shall constitute the sole remedy available to the Purchaser in
connection with a breach of any of the Seller’s representations or warranties contained in Section 6(c) of this Agreement
or a Document Defect with respect to any Mortgage Loan.

 

(i)          The Seller shall
promptly notify the Depositor if (i) the Seller receives a Repurchase Communication of a Repurchase Request (other than from the
Depositor), (ii) the Seller repurchases or replaces a Mortgage Loan, (iii) the Seller receives a Repurchase Communication of a
Repurchase Request Withdrawal (other than from the Depositor) or (iv) the Seller rejects or disputes any Repurchase Request. Each
such notice shall be given no later than the tenth (10th) Business Day after (A) with respect to clauses (i) and (iii) of the preceding
sentence, receipt of a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, as applicable, and
(B) with respect to clauses (ii) and (iv) of the preceding sentence, the occurrence of the event giving rise to the requirement
for such notice, and shall include (1) the identity of the related Mortgage Loan, (2) the date (x) such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal was received, (y) the related Mortgage Loan was repurchased or replaced
or (z) the Repurchase Request was rejected or disputed, as applicable, and (3) if known, the basis for (x) the Repurchase Request
(as

 

    	-13-

    	 

    

 

asserted in the Repurchase Request) or (y) any rejection or dispute of a Repurchase Request, as applicable.

 

The Seller shall provide
to the Depositor and the Certificate Administrator the Seller’s “Central Index Key” number assigned by the Securities
and Exchange Commission and a true, correct and complete copy of the relevant portions of any Form ABS-15G that the Seller is required
to file with the Securities and Exchange Commission pursuant to Rule 15Ga-1 under the Exchange Act with respect to the Mortgage
Loans on or before the date that is five (5) Business Days before the date such Form ABS-15G is required to be filed with the Securities
and Exchange Commission.

 

In addition, the Seller
shall provide the Depositor, upon request, such other information in its possession as would permit the Depositor to comply with
its obligations under Rule 15Ga-1 under the Exchange Act to disclose fulfilled and unfulfilled repurchase requests. Any such information
requested shall be provided as promptly as practicable after such request is made.

 

The Seller agrees that
no 15Ga-1 Notice Provider will be required to provide information in a 15Ga-1 Notice that is protected by the attorney-client privilege
or attorney work product doctrines. In addition, the Seller hereby acknowledges that (i) any 15Ga-1 Notice provided pursuant to
Section 2.03(a) of the Pooling and Servicing Agreement is so provided only to assist the Seller, the Depositor and 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 15Ga-1 Notice Provider and (B) no information provided pursuant
to Section 2.03(a) of the Pooling and Servicing Agreement by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute
a waiver or defense to the exercise of any legal right the 15Ga-1 Notice Provider may have with respect to this Agreement, including
with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice.

 

Each party hereto agrees
that the receipt of a 15Ga-1 Notice or the delivery of any notice required to be delivered pursuant to this Section 6(i)
shall not, in and of itself, constitute delivery of notice of, receipt of notice of, or knowledge of the Seller of, any Material
Document Defect or Material Breach.

 

Each party hereto agrees
and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the Trust Fund is 0001644697.

 

“Repurchase
Communication” means, for purposes of this Section 6(i) only, any communication, whether oral or written, which
need not be in any specific form.

 

SECTION
7     Review of Mortgage File. The Purchaser shall require the Certificate Administrator
pursuant to the Pooling and Servicing Agreement to review the Mortgage Files pursuant to Section 2.02 of the Pooling and
Servicing Agreement and if it finds any document or documents not to have been properly executed, or to be missing or to be
defective on its face in any material respect, to notify the Purchaser, which shall promptly notify the Seller.

 

    	-14-

    	 

    

 

SECTION
8     Conditions to Closing. The obligation of the Seller to sell the Mortgage Loans shall be
subject to the Seller having received the consideration for the Mortgage Loans as contemplated by Section 1 of this
Agreement. The obligations of the Purchaser to purchase the Mortgage Loans shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:

 

(a)          Each of the obligations
of the Seller required to be performed by it at or prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and warranties of the Seller under this Agreement shall, subject
to any applicable exceptions set forth on Exhibit C to this Agreement, be true and correct in all material respects as of
the Closing Date or as of such other date as of which such representation is made under the terms of Exhibit B to this Agreement,
and no event shall have occurred as of the Closing Date which would constitute a default on the part of the Seller under this Agreement,
and the Purchaser shall have received a certificate to the foregoing effect signed by an authorized officer of the Seller substantially
in the form of Exhibit D to this Agreement.

 

(b)          The Pooling and
Servicing Agreement (to the extent it affects the obligations of the Seller hereunder), in such form as is agreed upon and acceptable
to the Purchaser, the Seller, the Underwriters, the Initial Purchasers and their respective counsel in their reasonable discretion,
shall be duly executed and delivered by all signatories as required pursuant to the terms thereof.

 

(c)          The Purchaser
shall have received the following additional closing documents:

 

(i)           copies
of the Seller’s Articles of Association, charter, by-laws or other organizational documents and all amendments, revisions,
restatements and supplements thereof, certified as of a recent date by the Secretary of the Seller;

 

(ii)          a
certificate as of a recent date of the Secretary of State of the State of New York to the effect that the Seller is duly organized,
existing and in good standing in the State of New York;

 

(iii)         an
officer’s certificate of the Seller in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating
Agency;

 

(iv)         an
opinion of counsel of the Seller, subject to customary exceptions and carve-outs, in form reasonably acceptable to the Underwriters,
the Initial Purchasers and each Rating Agency; and

 

(v)          a
letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that
would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement,
the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the
date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular,
solely as of the time of sale) contained or contain, as applicable, with respect to

 

    	-15-

    	 

    

 

the Seller or the Mortgage Loans, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the
Seller or the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller Information
(as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive in all material
respects to the applicable requirements of Regulation AB.

 

(d)          The Public Certificates
shall have been concurrently issued and sold pursuant to the terms of the Underwriting Agreement. The Private Certificates shall
have been concurrently issued and sold pursuant to the terms of the Certificate Purchase Agreement.

 

(e)          The Seller shall
have executed and delivered concurrently herewith the Indemnification Agreement.

 

(f)           The Seller shall
furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers or others and such
other documents and opinions to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser and its counsel
may reasonably request.

 

SECTION
9     Closing. The closing for the purchase and sale of the Mortgage Loans shall take place
at the office of Cadwalader, Wickersham & Taft LLP, New York, New York, at 10:00 a.m., on the Closing Date or such other
place and time as the parties shall agree.

 

SECTION
10     Expenses. The Seller will pay its pro rata share (the Seller’s pro rata portion
to be determined according to the percentage that the aggregate principal balance as of the Cut-Off Date of all the Mortgage
Loans represents as to the aggregate principal balance as of the Cut-Off Date of all the mortgage loans to be included in the
Trust Fund) of all costs and expenses of the Purchaser in connection with the transactions contemplated herein, including,
but not limited to: (i) the costs and expenses of the Purchaser in connection with the purchase of the Mortgage Loans; (ii)
the costs and expenses of reproducing and delivering the Pooling and Servicing Agreement and this Agreement and printing (or
otherwise reproducing) and delivering the Certificates; (iii) the reasonable and documented fees, costs and expenses of the
Trustee, the Certificate Administrator and their respective counsel; (iv) the fees and disbursements of a firm of certified
public accountants selected by the Purchaser and the Seller with respect to numerical information in respect of the Mortgage
Loans and the Certificates included in the Prospectus, Primary Free Writing Prospectus, the Prospectus Supplement, the
Preliminary Offering Circular, the Final Offering Circular and any related disclosure for the initial Form 8-K, including the
cost of obtaining any “comfort letters” with respect to such items; (v) the costs and expenses in connection with
the qualification or exemption of the Certificates under state securities or blue sky laws, including filing fees and
reasonable fees and disbursements of counsel in connection therewith; (vi) the costs and expenses in connection with any
determination of the eligibility of the Certificates for investment by institutional investors in any jurisdiction and
the preparation of any legal investment survey, including reasonable fees and disbursements of counsel in connection
therewith; (vii) the costs and expenses in connection with printing (or otherwise reproducing) and delivering the
Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and
Final Offering Circular and the reproducing and delivery of this Agreement and the furnishing to the Underwriters of

 

    	-16-

    	 

    

 

such
copies of the Registration Statement, Prospectus, Primary Free Writing Prospectus, Prospectus Supplement, Preliminary
Offering Circular, Final Offering Circular and this Agreement as the Underwriters may reasonably request; (viii) the fees of
the rating agency or agencies requested to rate the Certificates; (ix) the reasonable fees and expenses of Cadwalader,
Wickersham & Taft LLP, as counsel to the Purchaser; and (x) the reasonable fees and expenses of Orrick, Herrington &
Sutcliffe LLP, as counsel to the Underwriters and the Initial Purchasers.

 

If the Seller elects
to exercise its rights under Section 11.15 of the Pooling and Servicing Agreement, then the Seller shall pay the reasonable
costs and expenses (if any) of the Depositor, Master Servicer, Special Servicer and Trustee resulting from such parties’
obligations to cooperate with the Seller under Section 11.15 of the Pooling and Servicing Agreement.

 

SECTION
11     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. Furthermore, the parties
shall in good faith endeavor to replace any provision held to be invalid or unenforceable with a valid and enforceable
provision which most closely resembles, and which has the same economic effect as, the provision held to be invalid or
unenforceable.

 

SECTION
12     Governing Law. 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.

 

SECTION
13     Waiver of Jury Trial. 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
14    Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE
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 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 SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY SUCH 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

 

    	-17-

    	 

    

 

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 AND
AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

SECTION
15     No Third-Party Beneficiaries. The parties do not intend the benefits of this Agreement
to inure to any third party except as expressly set forth in Section 6 and Section 16.

 

SECTION
16     Assignment. The Seller hereby acknowledges that the Purchaser has, concurrently with
the execution hereof, executed and delivered the Pooling and Servicing Agreement and that, in connection therewith, it has
assigned its rights hereunder to the Trustee for the benefit of the Certificateholders. The Seller hereby acknowledges its
obligations pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement. This Agreement shall bind and
inure to the benefit of and be enforceable by the Seller, the Purchaser and their permitted successors and assigns. Any
Person into which the Seller may be merged or consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Seller may become a party, or any Person succeeding to all or substantially all of the business of
the Seller, shall be the successor to the Seller hereunder without any further act. The warranties and representations and
the agreements made by the Seller herein shall survive delivery of the Mortgage Loans to the Trustee until the termination of
the Pooling and Servicing Agreement, but shall not be further assigned by the Trustee to any Person.

 

SECTION
17     Notices. All communications hereunder shall be in writing and effective only upon
receipt and (i) if sent to the Purchaser, will be mailed, hand delivered, couriered or sent by facsimile transmission to it
at 200 West Street, New York, New York 10282, to the attention of Leah Nivison, fax number: (212) 428-1439, email:
leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, email: peter.morreale@gs.com and Joe
Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com, (ii) if sent to the Seller, will be mailed, hand delivered,
couriered or sent by facsimile transmission or electronic mail and confirmed to it at Citigroup Global Markets Realty Corp.,
390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention of Paul Vanderslice, fax number: (212) 723-8599,
and Citigroup Global Markets Realty Corp., 388 Greenwich Street, 19th Floor, New York, New York 10013, to the attention of
Richard Simpson, fax number: (646) 328-2943, and Ryan M. O’Connor, fax number: (646) 328-2943, respectively, and with
an electronic copy emailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at
ryan.m.oconnor@citi.com, and (iii) in the case of any of the preceding parties, such other address as may hereafter be
furnished to the other party in writing by such parties.

 

SECTION
18     Amendment. This Agreement may be amended only by a written instrument which
specifically refers to this Agreement and is executed by the Purchaser and the Seller. This Agreement shall not be deemed to
be amended orally or by virtue of any continuing custom or practice. No amendment to the Pooling and Servicing Agreement
which relates to defined terms contained therein or to any obligations or rights of the Seller whatsoever shall be effective
against the Seller unless the Seller shall have agreed to such amendment in writing.

 

    	-18-

    	 

    

 

SECTION
19     Counterparts. This Agreement may be executed in any number of counterparts, and by the
parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a
manually executed original counterpart of this Agreement.

 

SECTION
20     Exercise of Rights. No failure or delay on the part of any party to exercise any
right, power or privilege under this Agreement and no course of dealing between the Seller and the Purchaser shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. Except as set forth in Section
6(h) of this Agreement, the rights and remedies herein expressly provided are cumulative and not exclusive of any rights
or remedies which any party would otherwise have pursuant to law or equity. No notice to or demand on any party in any case
shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver
of the right of either party to any other or further action in any circumstances without notice or demand.

 

SECTION
21     No Partnership. Nothing herein contained shall be deemed or construed to create a
partnership or joint venture between the parties hereto. Nothing herein contained shall be deemed or construed as creating an
agency relationship between the Purchaser and the Seller and neither party shall take any action which could reasonably lead
a third party to assume that it has the authority to bind the other party or make commitments on such party’s
behalf.

 

SECTION
22     Miscellaneous. This Agreement supersedes all prior agreements and understandings
relating to the subject matter hereof. Neither this Agreement nor any term hereof may be waived, discharged or terminated
orally, but only by an instrument in writing signed by the party against whom enforcement of the waiver, discharge or
termination is sought.

 

SECTION
23     Further Assurances. The Seller and Purchaser each agree to execute and deliver such
instruments and take such further actions as any party hereto may, from time to time, reasonably request in order to
effectuate the purposes and carry out the terms of this Agreement.

 

* * * * * *

 

    	-19-

    	 

    

  

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.

 

	 	GS MORTGAGE SECURITIES CORPORATION II
	 	 	 
	 	By:	/s/ Leah Nivison
	 	 	Name: Leah Nivison
	 	 	Title: Vice President
	 	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 	 
	 	By:	 /s/ Richard W. Simpson
	 	 	Name:  Richard W. Simpson
	 	 	Title: Authorized Signatory

 

 

 

GS 2015-GC32 –
CGMRC Mortgage Loan Purchase Agreement

    	 

    	 

    

  

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

    	A-1

    	 

    

 

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	 Cut-Off
    Date Balance ($) 	 	Mortgage
    Loan Rate (%)	 	Remaining
    Term To Maturity (Mos.)	 	Maturity
    Date	 	Remaining
    Amortization Term (Mos.)	 	Servicing
    Fee Rate (%)	 	Subservicing
    Fee Rate (%)
	1	 	1	 	8625	 	Ascentia
    MHC Portfolio	 	 	 	 	 	 	 	 	 	100,000,000	 	4.42500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	1.01	 	 	 	10484	 	Eagle
    River	 	32700
    Highway 6	 	Edwards	 	Colorado	 	81632	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.02	 	 	 	10485	 	Foxridge
    Farm	 	26900
    East Colfax Avenue	 	Aurora	 	Colorado	 	80018	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.03	 	 	 	10494	 	River
    Valley	 	10910
    Turner Boulevard	 	Longmont	 	Colorado	 	80504	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.04	 	 	 	10505	 	West
    Winds	 	505
    Williams Street	 	Cheyenne	 	Wyoming	 	82007	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.05	 	 	 	10497	 	Skyline
    Village	 	1700
    Swanson Drive	 	Rock
    Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.06	 	 	 	10486	 	Gaslight
    Village	 	2801
    North 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.07	 	 	 	10483	 	Dream
    Island	 	1315
    Dream Island Plaza	 	Steamboat
    Springs	 	Colorado	 	80487	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.08	 	 	 	10501	 	Valley
    Ridge	 	8671
    Southwest Loop 410	 	San
    Antonio	 	Texas	 	78242	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.09	 	 	 	10506	 	Western
    Hills	 	45
    Purple Sage Road	 	Rock
    Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.10	 	 	 	10490	 	Lake
    Fork	 	150
    Highway 300	 	Leadville	 	Colorado	 	80461	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.11	 	 	 	10478	 	Aloha
    Vegas	 	500
    Miller Avenue	 	North
    Las Vegas	 	Nevada	 	89030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.12	 	 	 	10489	 	Kingswood
    Estates	 	2323
    Bellwood Drive	 	Grand
    Island	 	Nebraska	 	68801	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.13	 	 	 	10481	 	Country
    Oaks	 	7510
    Talley Road	 	San
    Antonio	 	Texas	 	78253	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.14	 	 	 	10508	 	Woodlawn
    Estates	 	2720
    North 2nd Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.15	 	 	 	10479	 	Buckingham
    Village	 	2910
    Pat Booker Road	 	Universal
    City	 	Texas	 	78148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.16	 	 	 	10509	 	Woodview	 	1301
    West Oltorf Street	 	Austin	 	Texas	 	78704	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.17	 	 	 	10504	 	West
    Park Plaza	 	129
    Melody Lane	 	Grand
    Island	 	Nebraska	 	68803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.18	 	 	 	10500	 	Valle
    Grande	 	8900
    2nd Street Northwest	 	Albuquerque	 	New
    Mexico	 	87114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.19	 	 	 	10495	 	Riviera
    de Sandia	 	12145
    State Highway 14 North, Lot J3	 	Cedar
    Crest	 	New
    Mexico	 	87008	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.20	 	 	 	10480	 	Cedar
    Village	 	15814
    East Colfax Avenue	 	Aurora	 	Colorado	 	80011	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.21	 	 	 	10493	 	Rancho
    Bridger	 	5020
    Springs Drive	 	Rock
    Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.22	 	 	 	10496	 	Sheltered
    Valley	 	1700
    Wilson Street	 	Green
    River	 	Wyoming	 	82935	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.23	 	 	 	10502	 	Vals	 	125
    Clinton Road	 	Cibolo	 	Texas	 	78108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.24	 	 	 	10482	 	Countryside
    Estates	 	2400
    North 1st Street	 	Lincoln	 	Nebraska	 	68521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.25	 	 	 	10503	 	W
    bar K	 	3800
    Sunset Drive	 	Rock
    Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.26	 	 	 	10499	 	Trails
    End	 	1925
    East Murray Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.27	 	 	 	10507	 	Windgate	 	2800
    Windgate Drive	 	New
    Braunfels	 	Texas	 	78130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.28	 	 	 	10487	 	Golden
    Eagle	 	1016
    Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.29	 	 	 	10491	 	Mountain
    Springs	 	701
    Antelope Drive	 	Rock
    Springs	 	Wyoming	 	82901	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.30	 	 	 	10492	 	North
    Breeze	 	8360
    Eckhert Road	 	San
    Antonio	 	Texas	 	78240	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.31	 	 	 	10498	 	Sugar
    Creek	 	211
    Monroe Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.32	 	 	 	10488	 	Hillside	 	300
    Harshman Street	 	Rawlins	 	Wyoming	 	82301	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	2	 	10040	 	Kaiser
    Center	 	300
    Lakeside Drive	 	Oakland	 	California	 	94612	 	50,000,000	 	4.39000%	 	119	 	6/6/2025	 	360	 	0.00500%	 	0.00000%
	7	 	 	 	10321	 	Hilton
    Garden Inn Pittsburgh/Southpointe	 	1000
    Corporate Drive	 	Canonsburg	 	Pennsylvania	 	15317	 	30,000,000	 	4.35000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	9	 	3	 	7941	 	US
    StorageMart Portfolio	 	 	 	 	 	 	 	 	 	25,000,000	 	3.79788%	 	57	 	4/6/2020	 	0	 	0.00250%	 	0.00500%
	9.01	 	 	 	7941-1	 	50
    Wallabout Street	 	50
    Wallabout Street	 	Brooklyn	 	New
    York	 	11249	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250
    Flanagan Way	 	250
    Flanagan Way	 	Secaucus	 	New
    Jersey	 	07094	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700
    River Road	 	6700
    River Road	 	West
    New York	 	New
    Jersey	 	07093	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015
    North Halsted Street	 	1015
    North Halsted Street	 	Chicago	 	Illinois	 	60642	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536
    Wornall Road	 	7536
    Wornall Road	 	Kansas
    City	 	Missouri	 	64114	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640
    Southwest 2nd Avenue	 	640
    Southwest 2nd Avenue	 	Miami	 	Florida	 	33130	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920
    Northwest 7th Street	 	4920
    Northwest 7th Street	 	Miami	 	Florida	 	33126	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925
    Southwest 40th Street	 	9925
    Southwest 40th Street	 	Miami	 	Florida	 	33165	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220
    West 135th Street	 	9220
    West 135th Street	 	Overland
    Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980
    4th Avenue	 	980
    4th Avenue	 	Brooklyn	 	New
    York	 	11232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405
    South Federal Highway	 	405
    South Federal Highway	 	Pompano
    Beach	 	Florida	 	33062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001
    Excelsior Boulevard	 	11001
    Excelsior Boulevard	 	Hopkins	 	Minnesota	 	55343	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325
    Lee Highway	 	11325
    Lee Highway	 	Fairfax	 	Virginia	 	22030	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021
    Griffin Road	 	2021
    Griffin Road	 	Fort
    Lauderdale	 	Florida	 	33312	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400
    West Olmos Drive	 	400
    West Olmos Drive	 	San
    Antonio	 	Texas	 	78212	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151
    Wyandotte Street	 	14151
    Wyandotte Street	 	Kansas
    City	 	Missouri	 	64145	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979
    Butterfield Road	 	5979
    Butterfield Road	 	Hillside	 	Illinois	 	60162	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115
    Park Avenue	 	115
    Park Avenue	 	Basalt	 	Colorado	 	81621	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500
    Southwest 160th Avenue	 	3500
    Southwest 160th Avenue	 	Miramar	 	Florida	 	33027	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445
    Crain Highway	 	2445
    Crain Highway	 	Waldorf	 	Maryland	 	20601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100
    West North Avenue	 	100
    West North Avenue	 	Lombard	 	Illinois	 	60148	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727
    Shermer Road	 	2727
    Shermer Road	 	Northbrook	 	Illinois	 	60062	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201
    Antioch Road	 	15201
    Antioch Road	 	Overland
    Park	 	Kansas	 	66221	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450
    Mandela Parkway	 	2450
    Mandela Parkway	 	Oakland	 	California	 	94607	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02
    Jamaica Avenue	 	184-02
    Jamaica Avenue	 	Hollis	 	New
    York	 	11423	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012
    Northwest Prairie View Road	 	9012
    Northwest Prairie View Road	 	Kansas
    City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101
    West 95th Street	 	16101
    West 95th Street	 	Lenexa	 	Kansas	 	66219	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100
    North Mannheim	 	3100
    North Mannheim	 	Franklin
    Park	 	Illinois	 	60131	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580
    Potranco Road	 	9580
    Potranco Road	 	San
    Antonio	 	Texas	 	78251	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025
    Monterey Street	 	18025
    Monterey Street	 	Morgan
    Hill	 	California	 	95037	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N
    004 Route 59	 	9N
    004 Route 59	 	Elgin	 	Illinois	 	60120	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115
    Clayton Road	 	5115
    Clayton Road	 	Concord	 	California	 	94521	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702
    West 67th Street	 	9702
    West 67th Street	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794
    Scenic Highway	 	794
    Scenic Highway	 	Lawrenceville	 	Georgia	 	30046	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430
    Bandera Road	 	12430
    Bandera Road	 	Helotes	 	Texas	 	78023	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000
    South Providence Road	 	4000
    South Providence Road	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743
    San Pablo Avenue	 	2743
    San Pablo Avenue	 	Oakland	 	California	 	94612	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819
    North Eola Road	 	819
    North Eola Road	 	Aurora	 	Illinois	 	60502	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506
    West Worley Street	 	2506
    West Worley Street	 	Columbia	 	Missouri	 	65203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601
    FM 1325	 	15601
    FM 1325	 	Austin	 	Texas	 	78728	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700
    West 159th Street	 	10700
    West 159th Street	 	Orland
    Park	 	Illinois	 	60467	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403
    Rangeline Street	 	2403
    Rangeline Street	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714
    South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	6714
    South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	Chicago	 	Illinois	 	60637	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277
    Walters Road	 	2277
    Walters Road	 	Fairfield	 	California	 	94533	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575
    Thousand Oaks Drive	 	1575
    Thousand Oaks Drive	 	San
    Antonio	 	Texas	 	78232	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460
    Frontage Road	 	7460
    Frontage Road	 	Merriam	 	Kansas	 	66203	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401
    Third Street	 	6401
    Third Street	 	Key
    West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816
    Eaton Road	 	2816
    Eaton Road	 	Kansas
    City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985
    Atlanta Highway	 	3985
    Atlanta Highway	 	Athens	 	Georgia	 	30606	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510
    North Main Street	 	11510
    North Main Street	 	Kansas
    City	 	Missouri	 	64155	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750
    Winchester Road	 	750
    Winchester Road	 	Lexington	 	Kentucky	 	40505	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401
    Broadway Boulevard	 	3401
    Broadway Boulevard	 	Kansas
    City	 	Missouri	 	64111	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720
    Grand Boulevard	 	1720
    Grand Boulevard	 	Kansas
    City	 	Missouri	 	64108	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310
    South Enterprise Street	 	1310
    South Enterprise Street	 	Olathe	 	Kansas	 	66061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420
    St Mary’s Boulevard	 	2420
    St Mary’s Boulevard	 	Jefferson
    City	 	Missouri	 	65109	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500
    I-70 Drive Southeast	 	3500
    I-70 Drive Southeast	 	Columbia	 	Missouri	 	65201	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195
    Southwest Boulevard	 	195
    Southwest Boulevard	 	Kansas
    City	 	Kansas	 	66103	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900
    Northwest Prairie View Road	 	8900
    Northwest Prairie View Road	 	Kansas
    City	 	Missouri	 	64153	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601
    Twilight Trail	 	1601
    Twilight Trail	 	Frankfort	 	Kentucky	 	40601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515
    Church Street	 	1515
    Church Street	 	Lake
    Charles	 	Louisiana	 	70601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891
    North Columbia Street	 	1891
    North Columbia Street	 	Milledgeville	 	Georgia	 	31061	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200
    US #1	 	1200
    US #1	 	Key
    West	 	Florida	 	33040	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251
    Collins Industrial Boulevard	 	251
    Collins Industrial Boulevard	 	Athens	 	Georgia	 	30601	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310
    Paris Road	 	2310
    Paris Road	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820
    West Business Loop 70	 	1820
    West Business Loop 70	 	Columbia	 	Missouri	 	65202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723
    East Florida	 	1723
    East Florida	 	Springfield	 	Missouri	 	65803	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	4,
    5	 	8472	 	Alderwood
    Mall	 	3000
    184th Street Southwest	 	Lynnwood	 	Washington	 	98037	 	24,439,530	 	3.47875%	 	119	 	6/1/2025	 	359	 	0.00250%	 	0.00500%
	13	 	 	 	8558	 	Cypress
    Retail Center	 	4951-4961
    Katella Avenue	 	Cypress	 	California	 	90720	 	22,268,382	 	4.09000%	 	119	 	6/6/2025	 	359	 	0.00500%	 	0.00000%
	25	 	 	 	10189	 	Shops
    at 69th Street	 	20
    South 69th Street	 	Upper
    Darby	 	Pennsylvania	 	19082	 	11,250,000	 	4.64000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	26	 	 	 	10343	 	College
    Grove	 	6348
    College Grove Way	 	San
    Diego	 	California	 	92115	 	10,984,207	 	4.02000%	 	119	 	6/6/2025	 	359	 	0.00500%	 	0.00000%
	39	 	 	 	8328	 	Torrey
    Place Apartments	 	575
    East Torrey Street	 	New
    Braunfels	 	Texas	 	78130	 	8,550,000	 	4.40000%	 	119	 	6/6/2025	 	360	 	0.00500%	 	0.05000%
	40	 	 	 	8613	 	Amsdell
    FL/NJ Self Storage Portfolio	 	 	 	 	 	 	 	 	 	8,000,000	 	4.57000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.03000%
	40.01	 	 	 	8613-2	 	Compass
    Self Storage	 	2435
    West State Road 426	 	Oviedo	 	Florida	 	32765	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.02	 	 	 	8613-1	 	Access
    Self Storage	 	55
    Beekman Street and 502 South Main Street	 	Manville	 	New
    Jersey	 	08835	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	7814	 	Holiday
    Inn Express & Suites - Sherman TX	 	2909
    Michelle Drive	 	Sherman	 	Texas	 	75092	 	7,160,000	 	4.86000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	52	 	 	 	8408	 	24
    Simon Street	 	24
    Simon Street	 	Nashua	 	New
    Hampshire	 	03060	 	4,270,000	 	4.43000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%

  

    	 

    	 

    

 

	GSMS
    2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control
    Number	 	Footnotes	 	Loan
    Number	 	Property
    Name	 	Mortgage
    Loan Seller	 	Crossed
    Group	 	ARD
    (Yes / No)	 	Final
    Maturity Date	 	Revised
    Rate	 	Companion
    Loan Flag	 	Companion
    Loan Cut-off Balance	 	Companion
    Loan Interest Rate	 	Companion
    Loan Remaining Term To Maturity / ARD (Mos.)	 	Companion
    Loan Maturity Date / ARD	 	Companion
    Loan Remaining Amortization Term (Mos.)
	1	 	1	 	8625	 	Ascentia
    MHC Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	45,000,000	 	4.42500%	 	120	 	7/6/2025	 	360
	1.01	 	 	 	10484	 	Eagle
    River	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.02	 	 	 	10485	 	Foxridge
    Farm	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.03	 	 	 	10494	 	River
    Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.04	 	 	 	10505	 	West
    Winds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.05	 	 	 	10497	 	Skyline
    Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.06	 	 	 	10486	 	Gaslight
    Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.07	 	 	 	10483	 	Dream
    Island	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.08	 	 	 	10501	 	Valley
    Ridge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.09	 	 	 	10506	 	Western
    Hills	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.10	 	 	 	10490	 	Lake
    Fork	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.11	 	 	 	10478	 	Aloha
    Vegas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.12	 	 	 	10489	 	Kingswood
    Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.13	 	 	 	10481	 	Country
    Oaks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.14	 	 	 	10508	 	Woodlawn
    Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.15	 	 	 	10479	 	Buckingham
    Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.16	 	 	 	10509	 	Woodview	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.17	 	 	 	10504	 	West
    Park Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.18	 	 	 	10500	 	Valle
    Grande	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.19	 	 	 	10495	 	Riviera
    de Sandia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.20	 	 	 	10480	 	Cedar
    Village	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.21	 	 	 	10493	 	Rancho
    Bridger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.22	 	 	 	10496	 	Sheltered
    Valley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.23	 	 	 	10502	 	Vals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.24	 	 	 	10482	 	Countryside
    Estates	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.25	 	 	 	10503	 	W
    bar K	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.26	 	 	 	10499	 	Trails
    End	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.27	 	 	 	10507	 	Windgate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.28	 	 	 	10487	 	Golden
    Eagle	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.29	 	 	 	10491	 	Mountain
    Springs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.30	 	 	 	10492	 	North
    Breeze	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.31	 	 	 	10498	 	Sugar
    Creek	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.32	 	 	 	10488	 	Hillside	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	2	 	10040	 	Kaiser
    Center	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	90,000,000	 	4.39000%	 	119	 	6/6/2025	 	360
	7	 	 	 	10321	 	Hilton
    Garden Inn Pittsburgh/Southpointe	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	3	 	7941	 	US
    StorageMart Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	387,500,000	 	3.79788%	 	57	 	4/6/2020	 	0
	9.01	 	 	 	7941-1	 	50
    Wallabout Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.02	 	 	 	7941-2	 	250
    Flanagan Way	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.03	 	 	 	7941-3	 	6700
    River Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.04	 	 	 	7941-4	 	1015
    North Halsted Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.05	 	 	 	7941-5	 	7536
    Wornall Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.06	 	 	 	7941-6	 	640
    Southwest 2nd Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.07	 	 	 	7941-7	 	4920
    Northwest 7th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.08	 	 	 	7941-8	 	9925
    Southwest 40th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.09	 	 	 	7941-9	 	9220
    West 135th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.10	 	 	 	7941-10	 	980
    4th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.11	 	 	 	7941-11	 	405
    South Federal Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.12	 	 	 	7941-12	 	11001
    Excelsior Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.13	 	 	 	7941-13	 	11325
    Lee Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.14	 	 	 	7941-14	 	2021
    Griffin Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.15	 	 	 	7941-15	 	400
    West Olmos Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.16	 	 	 	7941-16	 	14151
    Wyandotte Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.17	 	 	 	7941-17	 	5979
    Butterfield Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.18	 	 	 	7941-18	 	115
    Park Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.19	 	 	 	7941-19	 	3500
    Southwest 160th Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.20	 	 	 	7941-20	 	2445
    Crain Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.21	 	 	 	7941-21	 	100
    West North Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.22	 	 	 	7941-22	 	2727
    Shermer Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.23	 	 	 	7941-23	 	15201
    Antioch Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.24	 	 	 	7941-24	 	2450
    Mandela Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.25	 	 	 	7941-25	 	184-02
    Jamaica Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.26	 	 	 	7941-26	 	9012
    Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.27	 	 	 	7941-27	 	16101
    West 95th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.28	 	 	 	7941-28	 	3100
    North Mannheim	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.29	 	 	 	7941-29	 	9580
    Potranco Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.30	 	 	 	7941-30	 	18025
    Monterey Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.31	 	 	 	7941-31	 	9N
    004 Route 59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.32	 	 	 	7941-32	 	5115
    Clayton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.33	 	 	 	7941-33	 	9702
    West 67th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.34	 	 	 	7941-34	 	794
    Scenic Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.35	 	 	 	7941-35	 	12430
    Bandera Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.36	 	 	 	7941-36	 	4000
    South Providence Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.37	 	 	 	7941-37	 	2743
    San Pablo Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.38	 	 	 	7941-38	 	819
    North Eola Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.39	 	 	 	7941-39	 	2506
    West Worley Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.40	 	 	 	7941-40	 	15601
    FM 1325	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.41	 	 	 	7941-41	 	10700
    West 159th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.42	 	 	 	7941-42	 	2403
    Rangeline Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.43	 	 	 	7941-43	 	6714
    South Cottage Grove Avenue and 6932 South South Chicago Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.44	 	 	 	7941-44	 	2277
    Walters Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.45	 	 	 	7941-45	 	1575
    Thousand Oaks Drive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.46	 	 	 	7941-46	 	7460
    Frontage Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.47	 	 	 	7941-47	 	6401
    Third Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.48	 	 	 	7941-48	 	2816
    Eaton Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.49	 	 	 	7941-49	 	3985
    Atlanta Highway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.50	 	 	 	7941-50	 	11510
    North Main Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.51	 	 	 	7941-51	 	750
    Winchester Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.52	 	 	 	7941-52	 	3401
    Broadway Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.53	 	 	 	7941-53	 	1720
    Grand Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.54	 	 	 	7941-54	 	1310
    South Enterprise Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.55	 	 	 	7941-55	 	2420
    St Mary’s Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.56	 	 	 	7941-56	 	3500
    I-70 Drive Southeast	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.57	 	 	 	7941-57	 	195
    Southwest Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.58	 	 	 	7941-58	 	8900
    Northwest Prairie View Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.59	 	 	 	7941-59	 	1601
    Twilight Trail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.60	 	 	 	7941-60	 	1515
    Church Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.61	 	 	 	7941-61	 	1891
    North Columbia Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.62	 	 	 	7941-62	 	1200
    US #1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.63	 	 	 	7941-63	 	251
    Collins Industrial Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.64	 	 	 	7941-64	 	2310
    Paris Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.65	 	 	 	7941-65	 	1820
    West Business Loop 70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9.66	 	 	 	7941-66	 	1723
    East Florida	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	4,
    5	 	8472	 	Alderwood
    Mall	 	CGMRC	 	NAP	 	No	 	 	 	 	 	Yes	 	330,560,470	 	3.47875%	 	119	 	6/1/2025	 	359
	13	 	 	 	8558	 	Cypress
    Retail Center	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	10189	 	Shops
    at 69th Street	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	10343	 	College
    Grove	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	8328	 	Torrey
    Place Apartments	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	8613	 	Amsdell
    FL/NJ Self Storage Portfolio	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.01	 	 	 	8613-2	 	Compass
    Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40.02	 	 	 	8613-1	 	Access
    Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	7814	 	Holiday
    Inn Express & Suites - Sherman TX	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	52	 	 	 	8408	 	24
    Simon Street	 	CGMRC	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	 	 
	1	The Cut-off Date Balance
    of $100,000,000 represents the note A-1 of a $145,000,000 whole loan evidenced by two pari passu notes. The companion loan
    has a principal balance of $45,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations.
    Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt
    Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $145,000,000.
	 	 
	2	The Cut-off Date Balance
    of $50,000,000 represents the note A-1 of a $140,000,000 whole loan evidenced by two pari passu notes. The companion loan
    has a principal balance of $90,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitizations.
    Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt
    Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $140,000,000.
	 	 
	3	The Cut-off Date Balance
    of $25,000,000 represents the note A-1D of a $412,500,000 whole loan evidenced by six senior pari passu notes and two junior
    pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1A, Note A-1B and Note A-1C, which
    had an aggregate outstanding principal balance as of the Cut-off Date of $89,000,000 and contributed to the CGBAM 2015-SMRT
    transaction, (b) Note A-1E, which has an aggregate outstanding principal balance as of the Cut-off Date of $43,694,500 and
    is expected to be contributed to a future securitization transaction and (c) Note A-1F which had an outstanding principal
    balance as of the Cut-off Date of $31,231,500 and was contributed to the MSBAM 2015-C23 transaction. The two pari passu junior
    notes (Note A-2A and Note A-2B) have an aggregate outstanding principal balance as of the Cut-off Date of $223,574,000 and
    were contributed to the CGBAM 2015-SMRT transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off
    Date Balance per SF/Unit calculations are calculated based upon the six senior pari passu notes only.
	 	 
	4	The Original Balance
    of $24,500,000 represents the note A-1-4-1 of a $355,000,000 whole loan evidenced by five senior pari passu notes and two
    junior pari passu notes. The pari passu senior companion loans are evidenced by (i) (a) Note A-1-1 and Note A-1-2, which had
    an aggregate original principal balance  of $127,800,000 and were contributed to the MSCCG 2015-ALDR transaction,
    (b) Note A-1-3, which had an original principal balance of $50,400,000 is expected to be contributed to the MSC 2015-MS1 transaction
    and (c) Note A-1-4-2 which had an original principal balance of $24,500,000 and is expected to be contributed to a future
    securitization. The two pari passu junior notes (Note A-2-1 and Note A-2-2) had an aggregate original balance of $127,800,000
    and were contributed to the MSCCG 2015-ALDR transaction. Unless otherwise indicated, all LTV Ratio, DSCR, Debt Yield and Cut-off
    Date Balance per SF/Unit calculations are calculated based upon the five senior pari passu notes only.
	 	 
	5	The Mortgage Loan amortizes
    based on a non-standard amortization schedule and the Underwritten NCF DSCR is calculated based on the Average Debt Service
    of the five senior notes totaling $227,200,000 for the 12-month period starting August 1, 2015. See Annex G in the Free Writing
    Prospectus for the related amortization schedule.

 

    	 

    	 

    

 

 

EXHIBIT B

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

    	B-1

    	 

    

MORTGAGE LOAN REPRESENTATIONS
AND WARRANTIES

 

(1)              
Whole Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Whole Loan, each
Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of a Whole Loan
is a senior or pari passu portion of a whole loan evidenced by a senior or pari
passu note. At the time of the sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject
to any assignment (other than assignments to the Sponsor), participation or pledge, and the Sponsor had good title to, and was
the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any
other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment, or similar agreement, and
rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement. Sponsor 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 other than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.

 

(2)              
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 (i) as such enforcement may be limited
by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar 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) and (ii) that certain provisions in such Loan Documents (including, without limitation,
provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums)
are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth
in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid as a whole or materially
interfere with the Mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (i) and
(ii) collectively, the “Standard Qualifications”).

 

Except as set forth in the immediately
preceding sentence, 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 Loan Documents, including, without limitation, any such valid
offset, defense, counterclaim or right based on intentional fraud by the Sponsor 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 Loan
Documents.

 

(3)                
Mortgage Provisions. The 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 Standard Qualifications.

 

(4)                
Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set forth in the
related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially
interferes with the security intended to be provided by such Mortgage; (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

 

    	B-2

    	 

    

 

 

the use or operation of the remaining portion of such Mortgaged Property; and (c) neither
the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

 

(5)                
Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment
of Leases to the Issuing Entity constitutes a legal, valid and binding assignment to the Issuing Entity. 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) and the exceptions to paragraph (6) below (each such exception, a “Title Exception”)), except as
the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted
Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Sponsor’s knowledge, is
free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which
are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against
by a lender’s title insurance policy (as described below), and, to the Sponsor’s knowledge and subject to the rights
of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), 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 bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).
Notwithstanding anything in this representation 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.

 

(6)                
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 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 due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights
of way, easements and other matters of public record; (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 and condominium declarations; 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 Cross-Collateralized Group; and (g) if the related Mortgage Loan is part of a Whole Loan, the rights
of the holder(s) of the related Companion Loan(s) pursuant to the related Co-Lender Agreement; provided that none of items
(a) through (g), individually or in the aggregate, materially and adversely interferes with the value or current use of the
Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations
when they become due (collectively, the “Permitted Encumbrances”). Except as contemplated by clauses (f) and
(g) 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 Sponsor thereunder and no
claims have been paid thereunder. Neither the Sponsor, nor to the Sponsor’s

 

    	B-3

    	 

    

  

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.

 

(7)                
Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate
mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage
Loan, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property
(other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are
the subject of the representation in paragraph (5) above), and equipment and other personal property financing). Except as set
forth on an exhibit to the applicable Mortgage Loan Purchase Agreement, the Sponsor has no knowledge of any mezzanine debt secured
directly by interests in the related Mortgagor.

 

(8)                
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). Subject to the Permitted Encumbrances and the Title Exceptions,
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 Standard Qualifications. The related
Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage
Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession
to collect the rents or for rents to be paid directly to the Mortgagee.

 

(9)                
UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the Sponsor has filed and/or
recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording),
UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of
the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate
such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal
property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted
under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property),
to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the
Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest
on the items of personalty described above. 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 UCC financing
statements are required in order to effect such perfection.

 

(10)           
Condition of Property. The Sponsor or the originator of the Mortgage Loan inspected or caused to be inspected each
related Mortgaged Property within six months of origination of the Mortgage Loan and within thirteen 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 thirteen months prior to
the Cut-off Date. To the Sponsor’s knowledge, based solely upon due diligence customarily performed in connection with the
origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material
damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely
the use or value of such Mortgaged Property as security for the Mortgage Loan.

 

(11)           
Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including,
without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property
that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become

 

    	B-4

    	 

    

  

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

 

(12)           
Condemnation. As of the date of origination and to the Sponsor’s knowledge as of the Cut-off Date, there is
no proceeding pending, and, to the Sponsor’s knowledge as of the date of origination and as of the Cut-off Date, there is
no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect
on the value, use or operation of the Mortgaged Property.

 

(13)           
Actions Concerning Mortgage Loan. As of the date of origination and to the Sponsor’s knowledge as of the Cut-off
Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor,
guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to
materially and adversely affect (a) such Mortgagor’s 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 principal benefit of the security intended to be provided by the Mortgage
Loan documents or (f) the current principal use of the Mortgaged Property.

 

(14)           
Escrow Deposits. All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage
Loan are in the possession, or under the control, of the Sponsor 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
to be escrowed with Mortgagee under the related Loan Documents are being conveyed by the Sponsor to Depositor or its servicer.

 

(15)           
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 or other matters with respect to the related Mortgaged Property, the Mortgagor
or other considerations determined by Sponsor to merit such holdback).

 

(16)            
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 Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M.
Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard
& Poor’s Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject to a
customary deductible) 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 Loan Documents, by business interruption or rental loss insurance
which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on
a single asset with a principal balance of $50 million or more, 18 months).

 

    	B-5

    	 

    

 

 

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 a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the
maximum amount available under the National Flood Insurance Program.

 

If the Mortgaged Property is located
within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina,
the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
perils and/or named storms.

 

The Mortgaged Property is covered,
and required to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by
an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury
(including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders,
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 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 scenario expected limit (“SEL”) for the
Mortgaged Property in the event of an earthquake. In such instance, the SEL 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 SEL would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from 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 SEL.

 

The 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 (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such
proceeds as the repair or restoration progresses, or (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 Mortgagee
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. Such insurance policies will inure to the benefit of
the Trustee. Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s
failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s reasonable 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 Mortgagee of termination or cancellation arising because of nonpayment of a premium
and at least 30 days prior notice to the Mortgagee 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 and no such notice has been received
by the Sponsor.

 

(17)            
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, or
will be, made to

 

    	B-6

    	 

    

  

the 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.

 

(18)            
No Encroachments. To the Sponsor’s knowledge based solely on surveys obtained in connection with origination
and the Mortgagee’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, 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 for which insurance
or endorsements were obtained under the Title Policy. 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 for which insurance or endorsements were obtained under the Title Policy. 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 for which insurance or endorsements were obtained under the Title Policy.

 

(19)            
No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
interest feature or a negative amortization feature or an equity participation by Sponsor.

 

(20)            
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 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 related Whole Loan) was originated at least equal
to 80% of the adjusted issue price of the Mortgage Loan (or related 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 related Whole Loan) on such date, provided that
for purposes hereof, 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 the Mortgage Loan and (B) 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 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 (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 was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield
maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning
of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth
in the related Treasury Regulations.

 

(21)            
Compliance with Usury Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance
charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable
state or federal laws, regulations and other requirements pertaining to usury.

 

(22)            
Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as of the date
that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as
applicable) the Mortgage Note in the jurisdiction in

 

    	B-7

    	 

    

 

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 by the Trust.

 

(23)            
Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination
and, to the Sponsor’s knowledge, as of the Closing Date, 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.

 

(24)            
Local Law Compliance. To the Sponsor’s knowledge, based 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 Sponsor for similar
commercial and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances,
building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming
part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Whole
Loan, as applicable) and as of the Cut-off Date, other than those which (i) are insured by the Title Policy or a law and ordinance
insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged
Property. The terms of the Loan Documents require the Mortgagor to comply in all material respects with all applicable governmental
regulations, zoning and building laws.

 

(25)            
Licenses and Permits. Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits
and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and
to the Sponsor’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 Sponsor for similar commercial and multifamily mortgage
loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.
The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged
Property is located.

 

(26)            
Recourse Obligations. The 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 voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant
to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or guarantor
shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy
filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in
Mortgagor made in violation of the 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
by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage
Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively,
the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent
applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation;
(iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical
waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related
Mortgaged Property to prevent such waste).

 

(27)            
Mortgage Releases. The terms of the related Mortgage or related Loan Documents do not provide for release of any
material portion of the Mortgaged Property from the lien of the

 

    	B-8

    	 

    

  

Mortgage except (a) a partial release, accompanied by principal
repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan
amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon
payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) 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 or taking by a State or any political subdivision or authority thereof. With respect
to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would
not constitute a “significant modification” of the subject 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 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
all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged
Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related 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.

 

With respect to any partial release
under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required
to pay down the principal balance of the Mortgage 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 is not equal
to at least 80% of the remaining principal balance of the Mortgage Loan (or related Whole Loan).

 

No 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 partial condemnation, other than in compliance with
the REMIC Provisions.

 

(28)          
Financial Reporting and Rent Rolls. The Mortgage Loan documents for each Mortgage Loan require 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 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.

 

(29)          
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 as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (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
Sponsor’s knowledge, do not, as of the Cut-off

 

    	B-9

    	 

    

 

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 Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined
in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in
effect, then provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required
to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount
on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required
to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The “Terrorism
Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is
payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan
Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
loss insurance).

 

(30)          
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 (which consent, in some cases, may not be unreasonably withheld) and/or complying
with the requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee which are
customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property
comparable to the related Mortgaged Property, including, without limitation, 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 Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% 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 Loan Documents,
(iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another
holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying
specific criteria identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar
equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraphs
(27) and (32) in this Annex E-1 or the exceptions thereto set forth on Annex E-2, or (vii) as set forth on an exhibit
to the applicable Mortgage Loan Purchase Agreement by reason of any mezzanine debt that existed at the origination of the related
Mortgage Loan, or future permitted mezzanine debt as set forth on an exhibit to the applicable Mortgage Loan Purchase Agreement
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 Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted
under the related Loan Documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized
and cross-defaulted with another Mortgage Loan, as set forth on an exhibit to the applicable Mortgage Loan Purchase Agreement or
(iv) Permitted Encumbrances. The Mortgage or other 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 out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

 

(31)            
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 Loan Documents and the organizational documents of the Mortgagor with respect to
each Mortgage Loan with a Cut-off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
Entity, and each Mortgage Loan with a Cut-off Date Principal 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

 

    	B-10

    	 

    

  

(or if the Mortgage Loan has a Cut-off Date Principal Balance equal to $5 million or
less, its organizational documents or the related 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 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 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.

 

(32)            
Defeasance. With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”),
(i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions
specified in the 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 the maturity date (or on or after
the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), 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
the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal
balance of the Mortgage Loan; (iv) 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,
(v) 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;
(vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such
collateral prior to any other claim or interest; and (vii) 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.

 

(33)            
Fixed Interest Rates. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term
of such Mortgage Loan, except in situations where default interest is imposed.

 

(34)            
Ground Leases. For purposes of this Annex E-1, a “Ground Lease” shall mean a lease creating 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, comprising the premises demised under such lease 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 and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement
or other benefit.

 

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

 

(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

 

    	B-11

    	 

    

 

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 materially adversely affect the
security provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination
of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

 

(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 or modified, or canceled or terminated by agreement of lessor and lessee, without the
prior written consent of the Mortgagee;

 

(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 Mortgagor 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 either (i) is not subject to any 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 or (ii)  is subject to a
subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged
Property is subject;

 

(e)    
The Ground Lease does not place commercially unreasonably 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 (provided
that proper notice is delivered to the extent required in accordance with the Ground Lease), 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 (but with prior
notice to) the lessor;

 

(f)      
The Sponsor has not received any written notice of material default under or notice of termination of such Ground Lease.
To the Sponsor’s knowledge, there is no material default under such Ground Lease and no condition that, but for the passage
of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the Sponsor’s
knowledge, 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 Mortgagee written
notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice
is given to the Mortgagee;

 

(h)    
The Mortgagee is permitted a reasonable 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 Mortgagee’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 a prudent
commercial mortgage lender;

 

(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 (i) de minimis amounts for minor casualties or (ii) 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 Loan Documents)
the Mortgagee 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;

 

    	B-12

    	 

    

  

(k)    
In the case of a total or substantially total 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 the 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 Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed
to enter into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground
Lease in a bankruptcy proceeding.

 

(35)           
Servicing. The servicing and collection practices used by the Sponsor with respect to the Mortgage Loan have been,
in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.

 

(36)           
Origination and Underwriting. The origination practices of the Sponsor (or the related originator if the Sponsor
was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its
origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material
respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal,
state or local law otherwise covered in this Annex E-1.

 

(37)           
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 debt service payments since origination, and as of the date hereof, no Mortgage
Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing
Date. To the Sponsor’s knowledge, there is (a) 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, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially
and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, 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 Sponsor in
this Annex E-1 (including, but not limited to, the prior sentence). 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.

 

(38)           
Bankruptcy. As of the date of origination of the related Mortgage Loan and to the Sponsor’s knowledge as of
the Cut-off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof,
is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy,
insolvency or similar proceeding.

 

(39)           
Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan or the related Whole
Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District
of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

 

(40)            
Environmental Conditions. 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 were conducted by a reputable environmental consultant in connection with such Mortgage Loan within

 

    	B-13

    	 

    

 

12 months prior to its
origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized
environmental conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental Condition”)
at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition
or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an
amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material
noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and
is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing
materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution
of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the
ESA, 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 date hereof, and, if and as appropriate, a
no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue
affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable
environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s
pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance
or condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service,
Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was
identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably
estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably
estimated to be adequate to address the situation is required to take action. To Sponsor’s knowledge, except as set forth
in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged
Property.

 

(41)            
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 Sponsor’s knowledge, had no interest, direct
or indirect, in the Mortgaged Property or the 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. Each appraisal contains a statement, or is accompanied
by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.

 

(42)            
Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan
Schedule attached as an exhibit to the related Mortgage Loan Purchase 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 in the Mortgage
Loan Schedule.

 

(43)            
Cross-Collateralization. Except with respect to a Mortgage Loan that is part of a Whole Loan no Mortgage Loan is
cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on
Annex E-2.

 

(44)            
Advance of Funds by the Sponsor. After origination, no advance of funds has been made by the Sponsor to the related
Mortgagor other than in accordance with the Loan Documents, and, to the Sponsor’s knowledge, no funds have been received
from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other
than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the

 

    	B-14

    	 

    

  

foregoing, amounts paid by
the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither
the Sponsor 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 date hereof.

 

(45)            
Compliance with Anti-Money Laundering Laws. The Sponsor has complied in all material respects with all applicable
anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination
of the Mortgage Loan.

 

For purposes of these representations and
warranties, “Mortgagee” means the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to
any portion of any Mortgage Loan or, if applicable, any agent or servicer on behalf of such party.

 

For purposes of these representations and
warranties, the phrases “the Sponsor’s knowledge” or “the Sponsor’s belief” and other words
and phrases of like import mean, except where otherwise expressly set forth in these representations and warranties, the actual
state of knowledge or belief of the Sponsor, its officers and employees directly responsible for the underwriting, origination,
servicing or sale of the Mortgage Loans regarding the matters expressly set forth in these representations and warranties.

 

    	B-15

    	 

    

 

 

Exhibit B-30-1

List of Mortgage Loans with Current Mezzanine Debt

 

	

Loan #	Mortgage Loan
	9	US StorageMart Portfolio

 

    	B-30-1-1

    	 

    

 

Exhibit B-30-2

List of Mortgage Loans with Permitted Mezzanine Debt

 

	

Loan #	Mortgage Loan
	6	Kaiser Center
	11	Alderwood Mall

 

    	B-30-2-1

    	 

    

 

Exhibit B-30-3

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans

 

None.

 

    	B-30-3-1

    	 

    

  

EXHIBIT C

EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES 

 

	
        Representation

Number on Annex E-1

	 	
        Mortgage Loan Name

        and Number as

        Identified on Annex A

	 	
        Description of Exception

	 	 	 	 	 
	(6) Permitted Liens; Title Insurance	 	US StorageMart Portfolio (No. 9)	 	A portion of the roof top space at such Mortgaged Property is subject to an agreement pursuant to which the tenant (Verizon Wireless) has a right of first refusal to purchase the related portion of such Mortgaged Property should the Mortgagor receive a bona fide offer from a third party to purchase such Mortgaged Property; such right of first refusal does not apply in the case of a foreclosure sale or deed-in-lieu of foreclosure with respect to such Mortgaged Property.
	 	 	 	 	 
	(6) Permitted Liens; Title Insurance	 	Holiday Inn Express & Suites – Sherman TX (No. 42)	 	There is an active oil well located on the Mortgaged Property. The portion of the Mortgaged Property on which the oil well sits is leased to the owner of the oil well. 
	 	 	 	 	 
	(12) Condemnation	 	US StorageMart Portfolio (No. 9)	 	With respect to the related Mortgaged Property identified as 10700 W. 159th St, there is a pending condemnation relating to the improvement of the public street located adjacent to the related Mortgaged Property by the Illinois Department of Transportation, requiring approximately 0.362 acres along the periphery of the related Property, plus an additional approximately 0.029 acres for a temporary construction easement for a 5-year term.
	 	 	 	 	 
	(16) Insurance	 	Ascentia MHC Portfolio (No. 1)	 	Under the “all risk” or “special perils” policies delivered at origination of the Mortgage Loan, the coverage cap allocated for specific improvements (i.e., each building) is permitted to be less than the appraised insurable value for such improvements, so long as the total coverage for each such individual Mortgaged Property is not less than the total insurable value for such individual Mortgaged Property (i.e., it is possible that some of the buildings may not be covered for the full insurable value). The Mortgage Loan documents require the Mortgagor to increase such policy limits no later than October 1, 2015, so that the full policy limit applies per occurrence to the improvements, personal property and loss of rents/business interruption insurance coverage. The business interruption insurance is for a period of 12 months.
	 	 	 	 	 
	(16) Insurance	 	US StorageMart Portfolio (No. 9)	 	The related Mortgage Loan documents provide that the threshold at which the lender retains the right to hold and disburse insurance proceeds to be applied for repair or restoration (i) with respect to each individual Mortgaged Property is equal to the greater of (a) $500,000 and (b) an amount equal to the lesser of (1) 15% of the outstanding principal amount of the “Allocated Loan Amount” (as defined in the related Mortgage Loan agreement) attributable to such individual Mortgaged Property and (2) $2,000,000 and (ii) with respect to all individual Mortgaged Properties undergoing restorations, an aggregate amount equal to 5% of the outstanding principal balance of the related Mortgage Loan.
	 	 	 	 	 
	(16) Insurance	 	Alderwood Mall (No. 11)	 	
        The mortgagor has the right to use a syndicate of insurers
to provide all-risk earthquake insurance, through which at least 75% of the coverage (if there are Five (4) or fewer members of
the syndicate) or at least 60% of the coverage (if there are five (5) or more members of the syndicate) is with carriers having
a rating by S&P not lower than “A,” by Moody’s not lower than “A2” to the extent Moody’s
rates the securities, and by A.M. Best not lower than “A:VIII” and the balance of the coverage is, in each case, with
insurers having a rating by S&P of not lower than “BBB”,” by Moody’s not lower than “Baa2”
to the extent Moody’s rates the securities, and by A.M. Best not lower than “A:VIII”. 

 

    	C-1

    	 

    

 

	
        Representation

Number on Annex E-1

	 	
        Mortgage Loan Name

        and Number as

        Identified on Annex A

	 	
        Description of Exception

	 	 	 	 	 
	(16) Insurance 	 	Cypress Retail Center (No. 13)	 	The Mortgage Loan documents provide that for so long as the anchor tenant known as 24 Hour Fitness maintains “all-risk” or “special perils” insurance coverage policy required under the related Mortgage Loan Documents, 24 Hour Fitness is permitted to maintain a policy with up to a $250,000 deductible. 
	 	 	 	 	 
	(16) Insurance	 	24 Simon Street (No. 52)	 	The property insurance policy covering the Mortgaged Property requires a deductible in the amount of $100,000. The Mortgage Loan documents require the Mortgagor to obtain a deductible buy-down policy with a deductible that does not exceed $50,000 or a guaranty from certain specified parties pursuant to which such guarantor guarantees payment of any deductible of such property insurance policy in excess of $50,000.
	 	 	 	 	 
	(17) Access; Utilities; Separate Tax Lots	 	Ascentia MHC Portfolio (No. 1)	 	The Mortgaged Property known as Valle Grande is served, in part, by a private well. The well permit that provides the right to use and draw water from the well is in the name of an individual who was affiliated with a predecessor owner. The Mortgage Loan documents require the Mortgagor to verify the current purpose and place of use for the water rights, ensure and verify that the New Mexico’s State Engineer’s records reflect the water rights are owned by the related borrower and secured for the lender, and ensure and verify that the water rights are in good standing with the applicable governmental authorities within time periods set forth in the Mortgage Loan documents. 
	 	 	 	 	 
	(24) Local Law Compliance	 	Ascentia MHC Portfolio (No. 1)	 	The Mortgaged Properties known as Countryside MHC and Woodlawn MHC may not be in compliance with the setback requirements for such Mortgaged Properties. Some of the pad sites and homes at such Mortgaged Properties are currently encroaching on certain setback requirements. The Sponsor has been unable to verify whether these Mortgaged Properties are legal conforming, legal non-conforming, or non-conforming with certain setback requirements and the Mortgage Loan documents require the related Mortgagor to provide a final zoning report as evidence that such properties are legal conforming or legal nonconforming with respect such setback requirements within 105 days of origination. In addition, some of the homes and pads at such Mortgaged Properties, however, are non-conforming, and the related Mortgagor is required to remove such encroachments if required by the municipality or any other person invoking applicable legal requirements.
	 	 	 	 	 
	(26) Recourse Obligations	 	Ascentia MHC Portfolio (No. 1)	 	The Mortgage Loan documents limit full recourse for transfers of the related Mortgaged Property or equity interests in the related Mortgagor made in violation of the Mortgage Loan Documents to those transfers where (i) such breach was material, (ii) the Mortgagor failed to correct such breach within 10 days notice from the lender, and (iii) such breach is a violation of the Mortgage Loan documents.
	 	 	 	 	 
	(26) Recourse Obligations	 	Alderwood Mall (No. 11)	 	Recourse for prohibited transfers is for actual losses only. There is no recourse if the prohibited transfer was due to (A) a failure to provide any required notice, if the Mortgagor promptly provides such notice after notice from the related lender or (B) a failure to provide any required delivery, if Mortgagor promptly provides such required delivery after notice from the related lender, to the extent, in the case of any required delivery, that the contents of such delivery are such that the transfer in question would have been permitted pursuant to the Mortgage Loan documents.

 

    	C-2

    	 

    

 

	
        Representation

Number on Annex E-1

	 	
        Mortgage Loan Name

        and Number as

        Identified on Annex A

	 	
        Description of Exception

	 	 	 	 	 
	(26) Recourse Obligations	 	Shops at 69th Street (No. 25)	 	Losses incurred as a result of any breach or violation of any representation, warranty or covenant with regard to the transfer provisions are recourse to the Mortgagor; provided, however, that, with respect to breaches or violations of any such transfer provisions, any such breach or violation does not result in recourse liability if (A) such breach or violation was inadvertent and immaterial, and (B) within 30 days of Mortgagor obtaining notice of the occurrence thereof, Mortgagor cures such breach or violation and provides the related lender with written evidence of the same. A sale or pledge of the Mortgaged Property (other than a lease, license or similar occupancy agreement conveying the right to occupy any portion of the Mortgaged Property, except to the extent the applicable agreement conveys all or substantially all of the Mortgaged Property or improvements thereon or land thereunder in contravention of the Mortgage Loan documents) or of any direct or indirect interest in Mortgagor made without the consent of the related lender in contravention of the Mortgage Loan documents which, in each case, is material or deliberate, is full recourse. 
	 	 	 	 	 
	(28) Financial Reporting and Rent Rolls	 	US StorageMart Portfolio (No. 9)	 	The related Mortgage Loan documents do not require the related Mortgagors to combine their balance sheets and/or statement of income for the Mortgaged Properties on a combined basis.
	 	 	 	 	 
	(30) Due on Sale or Encumbrance	 	Ascentia MHC Portfolio (No. 1)	 	More than 51% of the indirect equity interests in the Mortgagor may be transferred so long as certain identified holders retain an aggregate 21.6% interest in the Mortgagor and no change of control occurs.
	 	 	 	 	 
	(30) Due on Sale or Encumbrance	 	Alderwood Mall (No. 11)	 	The Mortgagor may transfer the Mortgaged Property without the related lender’s consent upon receipt of a rating agency confirmation and satisfaction of certain other conditions under the Mortgage Loan documents.
	 	 	 	 	 
	(31) Single-Purpose Entity	 	Ascentia MHC Portfolio (No. 1)	 	
        Certain of the individual Mortgagors are recycled entities that
        previously owned mobile home units on the Mortgaged Property that were transferred to an affiliate of the Mortgagors prior to the
        origination of the related Mortgage Loan.

         

        Certain mobile homes at the individual Mortgaged Properties
are owned by certain affiliates of the Mortgagor (each such affiliate, the “Affiliated Owner”). The occupants of such
mobile homes pay a separate rent for (i) the pads (which rents are property of the Mortgagor; such rents, the “Pad Site
Rents”) and (ii) the mobile homes (which rents is property of the Affiliated Owner; such rents, the “Mobile Home Rents”).
The Mortgagor, the Affiliated Owner, the Mortgagor-affiliated property manager (“Affiliated Manager”), and lender
entered into a multi-party agreement (the “Five-Party Agreement”) which provides that, in the event a tenant remits
the Pad Site Rents and the Mobile Home Rents in a single payment or into a single account (either, a “Unified Payment”),
the Affiliated Manager shall deposit the Unified Payment into its operating account maintained by the Affiliated Manager. The
Mortgagor, Affiliated Manager and Affiliated Owner, as applicable, shall (i) account for rents in such a manner such that Pad
Sites Rents owed to Mortgagor are readily ascertainable and identifiable as separate and apart from Mobile Home Rents owed to
Affiliated Owner; (ii) remit the Pad Site Rents to the Mortgagor’s lockbox account for the Mortgage Loan within two (2)
Business Days of receipt; (iii) during a trigger period under the Mortgage Loan Documents or after the bankruptcy of Affiliated
Manager or Affiliated Owner, send written notices to tenants with instructions to remit separate payments for the Mobile Home
Rents to Affiliated Owner into a separate account held by Affiliated Owner or Affiliated Manager. 

 

    	C-3

    	 

    

 

	
        Representation

Number on Annex E-1

	 	
        Mortgage Loan Name

        and Number as

        Identified on Annex A

	 	
        Description of Exception

	 	 	 	 	 
	(32) Defeasance	 	Alderwood Mall (No. 11)	 	
        The permitted defeasance collateral under the Mortgage Loan documents
        consists of (a) obligations or securities not subject to prepayment, call or early redemption which are direct obligations of,
        or obligations fully guaranteed as to timely payment by, the United States of America or of 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, which
        qualify under § 1.860G-2(a)(8) of the Treasury Regulations, (b) other non-callable “government securities” as
        defined in Treasury Regulations Section 1.860G-2(a)(8)(ii), as amended, for which a Rating Agency confirmation shall have been
        received or (c) other non-callable instruments, which if a securitization has occurred, the REMIC trust formed pursuant to such
        securitization will not fail to maintain its status as a “real estate mortgage investment conduit” within the meaning
        of Section 860D of the Internal Revenue Code of 1986 and for which a rating agency confirmation shall have been received. Any obligations
        or instruments pursuant to clause (b) above and, provided same shall not constitute a “significant modification” for
        REMIC purposes, clause (c) above, shall be subject to the related lender’s reasonable approval.

         

        The Mortgagor is required to pay costs and expenses in
connection with a defeasance up to $15,000 (exclusive of any Rating Agency fees and expenses). 

 

    	C-4

    	 

    

 

EXHIBIT D

FORM OF OFFICER’S CERTIFICATE

 

[                                            ] (“Seller”)
hereby certifies as follows:

 

		1.	All of the representations and warranties (except as set forth on Exhibit C) of the Seller under
the Mortgage Loan Purchase Agreement, dated as of July 1, 2015 (the “Agreement”), between GS Mortgage Securities
Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of such other date
as of which such representation is made under the terms of Exhibit B to the Agreement) with the same force and effect as if made
on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to
the Agreement).

 

		2.	The Seller has complied in all material respects with all the covenants and satisfied all the conditions
on its part to be performed or satisfied under the Agreement on or prior to the date hereof, and no event has occurred which would
constitute a default on the part of the Seller under the Agreement.

 

		3.	Neither the Prospectus, dated February 9, 2015 (the “Base Prospectus”), as supplemented
by the Prospectus Supplement, dated July 17, 2015 (the “Prospectus Supplement” and, together with the Base Prospectus,
the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class
X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D and Class X-D Certificates, nor the Offering Circular, dated July
17, 2015 (the “Offering Circular”), relating to the offering of the Class E, Class F, Class G, Class H and Class
R Certificates, in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the date hereof, or the Offering
Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material fact relating
to the Seller, the Mortgage Loans, any related Whole Loan (including, without limitation, the identity of the servicers for, and
the terms of the Other Pooling and Servicing Agreement governing the servicing of, any related Non-Serviced Whole Loan), the related
Mortgaged Properties and the related Mortgagors and their respective affiliates, or omitted or omits to state therein a material
fact relating to the Seller, the Mortgage Loans, any related Whole Loan (including, without limitation, the identity of the servicers
for, and the terms of the Other Pooling and Servicing Agreement governing the servicing of, any related Non-Serviced Whole Loan),
the related Mortgaged Properties and the related Mortgagors and their respective affiliates required to be stated therein or necessary
in order to make the 

 

    	D-1

    	 

    

 

			statements therein relating to the
Seller, the Mortgage Loans, any related Whole Loan (including, without limitation, the identity of the servicers for, and the
terms of the Other Pooling and Servicing Agreement governing the servicing of, any related Non-Serviced Whole Loan), the related
Mortgaged Properties and the related Mortgagors and their respective affiliates, in the light of the circumstances under which
they were made, not misleading.

 

For the purposes of the
foregoing certifications, with respect to any description contained in the Prospectus and the Offering Circular of the terms or
provisions of or servicing arrangements under any Other Pooling and Servicing Agreement governing the servicing of a Non-Serviced
Whole Loan, to the extent that such description refers to any terms or provisions of or servicing arrangements under the Pooling
and Servicing Agreement, the Seller has assumed that the description of such terms or provisions of or servicing arrangements under
the Pooling and Servicing Agreement contained in the Prospectus and the Offering Circular (i) does not include an untrue statement
of a material fact and (ii) does not omit to state therein a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading.

 

Capitalized terms used
herein without definition have the meanings given them in the Agreement or, if not defined therein, in the Pooling and Servicing
Agreement.

 

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

 

    	D-2

    	 

    

 

Certified this __ day of July, 2015.

 

	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-3Exhibit 10.3

 

 

EXECUTION VERSION

 

	 

GS MORTGAGE SECURITIES CORPORATION II,

PURCHASER

 

and

 

STARWOOD MORTGAGE FUNDING I LLC,

SELLER

 

MORTGAGE LOAN PURCHASE AGREEMENT

Dated as of July 1, 2015

 

Series 2015-GC32

 

	 

 

    	 

    	 

    

 

This Mortgage Loan Purchase
Agreement (“Agreement”), dated as of July 1, 2015, is between GS Mortgage Securities Corporation II, a Delaware
corporation, as purchaser (in such capacity, the “Purchaser”), and Starwood Mortgage Funding I LLC, a Delaware
limited liability company, as seller (the “Seller”).

 

Capitalized terms used
in this Agreement not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement, dated as
of July 1, 2015 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities Corporation II, as depositor
(in such capacity, the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as
master servicer (the “Master Servicer”), CWCapital Asset Management LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”) and as trustee (in such capacity, the “Trustee”),
pursuant to which the Purchaser will transfer the Mortgage Loans (as defined herein), together with certain other mortgage loans,
to a trust fund and certificates representing ownership interests in the Mortgage Loans, together with the other mortgage loans,
will be issued by the trust fund (the “Trust Fund”). In exchange for the Mortgage Loans and the other mortgage
loans, the Trust Fund will issue to or at the direction of the Depositor certificates to be known as GS Mortgage Securities Trust
2015-GC32, Commercial Mortgage Pass-Through Certificates, Series 2015-GC32 (collectively, the “Certificates”).
For purposes of this Agreement, “Mortgage Loans” refers to the mortgage loans listed on Exhibit A and
“Mortgaged Properties” refers to the properties securing such Mortgage Loans.

 

The Purchaser and the
Seller wish to prescribe the manner of sale of the Mortgage Loans from the Seller to the Purchaser and in consideration of the
premises and the mutual agreements hereinafter set forth, agree as follows:

 

SECTION
1     Sale and Conveyance of Mortgages; Possession of Mortgage File. The Seller does hereby
sell, transfer, assign, set over and convey to the Purchaser, without recourse (except as otherwise specifically set forth
herein), all of its right, title and interest in and to the Mortgage Loans identified on Exhibit A to this Agreement
(the “Mortgage Loan Schedule”) including all interest and principal received on or with respect to the
Mortgage Loans after the Cut-Off Date, notwithstanding anything herein to the contrary (excluding payments of principal,
interest and other amounts due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding any Loan Seller
Defeasance Rights and Obligations with respect to the Mortgage Loans). Upon the sale of the Mortgage Loans, the ownership of
each related Note, the Seller’s interest in the related Mortgage represented by the Note and the other contents of the
related Mortgage File will be vested in the Purchaser and immediately thereafter the Trustee, and the ownership of records
and documents with respect to each Mortgage Loan prepared by or which come into the possession of the Seller shall
immediately vest in the Purchaser and immediately thereafter the Trustee. The Purchaser will sell certain of the Certificates
(the “Public Certificates”) to the underwriters (the “Underwriters”) specified in the
Underwriting Agreement, dated as of July 16, 2015 (the “Underwriting Agreement”), between the Purchaser
and the Underwriters, and the Purchaser will sell certain of the Certificates (the “Private
Certificates”) to the initial purchasers (the “Initial Purchasers” and, collectively with the
Underwriters, the “Dealers”) specified in the Purchase Agreement, dated as of July 16, 2015 (the
“Certificate Purchase Agreement”), between the Purchaser and Initial Purchasers.

 

    	 

    	 

    

 

The sale and conveyance
of the Mortgage Loans is being conducted on an arms-length basis and upon commercially reasonable terms. As consideration for the
Mortgage Loans, the Purchaser shall pay, by wire transfer of immediately available funds, to the Seller or at the Seller’s
direction $99,378,567.02, plus accrued interest on the Mortgage Loans from and including July 1, 2015 to but excluding the Closing
Date (but subject to certain post-settlement adjustment for expenses incurred by the Underwriters and the Initial Purchasers on
behalf of the Depositor and for which the Seller is specifically responsible).

 

The purchase and sale
of the Mortgage Loans shall take place on the Closing Date.

 

SECTION 2     Books
and Records; Certain Funds Received After the Cut-Off Date. From and after the sale of the Mortgage Loans to the Purchaser,
record title to each Mortgage and each Note shall be transferred to the Trustee subject to and in accordance with this Agreement.
Any funds due after the Cut-Off Date in connection with a Mortgage Loan received by the Seller shall be held in trust on behalf
of the Trustee (for the benefit of the Certificateholders) as the owner of such Mortgage Loan and shall be transferred promptly
to the Certificate Administrator. All scheduled payments of principal and interest due on or before the Cut-Off Date but collected
after the Cut-Off Date, and all recoveries and payments of principal and interest collected on or before the Cut-Off Date (only
in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date and principal prepayments thereon),
shall belong to, and shall be promptly remitted to, the Seller.

 

The transfer of each
Mortgage Loan shall be reflected on the Seller’s balance sheets and other financial statements as the sale of such Mortgage
Loan by the Seller to the Purchaser. The Seller intends to treat the transfer of each Mortgage Loan to the Purchaser as a sale
for tax purposes. Following the transfer of the Mortgage Loans by the Seller to the Purchaser, the Seller shall not take any actions
inconsistent with the ownership of the Mortgage Loans by the Purchaser and its assignees.

 

The transfer of each
Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such
Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller
as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a set of records for each
Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser
pursuant to this Agreement.

 

SECTION 3     Delivery
of Mortgage Loan Documents; Additional Costs and Expenses. (a) The Purchaser hereby directs the Seller, and the Seller
hereby agrees, such agreement effective upon the transfer of the Mortgage Loans contemplated herein, to deliver to or deposit
with (or cause to be delivered to or deposited with) the Custodian (on behalf of the Trustee), with copies to be delivered to
the Master Servicer and the Special Servicer, respectively, on the dates set forth in Section 2.01 of the Pooling and Servicing
Agreement, all documents, instruments and agreements required to be delivered by the Purchaser, or contemplated to be delivered
by the Seller (whether at the direction of the Purchaser or otherwise), to the Custodian, the Master Servicer and the Special
Servicer, as applicable, with

 

    	-2-

    	 

    

 

respect to the Mortgage Loans under Section 2.01 of the Pooling and Servicing
Agreement, and meeting all the requirements of such Section 2.01 of the Pooling and Servicing Agreement; provided that the
Seller shall not be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence
analyses or data or internal worksheets, memoranda, communications or evaluations.

 

With respect to letters
of credit, the Seller shall deliver to the Master Servicer and the Master Servicer shall hold the original (or copy, if such original
has been submitted by the Seller to the issuing bank to effect an assignment or amendment of such letter of credit (changing the
beneficiary thereof to the Trust (in care of the Master Servicer) 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 Loan Documents))
and the Seller shall be deemed to have satisfied any such delivery requirements by delivering with respect to any letter(s) of
credit a copy thereof to the Custodian together with an Officer’s Certificate of the Seller certifying that such document
has been delivered to the Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the
letter(s) of credit pursuant to Section 2.01(b) of the Pooling and Servicing Agreement. 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 Loan Documents, the Seller shall deliver the appropriate
assignment or amendment documents (or copies of such assignment or amendment documents if the Seller has submitted the originals
to the related issuer of such letter of credit for processing) to the Master Servicer within 90 days of the Closing Date. The 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 or the
Special Servicer, as applicable, 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.

 

(b)          the Seller shall
deliver to and deposit (or cause to be delivered to and deposited) with the Master Servicer within five (5) Business Days after
the Closing Date: (i) a copy of the Mortgage File; (ii) all documents and records not otherwise required to be contained in the
Mortgage File that (A) relate to the origination and/or servicing and administration of the Mortgage Loans, (B) are reasonably
necessary for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage
Loans that were delivered to the Rating Agencies in connection with the rating of the Certificates) or for evidencing or enforcing
any of the rights of the holder of the Mortgage Loans or holders of interests therein and (C) are in the possession or under the
control of the Seller; and (iii) all unapplied Escrow Payments and reserve funds in the possession or under control of the Seller
that relate to the Mortgage Loans, together with a statement indicating which Escrow Payments and reserve funds are allocable to
each Mortgage Loan, provided that copies of any document in the Mortgage File and any other document, record or item referred
to above in this sentence that constitutes a Designated Servicing Document shall be delivered to the Master Servicer on or before
the Closing Date; provided that the Seller shall not be required to deliver any draft documents, privileged or other communications,
credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations.

 

    	-3-

    	 

    

 

(c)          With respect to
any Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor
of the Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to
the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders,
the Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by the applicable comfort
letter), provide any such required notice or make any such required request to the related franchisor for the transfer or assignment
of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include such document in
the related Mortgage File), the Master Servicer and the Special Servicer, 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), and the Master Servicer shall, as soon as
reasonably practicable following receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement,
as applicable, to the Custodian for inclusion in the Mortgage File.

 

SECTION 4     Treatment
as a Security Agreement. Pursuant to Section 1 hereof, the Seller has conveyed to the Purchaser all of its right,
title and interest in and to the Mortgage Loans. The parties intend that such conveyance of the Seller’s right, title and
interest in and to the Mortgage Loans 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 Seller shall be deemed to
have granted, and in such event does hereby grant, to the Purchaser, a first priority security interest in all of its right, title
and interest in, to and under the Mortgage Loans, all payments of principal or interest on such Mortgage Loans due after the Cut-Off
Date, all other payments made in respect of such Mortgage Loans after the Cut-Off Date (and, in any event, excluding scheduled
payments of principal and interest due on or before the Cut-Off Date) and all proceeds thereof, and that this Agreement shall
constitute a security agreement under applicable law. If such conveyance is deemed to be a pledge and not a sale, the Seller consents
to the Purchaser hypothecating and transferring such security interest in favor of the Trustee and transferring the obligation
secured thereby to the Trustee.

 

SECTION 5     Covenants
of the Seller. The Seller covenants with the Purchaser as follows:

 

(a)          it shall cause
Anderson McCoy & Orta, P.C. to record and file in the appropriate public recording office for real property records or UCC
financing statements, as appropriate (or, with respect to any assignments that the Custodian has agreed to record or file pursuant
to the Pooling and Servicing Agreement, deliver to the Custodian for such purpose and cause the Custodian to record and file),
each related assignment of Mortgage and assignment of assignment of leases, rents and profits and each related UCC-3 financing
statement referred to in the definition of Mortgage File from the Seller to the Trustee as and to the extent contemplated under
Section 2.01(c) of the Pooling and Servicing Agreement. All out of pocket costs and expenses relating to the recordation or filing
of such assignments, assignments of Mortgage and financing statements shall be paid by the Seller. If any such document or instrument
is lost or

 

    	-4-

    	 

    

 

returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Seller shall prepare or cause
the preparation of a substitute therefor or cure such defect or cause such defect to be cured, as the case may be, and the Seller
shall record or file, or cause AMO to record or file, such substitute or corrected document or instrument or, with respect to any
assignments that the Custodian has agreed to record or file pursuant to the Pooling and Servicing Agreement, deliver such substitute
or corrected document or instrument to the Custodian (or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing
Agreement, the then holder of such Mortgage Loan);

 

(b)          as to each Mortgage
Loan, if the Seller cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3) and
(6) (if recorded) and (15) of the definition of “Mortgage File” in the Pooling and Servicing Agreement solely because
of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation
or filing, as applicable, it shall forward to the Custodian a copy of the original certified by the Seller to be a true and complete
copy of the original thereof submitted for recording. The Seller shall cause each assignment referred to in Section (5)(a)
above that is recorded and the file copy of each UCC-3 assignment referred to in Section (5)(a) above to reflect that it
should be returned by the public recording or filing office to the Custodian or its agent following recording (or, alternatively,
to the Seller or its designee, in which case the Seller shall deliver or cause the delivery of the recorded/filed original to the
Custodian promptly following receipt); provided that, in those instances where the public recording office retains the original
assignment of Mortgage or assignment of Assignment of Leases, the Seller shall obtain therefrom and deliver to the Custodian a
certified copy of the recorded original. On a monthly basis, at the expense of the Seller, the Custodian shall forward to the Master
Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof;

 

(c)          it shall take
any action reasonably required by the Purchaser, the Certificate Administrator, the Trustee or the Master Servicer in order to
assist and facilitate the transfer of the servicing of the Mortgage Loans to the Master Servicer, including effectuating the transfer
of any letters of credit with respect to any Mortgage Loan to the Master Servicer on behalf of the Trustee for the benefit of Certificateholders.
Prior to the date that a letter of credit with respect to any Mortgage Loan is transferred to the Master Servicer, the Seller will
cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in connection with effectuating
a draw under such letter of credit as required under the terms of the related Loan Documents;

 

(d)          the Seller shall
provide the Master Servicer the initial data with respect to each Mortgage Loan for the CREFC® Financial File and
the CREFC® Loan Periodic Update File that are required to be prepared by the Master Servicer pursuant to the Pooling
and Servicing Agreement and the Supplemental Servicer Schedule;

 

(e)          if (during the
period of time that the Underwriters are required, under applicable law, to deliver a prospectus related to the Public Certificates
in connection with sales of the Public Certificates by an Underwriter or a dealer) the Seller has obtained actual knowledge of
undisclosed or corrected information related to an event that occurred prior to the Closing Date, which event causes there to be
an untrue statement of a material fact with respect to the

 

    	-5-

    	 

    

 

Seller Information in the Prospectus Supplement dated July 17, 2015
relating to the Public Certificates, the annexes and exhibits thereto and the DVD delivered therewith, or the Offering Circular
dated July 17, 2015 relating to the Private Certificates, the annexes and exhibits thereto and the DVD delivered therewith (collectively,
the “Offering Documents”), or causes there to be an omission to state therein a material fact with respect to
the Seller Information required to be stated therein or necessary to make the statements therein with respect to the Seller Information,
in the light of the circumstances under which they were made, not misleading, then the Seller shall promptly notify the Dealers
and the Depositor. If as a result of any such event the Dealers’ legal counsel determines that it is necessary to amend or
supplement the Offering Documents in order to correct the untrue statement, or to make the statements therein, in the light of
the circumstances when the Offering Documents are delivered to a purchaser, not misleading, or to make the Offering Documents in
compliance with applicable law, the Seller shall (to the extent that such amendment or supplement solely relates to the Seller
Information) at the expense of the Seller, do all things reasonably necessary to assist the Depositor to prepare and furnish to
the Dealers, such amendments or supplements to the Offering Documents as may be necessary so that the Seller Information in the
Offering Documents, as so amended or supplemented, will not contain an untrue statement, will not, in the light of the circumstances
when the Offering Documents are delivered to a purchaser, be misleading and will comply with applicable law. (All terms under this
clause (e) and not otherwise defined in this Agreement shall have the meanings set forth in the Indemnification Agreement, dated
as of July 16, 2015, among the Underwriters, the Initial Purchasers, the Seller and the Purchaser (the “Indemnification
Agreement” and, together with this Agreement, the “Operative Documents”)); and

 

(f)          for so long as
the Trust Fund is subject to the reporting requirements of the Exchange Act, the Seller shall provide the Depositor and the Certificate
Administrator with any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure and any Form 8-K Disclosure Information
indicated on Exhibit U, Exhibit V and Exhibit Z to the Pooling and Servicing Agreement, to the extent contemplated to be provided
by the Seller, within the time periods set forth in the Pooling and Servicing Agreement; provided that, in connection with
providing Additional Form 10-K Disclosure and the Seller’s reporting obligations under Item 1119 of Regulation AB, upon reasonable
request by the Seller, the Purchaser shall provide the Seller with a list of all parties to the Pooling and Servicing Agreement
and any other Servicing Function Participant.

 

SECTION 6     Representations
and Warranties.

 

(a)          The Seller represents
and warrants to the Purchaser as of the date hereof and as of the Closing Date that:

 

(i)           The
Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware
with full power and authority to own its assets and conduct its business, is duly qualified as a foreign organization in good standing
in all jurisdictions to the extent such qualification is necessary to hold and sell the Mortgage Loans or otherwise comply with
its obligations under this Agreement except where the failure to be so qualified would not have a material adverse effect on its
ability to perform its obligations hereunder, and the Seller has taken all necessary action to authorize the execution and delivery
of, and performance

 

    	-6-

    	 

    

 

under, the Operative Documents and has duly executed and delivered each Operative Document, and has the power
and authority to execute, deliver and perform under each Operative Document and all the transactions contemplated hereby and thereby,
including, but not limited to, the power and authority to sell, assign, transfer, set over and convey the Mortgage Loans in accordance
with this Agreement;

 

(ii)          Assuming
the due authorization, execution and delivery of this Agreement by the Purchaser, this Agreement will constitute a legal, valid
and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforcement may
be limited by (A) bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement
of creditors’ rights generally, (B) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law) and (C) public policy considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification
for securities laws liabilities;

 

(iii)         The
execution and delivery of each Operative Document by the Seller and the performance of its obligations hereunder and thereunder
will not conflict with any provision of any law or regulation to which the Seller is subject, or conflict with, result in a breach
of, or constitute a default under, any of the terms, conditions or provisions of any of the Seller’s organizational documents
or any agreement or instrument to which the Seller is a party or by which it is bound, or any order or decree applicable to the
Seller, or result in the creation or imposition of any lien on any of the Seller’s assets or property, in each case, which
would materially and adversely affect the ability of the Seller to carry out the transactions contemplated by the Operative Documents;

 

(iv)         There
is no action, suit, proceeding or investigation pending or, to the Seller’s knowledge, threatened against the Seller 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 Seller to carry out the transactions contemplated by each Operative Document;

 

(v)          The
Seller 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 might have consequences that, in the Seller’s good faith and reasonable judgment,
is likely to materially and adversely affect the condition (financial or other) or operations of the Seller or its properties or
might have consequences that, in the Seller’s good faith and reasonable judgment, is likely to materially and adversely affect
its performance under any Operative Document;

 

(vi)         No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Seller of, or compliance by the Seller with, each Operative Document or the consummation of the transactions
contemplated hereby or thereby, other than those which have been obtained by the Seller;

 

    	-7-

    	 

    

 

(vii)        The
transfer, assignment and conveyance of the Mortgage Loans by the Seller to the Purchaser is not subject to bulk transfer laws or
any similar statutory provisions in effect in any applicable jurisdiction; and

 

(viii)       Except
for the agreed-upon procedures report obtained from the accounting firm engaged to provide procedures involving a comparison of
information in loan files for the Mortgage Loans to information on a data tape relating to the Mortgage Loans (the “Accountant’s
Due Diligence Report”), the Seller has not obtained (and, through and including the Closing Date, will not obtain) any
“third party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act) in connection with the transactions
contemplated herein and in the Offering Documents and, except for the accountants with respect to the Accountants’ Due Diligence
Report, the Seller has not employed (and, through and including the Closing Date, will not employ) any third party to engage in
any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in
connection with the transactions contemplated herein and in the Offering Documents. The Underwriters and Initial Purchasers are
third-party beneficiaries of the provisions set forth in this Section 6(a)(viii).

 

(b)          The Purchaser
represents and warrants to the Seller as of the Closing Date that:

 

(i)           The
Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with
full corporate power and authority to own its assets and conduct its business, is duly qualified as a foreign corporation in good
standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification,
except where the failure to be so qualified would not have a material adverse effect on the ability of the Purchaser to perform
its obligations hereunder, and the Purchaser has taken all necessary action to authorize the execution, delivery and performance
of this Agreement by it, and has duly executed and delivered this Agreement, and has the power and authority to execute, deliver
and perform this Agreement and all the transactions contemplated hereby;

 

(ii)          Assuming
the due authorization, execution and delivery of this Agreement by the Seller, this Agreement will constitute a legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation 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 by the Purchaser and the performance of its obligations hereunder will not conflict with
any provision of any law or regulation to which the Purchaser is subject, or conflict with, result in a breach of, or constitute
a default under, any of the terms, conditions or provisions of any of the Purchaser’s organizational documents or any agreement
or instrument to which the Purchaser is a party or by which it is bound, or any order or decree applicable to the

 

    	-8-

    	 

    

 

Purchaser, or
result in the creation or imposition of any lien on any of the Purchaser’s assets or property, in each case which would materially
and adversely affect the ability of the Purchaser to carry out the transactions contemplated by this Agreement;

 

(iv)         There
is no action, suit, proceeding or investigation pending or, to the Purchaser’s knowledge, threatened against the Purchaser
in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity
of this Agreement or any action taken in connection with the obligations of the Purchaser contemplated herein, or which would be
likely to impair materially the ability of the Purchaser to perform under the terms of this Agreement;

 

(v)          The
Purchaser 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 might have consequences that would materially and adversely affect the condition
(financial or other) or operations of the Purchaser or its properties or might have consequences that would materially and adversely
affect its performance under any Operative Document;

 

(vi)         No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Purchaser of or compliance by the Purchaser with this Agreement or the consummation of the transactions contemplated
by this Agreement other than those that have been obtained by the Purchaser; and

 

(vii)        The
Purchaser (A) prepared one or more reports on Form ABS-15G (each, a “Form 15G”) containing the findings and conclusions
of the Accountant’s Due Diligence Report and meeting the requirements of that Form 15G, Rule 15Ga-2, any other rules and
regulations of the Securities and Exchange Commission and the Exchange Act; (B) provided a copy of the final draft of each such
Form 15G to the Underwriters and the Initial Purchasers at least 6 Business Days before the first sale in the offering contemplated
by the Offering Documents; and (C) furnished each such Form 15G to the Securities and Exchange Commission on EDGAR at least 5 Business
Days before the first sale in the offering contemplated by the Offering Documents as required by Rule 15Ga-2.

 

(c)          The Seller further
makes the representations and warranties as to the Mortgage Loans set forth in Exhibit B to this Agreement as of the Cut-Off
Date or such other date set forth in Exhibit B to this Agreement, which representations and warranties are subject to the
exceptions thereto set forth in Exhibit C to this Agreement.

 

(d)          Pursuant to the
Pooling and Servicing Agreement, if (i) any party thereto discovers or receives notice alleging that any document constituting
a part of a Mortgage File has not been properly executed, is missing, contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face
(each, a “Document Defect”), or discovers or receives notice alleging a breach of any representation or warranty
of the Seller made pursuant to Section 6(c) of this Agreement with respect to any Mortgage Loan (a “Breach”)
or (ii) the Special

 

    	-9-

    	 

    

 

Servicer or the Purchaser receives a Repurchase Request, then such party is required to give prompt written
notice thereof to the Seller.

 

(e)          Pursuant to the
Pooling and Servicing Agreement, the Special Servicer is required to determine whether any such Document Defect or Breach with
respect to any Mortgage Loan materially and adversely affects, or such Document Defect is deemed in accordance with Section 2.03
of the Pooling and Servicing Agreement to materially and adversely affect, the value of the Mortgage Loan or any related REO Property
or the interests of the Certificateholders therein or causes any Mortgage Loan to fail to be a Qualified Mortgage (any such Document
Defect shall constitute a “Material Document Defect” and any such Breach shall constitute a “Material
Breach”). If such Document Defect or Breach has been determined to be a Material Document Defect or Material Breach,
then the Special Servicer will be required to give prompt written notice thereof to the Seller. Promptly upon becoming aware of
any such Material Document Defect or Material Breach (including through a written notice given by the Master Servicer or the Special
Servicer, as provided above if the Document Defect or Breach identified therein is a Material Document Defect or Material Breach,
as the case may be), the Seller shall, not later than 90 days from the earlier of the Seller’s discovery or receipt of notice
of, and receipt of a demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be
(or, in the case of a Material Document Defect or Material Breach relating to a Mortgage Loan not being a “qualified mortgage”
within the meaning of the REMIC Provisions, not later than 90 days from any party discovering such Material Document Defect or
Material Breach), cure the same in all material respects (which cure shall include payment of any losses and Additional Trust Fund
Expenses associated therewith) or, if such Material Document Defect or Material Breach, as the case may be, cannot be cured within
such 90 day period, the Seller shall either (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust
Fund’s interest therein) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection
Account or (ii) substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan (provided that in no event shall
any such substitution occur later than 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; provided, however, that if (i)
such Material Document Defect or Material Breach is capable of being cured but not within such 90 day period, (ii) such Material
Document Defect or Material Breach is not related to any Mortgage Loan’s not being a “qualified mortgage” within
the meaning of the REMIC Provisions and (iii) the Seller has commenced and is diligently proceeding with the cure of such Material
Document Defect or Material Breach within such 90 day period, then the Seller shall have an additional 90 days to complete such
cure, or, in the event of a failure to so cure, to complete such repurchase of the related Mortgage Loan or substitute a Qualified
Substitute Mortgage Loan as described above (it being understood and agreed that, in connection with the Seller’s receiving
such additional 90 day period, the Seller shall deliver an Officer’s Certificate to the Trustee, the Special Servicer and
the Certificate Administrator setting forth the reasons such Material Document Defect or Material Breach is not capable of being
cured within the initial 90 day period and what actions the Seller is pursuing in connection with the cure thereof and stating
that the Seller anticipates that such Material Document Defect or Material Breach will be cured within such additional 90 day period);
and provided, further, that, if any such Material Document Defect is still not cured after the initial 90 day period
and any such additional 90 day period solely due to the failure of the Seller to have received the recorded document, then the
Seller shall be entitled to continue to defer its cure,

 

    	-10-

    	 

    

 

repurchase or substitution obligations in respect of such Document Defect
so long as the Seller certifies to the Trustee, the Special Servicer and the Certificate Administrator every 30 days thereafter
that the Document Defect is still in effect solely because of its failure to have received the recorded document and that the Seller
is diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, repurchase
or substitution may continue beyond the date that is 18 months following the Closing Date. Any such repurchase or substitution
of a Mortgage Loan shall be on a whole loan, servicing released basis. The Seller shall have no obligation to monitor the Mortgage
Loans regarding the existence of a Breach or a Document Defect, but if the Seller discovers a Material Breach or Material Document
Defect with respect to a Mortgage Loan, it will notify the Purchaser. Monthly Payments due with respect to each Qualified Substitute
Mortgage Loan (if any) after the related Due Date in the month of substitution, and Monthly 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 Cut-off Date through, but not including, the related date of repurchase or substitution, shall be part of the Trust Fund.
Monthly 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 Monthly 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 to the Seller effecting the related repurchase or substitution
promptly following receipt.

 

Subject to the Seller’s
right to cure set forth above in this Section 6(e), and further subject to Sections 2.01(b) and 2.01(c) of the Pooling and Servicing
Agreement, failure of the Seller to deliver the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition
of “Mortgage File” in the Pooling and Servicing Agreement in accordance with this Agreement and the Pooling and Servicing
Agreement for any Mortgage Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect
(except such deemed Material Document Defect described above) shall be considered to be a Material Document Defect unless the document
with respect to which the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights
or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage
Loan, establishing the validity or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant
servicing obligation.

 

(f)          In connection
with any repurchase or substitution of one or more Mortgage Loans pursuant to this Section 6, the Pooling and Servicing
Agreement shall provide that the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
shall each tender to the repurchasing entity, upon delivery to each of them of a receipt executed by the repurchasing entity evidencing
such repurchase or substitution, all portions of the Mortgage File (including, without limitation, the Servicing File) and other
documents and all escrows and reserve funds pertaining to such Mortgage Loan possessed by it, and each document that constitutes
a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the repurchasing entity or
its designee in the same manner, but only if the respective documents have been previously assigned or endorsed to the Trustee,
and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents
were previously assigned to the Trustee or as otherwise reasonably requested to

 

    	-11-

    	 

    

 

effect the retransfer and reconveyance of the Mortgage
Loan and the security therefor to the Seller or its designee; provided that such tender by the Trustee and the Custodian
shall be conditioned upon its receipt from the Master Servicer of a Request for Release and an Officer’s Certificate to the
effect that the requirements for repurchase or substitution have been satisfied.

 

(g)          The representations
and warranties of the parties hereto shall survive the execution and delivery and any termination of this Agreement and shall inure
to the benefit of the respective parties, notwithstanding any restrictive or qualified endorsement on the Notes or Assignment of
Mortgage or the examination of the Mortgage Files.

 

(h)          Each party hereto
agrees to promptly notify the other party of any breach of a representation or warranty contained in Section 6(c) of this
Agreement. The Seller’s obligation to cure any Material Breach or Material Document Defect or to repurchase, or substitute
for, any affected Mortgage Loan pursuant to this Section 6 shall constitute the sole remedy available to the Purchaser in
connection with a breach of any of the Seller’s representations or warranties contained in Section 6(c) of this Agreement
or a Document Defect with respect to any Mortgage Loan.

 

(i)           The Seller shall
promptly notify the Depositor if (i) the Seller receives a Repurchase Communication of a Repurchase Request (other than from the
Depositor), (ii) the Seller repurchases or replaces a Mortgage Loan, (iii) the Seller receives a Repurchase Communication of a
Repurchase Request Withdrawal (other than from the Depositor) or (iv) the Seller rejects or disputes any Repurchase Request. Each
such notice shall be given no later than the tenth (10th) Business Day after (A) with respect to clauses (i) and (iii) of the preceding
sentence, receipt of a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, as applicable, and
(B) with respect to clauses (ii) and (iv) of the preceding sentence, the occurrence of the event giving rise to the requirement
for such notice, and shall include (1) the identity of the related Mortgage Loan, (2) the date (x) such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal was received, (y) the related Mortgage Loan was repurchased or replaced
or (z) the Repurchase Request was rejected or disputed, as applicable, and (3) if known, the basis for (x) the Repurchase Request
(as asserted in the Repurchase Request) or (y) any rejection or dispute of a Repurchase Request, as applicable.

 

The Seller shall provide
to the Depositor and the Certificate Administrator the Seller’s “Central Index Key” number assigned by the Securities
and Exchange Commission and a true, correct and complete copy of the relevant portions of any Form ABS-15G that the Seller is required
to file with the Securities and Exchange Commission pursuant to Rule 15Ga-1 under the Exchange Act with respect to the Mortgage
Loans on or before the date that is five (5) Business Days before the date such Form ABS-15G is required to be filed with the Securities
and Exchange Commission.

 

In addition, the Seller
shall provide the Depositor, upon request, such other information in its possession as would permit the Depositor to comply with
its obligations under Rule 15Ga-1 under the Exchange Act to disclose fulfilled and unfulfilled repurchase requests. Any such information
requested shall be provided as promptly as practicable after such request is made.

 

    	-12-

    	 

    

 

The Seller agrees that
no 15Ga-1 Notice Provider will be required to provide information in a 15Ga-1 Notice that is protected by the attorney-client privilege
or attorney work product doctrines. In addition, the Seller hereby acknowledges that (i) any 15Ga-1 Notice provided pursuant to
Section 2.03(a) of the Pooling and Servicing Agreement is so provided only to assist the Seller, the Depositor and 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 15Ga-1 Notice Provider and (B) no information provided pursuant
to Section 2.03(a) of the Pooling and Servicing Agreement by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute
a waiver or defense to the exercise of any legal right the 15Ga-1 Notice Provider may have with respect to this Agreement, including
with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice.

 

Each party hereto agrees
that the receipt of a 15Ga-1 Notice or the delivery of any notice required to be delivered pursuant to this Section 6(i)
shall not, in and of itself, constitute delivery of notice of, receipt of notice of, or knowledge of the Seller of, any Material
Document Defect or Material Breach.

 

Each party hereto agrees
and acknowledges that, as of the date of this Agreement, the “Central Index Key” number of the Trust Fund is 0001644697.

 

“Repurchase
Communication” means, for purposes of this Section 6(i) only, any communication, whether oral or written, which
need not be in any specific form.

 

SECTION 7     Review
of Mortgage File. The Purchaser shall require the Certificate Administrator pursuant to the Pooling and Servicing Agreement
to review the Mortgage Files pursuant to Section 2.02 of the Pooling and Servicing Agreement and if it finds any document or documents
not to have been properly executed, or to be missing or to be defective on its face in any material respect, to notify the Purchaser,
which shall promptly notify the Seller.

 

SECTION 8     Conditions
to Closing. The obligation of the Seller to sell the Mortgage Loans shall be subject to the Seller having received the
consideration for the Mortgage Loans as contemplated by Section 1 of this Agreement. The obligations of the Purchaser to
purchase the Mortgage Loans shall be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a)           Each of the obligations
of the Seller required to be performed by it at or prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and warranties of the Seller under this Agreement shall, subject
to any applicable exceptions set forth on Exhibit C to this Agreement, be true and correct in all material respects as of
the Closing Date or as of such other date as of which such representation is made under the terms of Exhibit B to this Agreement,
and no event shall have occurred as of the Closing Date which would constitute a default on the part of the Seller under this Agreement,
and the Purchaser shall have received a certificate to the foregoing effect signed by an authorized officer of the Seller substantially
in the form of Exhibit D to this Agreement.

 

    	-13-

    	 

    

 

(b)          The Pooling and
Servicing Agreement (to the extent it affects the obligations of the Seller hereunder), in such form as is agreed upon and acceptable
to the Purchaser, the Seller, the Underwriters, the Initial Purchasers and their respective counsel in their reasonable discretion,
shall be duly executed and delivered by all signatories as required pursuant to the terms thereof.

 

(c)          The Purchaser
shall have received the following additional closing documents:

 

(i)           copies
of the Seller’s Articles of Association, charter, by-laws or other organizational documents and all amendments, revisions,
restatements and supplements thereof, certified as of a recent date by the Secretary of the Seller;

 

(ii)          a
certificate as of a recent date of the Secretary of State of the State of Delaware to the effect that the Seller is duly organized,
existing and in good standing in the State of Delaware;

 

(iii)         an
officer’s certificate of the Seller in form reasonably acceptable to the Underwriters, the Initial Purchasers and each Rating
Agency;

 

(iv)         an
opinion of counsel of the Seller, subject to customary exceptions and carve-outs, in form reasonably acceptable to the Underwriters,
the Initial Purchasers and each Rating Agency; and

 

(v)          a
letter from counsel of the Seller substantially to the effect that (a) nothing has come to such counsel’s attention that
would lead such counsel to believe that the agreed upon sections of the Primary Free Writing Prospectus, the Prospectus Supplement,
the Preliminary Offering Circular or the Final Offering Circular (each as defined in the Indemnification Agreement), as of the
date thereof or as of the Closing Date (or, in the case of the Primary Free Writing Prospectus or the Preliminary Offering Circular,
solely as of the time of sale) contained or contain, as applicable, with respect to the Seller or the Mortgage Loans, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements therein relating to the
Seller or the Mortgage Loans, in the light of the circumstances under which they were made, not misleading and (b) the Seller Information
(as defined in the Indemnification Agreement) in the Prospectus Supplement appears to be appropriately responsive in all material
respects to the applicable requirements of Regulation AB.

 

(d)          The Public Certificates
shall have been concurrently issued and sold pursuant to the terms of the Underwriting Agreement. The Private Certificates shall
have been concurrently issued and sold pursuant to the terms of the Certificate Purchase Agreement.

 

(e)          The Seller shall
have executed and delivered concurrently herewith the Indemnification Agreement.

 

(f)           The Seller shall
furnish the Purchaser, the Underwriters and the Initial Purchasers with such other certificates of its officers or others and such
other documents and

 

    	-14-

    	 

    

 

opinions to evidence fulfillment of the conditions set forth in this Agreement as the Purchaser and its counsel
may reasonably request.

 

SECTION 9     Closing. The
closing for the purchase and sale of the Mortgage Loans shall take place at the office of Cadwalader, Wickersham & Taft LLP,
New York, New York, at 10:00 a.m., on the Closing Date or such other place and time as the parties shall agree.

 

SECTION 10   Expenses. The
Seller will pay its pro rata share (the Seller’s pro rata portion to be determined according to the percentage that the
aggregate principal balance as of the Cut-Off Date of all the Mortgage Loans represents as to the aggregate principal balance
as of the Cut-Off Date of all the mortgage loans to be included in the Trust Fund) of all costs and expenses of the Purchaser
in connection with the transactions contemplated herein, including, but not limited to: (i) the costs and expenses of the Purchaser
in connection with the purchase of the Mortgage Loans; (ii) the costs and expenses of reproducing and delivering the Pooling and
Servicing Agreement and this Agreement and printing (or otherwise reproducing) and delivering the Certificates; (iii) the reasonable
and documented fees, costs and expenses of the Trustee, the Certificate Administrator and their respective counsel; (iv) the fees
and disbursements of a firm of certified public accountants selected by the Purchaser and the Seller with respect to numerical
information in respect of the Mortgage Loans and the Certificates included in the Prospectus, Primary Free Writing Prospectus,
the Prospectus Supplement, the Preliminary Offering Circular, the Final Offering Circular and any related disclosure for the initial
Form 8-K, including the cost of obtaining any “comfort letters” with respect to such items; (v) the costs and expenses
in connection with the qualification or exemption of the Certificates under state securities or blue sky laws, including filing
fees and reasonable fees and disbursements of counsel in connection therewith; (vi) the costs and expenses in connection with
any determination of the eligibility of the Certificates for investment by institutional investors in any jurisdiction and the
preparation of any legal investment survey, including reasonable fees and disbursements of counsel in connection therewith; (vii)
the costs and expenses in connection with printing (or otherwise reproducing) and delivering the Registration Statement, Prospectus,
Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular and Final Offering Circular and the reproducing
and delivery of this Agreement and the furnishing to the Underwriters of such copies of the Registration Statement, Prospectus,
Primary Free Writing Prospectus, Prospectus Supplement, Preliminary Offering Circular, Final Offering Circular and this Agreement
as the Underwriters may reasonably request; (viii) the fees of the rating agency or agencies requested to rate the Certificates;
(ix) the reasonable fees and expenses of Cadwalader, Wickersham & Taft LLP, as counsel to the Purchaser; and (x) the reasonable
fees and expenses of Orrick, Herrington & Sutcliffe LLP, as counsel to the Underwriters and the Initial Purchasers.

 

If the Seller elects
to exercise its rights under Section 11.15 of the Pooling and Servicing Agreement, then the Seller shall pay the reasonable
costs and expenses (if any) of the Depositor, Master Servicer, Special Servicer and Trustee resulting from such parties’
obligations to cooperate with the Seller under Section 11.15 of the Pooling and Servicing Agreement.

 

SECTION 11   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

 

    	-15-

    	 

    

 

affect the validity or enforceability of the
other provisions of this Agreement. Furthermore, the parties shall in good faith endeavor to replace any provision held to be
invalid or unenforceable with a valid and enforceable provision which most closely resembles, and which has the same economic
effect as, the provision held to be invalid or unenforceable.

 

SECTION 12    Governing
Law. 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.

 

SECTION 13    Waiver
of Jury Trial. 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 14   Submission
to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE 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 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 SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY
SUCH 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 AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE
OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

SECTION 15    No
Third-Party Beneficiaries. The parties do not intend the benefits of this Agreement to inure to any third party except
as expressly set forth in Section 6 and Section 16.

 

SECTION 16    Assignment. The
Seller hereby acknowledges that the Purchaser has, concurrently with the execution hereof, executed and delivered the Pooling
and Servicing Agreement and that, in connection therewith, it has assigned its rights hereunder to the Trustee for the benefit
of the Certificateholders. The Seller hereby acknowledges its obligations pursuant to Sections 2.01, 2.02 and 2.03 of the Pooling
and Servicing Agreement. This Agreement shall bind and inure to the benefit of and be enforceable by the Seller, the Purchaser
and their

 

    	-16-

    	 

    

 

permitted successors and assigns. Any Person into which the Seller may be merged or consolidated, or any Person resulting
from any merger, conversion or consolidation to which the Seller may become a party, or any Person succeeding to all or substantially
all of the business of the Seller, shall be the successor to the Seller hereunder without any further act. The warranties and
representations and the agreements made by the Seller herein shall survive delivery of the Mortgage Loans to the Trustee until
the termination of the Pooling and Servicing Agreement, but shall not be further assigned by the Trustee to any Person.

 

SECTION 17    Notices. All
communications hereunder shall be in writing and effective only upon receipt and (i) if sent to the Purchaser, will be mailed,
hand delivered, couriered or sent by facsimile transmission to it at 200 West Street, New York, New York 10282, to the attention
of Leah Nivison, fax number: (212) 428-1439, email: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000,
email: peter.morreale@gs.com and Joe Osborne, fax number: (212) 291-5318, email: joe.osborne@gs.com, (ii) if sent to the Seller,
will be mailed, hand delivered, couriered or sent by facsimile transmission or electronic mail and confirmed to it at Starwood
Mortgage Funding I LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Leslie K. Fairbanks, Executive
Vice President, fax number: (305) 695-5449, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida
33139, Attention: Vincent Kallaher, Senior Vice President, fax number: (305) 695-5449, with a copy to: LNR Property LLC, 1601
Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: General Counsel, fax number: (305) 695-5449, and (iii) in the
case of any of the preceding parties, such other address as may hereafter be furnished to the other party in writing by such parties.

 

SECTION 18    Amendment. This
Agreement may be amended only by a written instrument which specifically refers to this Agreement and is executed by the Purchaser
and the Seller. This Agreement shall not be deemed to be amended orally or by virtue of any continuing custom or practice. No
amendment to the Pooling and Servicing Agreement which relates to defined terms contained therein or to any obligations or rights
of the Seller whatsoever shall be effective against the Seller unless the Seller shall have agreed to such amendment in writing.

 

SECTION 19    Counterparts. This
Agreement may be executed in any number of counterparts, and by the parties hereto in separate counterparts, each of which when
executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission
shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

SECTION 20    Exercise
of Rights. No failure or delay on the part of any party to exercise any right, power or privilege under this Agreement
and no course of dealing between the Seller and the Purchaser shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. Except as set forth in Section 6(h) of this Agreement, the rights and remedies
herein expressly provided are cumulative and not exclusive of any rights or remedies which any party would otherwise have pursuant
to law or equity. No notice to or demand on any party in any case shall entitle such party to any

 

    	-17-

    	 

    

 

other or further notice or demand
in similar or other circumstances, or constitute a waiver of the right of either party to any other or further action in any circumstances
without notice or demand.

 

SECTION 21    No
Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the
parties hereto. Nothing herein contained shall be deemed or construed as creating an agency relationship between the Purchaser
and the Seller and neither party shall take any action which could reasonably lead a third party to assume that it has the authority
to bind the other party or make commitments on such party’s behalf.

 

SECTION 22    Miscellaneous. This
Agreement supersedes all prior agreements and understandings relating to the subject matter hereof. Neither this Agreement nor
any term hereof may be waived, discharged or terminated orally, but only by an instrument in writing signed by the party against
whom enforcement of the waiver, discharge or termination is sought.

 

SECTION 23    Further
Assurances. The Seller and Purchaser each agree to execute and deliver such instruments and take such further actions
as any party hereto may, from time to time, reasonably request in order to effectuate the purposes and carry out the terms of
this Agreement.

 

* * * * * *

 

    	-18-

    	 

    

 

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.

	 	 	 
	 	GS MORTGAGE SECURITIES CORPORATION
II
	 	 	 
	 	By: 	/s/ Leah Nivison
	 	 	Name:  Leah Nivison
	 	 	Title: Vice President
	 	 	 
	 	STARWOOD MORTGAGE FUNDING I LLC
	 	 	 
	 	By: 	/s/ Jerry Hirschkorn
	 	 	Name: Jerry Hirschkorn
	 	 	Title: Vice President

 

 

GS 2015-GC32
– SMF Mortgage Loan Purchase Agreement

    	 

    	 

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

    	A-1

    	 

    

 

	GSMS 2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control Number	 	Footnotes	 	Loan Number	 	Property Name	 	Address	 	City	 	State	 	Zip Code	 	 Cut-Off Date Balance ($) 	 	Mortgage Loan Rate (%)	 	Remaining Term To Maturity (Mos.)	 	Maturity Date	 	Remaining Amortization Term (Mos.)	 	Servicing Fee Rate (%)	 	Subservicing Fee Rate (%)
	12	 	 	 	1	 	Sysmex Way	 	1 and 2 Sysmex Way	 	Mundelein	 	Illinois	 	60060	 	23,850,000	 	4.70500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	16	 	 	 	2	 	Freshwater Commons	 	51 Palomba Drive	 	Enfield	 	Connecticut	 	06082	 	19,200,000	 	4.60500%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	19	 	 	 	3	 	Hampton Inn Idaho Falls Airport	 	645 Lindsay Boulevard	 	Idaho Falls	 	Idaho	 	83402	 	8,050,000	 	4.77300%	 	120	 	7/6/2025	 	300	 	0.00250%	 	0.05000%
	20	 	 	 	4	 	La Quinta Inn & Suites Idaho Falls	 	2501 South 25th East	 	Ammon	 	Idaho	 	83406	 	5,450,000	 	4.77300%	 	120	 	7/6/2025	 	300	 	0.00250%	 	0.05000%
	36	 	 	 	5	 	Pangea 11 	 	 	 	 	 	 	 	 	 	8,750,000	 	4.49100%	 	120	 	7/6/2025	 	0	 	0.00500%	 	0.00000%
	36.01	 	 	 	5.07	 	13905-13957 South Clark Street	 	13905-13957 South Clark Street	 	Riverdale	 	Illinois	 	60827	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	5.08	 	1101 North Lawler Avenue	 	1101 North Lawler Avenue	 	Chicago	 	Illinois	 	60651	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.03	 	 	 	5.13	 	7800 South Jeffery Boulevard	 	7800 South Jeffery Boulevard	 	Chicago	 	Illinois	 	60649	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.04	 	 	 	5.1	 	7701 South Yates Boulevard	 	7701 South Yates Boulevard	 	Chicago	 	Illinois	 	60649	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.05	 	 	 	5.11	 	9040 South Bishop Street	 	9040 South Bishop Street	 	Chicago	 	Illinois	 	60620	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.06	 	 	 	5.01	 	7949 South Ellis Avenue	 	7949 South Ellis Avenue	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.07	 	 	 	5.02	 	14138 South School Street	 	14138 South School Street	 	Riverdale	 	Illinois	 	60827	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.08	 	 	 	5.04	 	6200 South Rockwell Street	 	6200 South Rockwell Street	 	Chicago	 	Illinois	 	60629	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.09	 	 	 	5.05	 	7055 South St. Lawrence Avenue	 	7055 South St. Lawrence Avenue	 	Chicago	 	Illinois	 	60637	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.10	 	 	 	5.12	 	5402 West Rice Street	 	5402 West Rice Street	 	Chicago	 	Illinois	 	60651	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.11	 	 	 	5.06	 	7056 South Eberhart Avenue	 	7056 South Eberhart Avenue	 	Chicago	 	Illinois	 	60637	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.12	 	 	 	5.14	 	204 West 138th Street	 	204 West 138th Street	 	Riverdale	 	Illinois	 	60827	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.13	 	 	 	5.03	 	7956 South Burnham Avenue	 	7956 South Burnham Avenue	 	Chicago	 	Illinois	 	60617	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.14	 	 	 	5.09	 	9100 South Dauphin Avenue	 	9100 South Dauphin Avenue	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.15	 	 	 	5.15	 	8208 South Drexel Avenue	 	8208 South Drexel Avenue	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.16	 	 	 	5.16	 	8640 South Ingleside Avenue	 	8640 South Ingleside Avenue	 	Chicago	 	Illinois	 	60619	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	6	 	River Pointe Shopping Center	 	1550-1558 Riverstone Parkway	 	Canton	 	Georgia	 	30114	 	6,400,000	 	4.66900%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	46	 	 	 	7	 	Cross Creek Medical Office	 	3100 Cross Creek Parkway	 	Auburn Hills	 	Michigan	 	48326	 	5,700,000	 	4.84400%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.00000%
	50	 	 	 	8	 	Rite Aid Cedar Springs, MI	 	4166 17 Mile Road Northeast	 	Cedar Springs	 	Michigan	 	49319	 	4,500,000	 	4.76800%	 	120	 	7/6/2025	 	264	 	0.00500%	 	0.00000%
	54	 	 	 	9	 	CVS Shelby	 	15121 24 Mile Road	 	Shelby Township	 	Michigan	 	48315	 	3,993,034	 	4.75500%	 	119	 	6/6/2025	 	299	 	0.00500%	 	0.00000%
	55	 	 	 	10	 	Flamingo Retail	 	10062 and 10082 West Flamingo Road	 	Las Vegas	 	Nevada	 	89147	 	3,750,000	 	4.93000%	 	120	 	7/6/2025	 	360	 	0.00500%	 	0.04000%
	56	 	 	 	11	 	Harrisonville Crossing	 	1902 Missouri State Highway 291	 	Harrisonville	 	Missouri	 	64701	 	3,695,219	 	4.60400%	 	119	 	6/6/2025	 	359	 	0.00500%	 	0.00000%
	62	 	 	 	12	 	Millennium Business Center	 	3639-3675 New Getwell Road and 3835-3874 Viscount Avenue	 	Memphis	 	Tennessee	 	38118	 	3,000,000	 	4.55900%	 	119	 	6/6/2025	 	360	 	0.00500%	 	0.05000%

 

    	 

    	 

    

 

	GSMS 2015-GC32	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control Number	 	Footnotes	 	Loan Number	 	Property Name	 	Mortgage Loan Seller	 	Crossed Group	 	ARD (Yes / No)	 	Final Maturity Date	 	Revised Rate	 	Companion Loan Flag	 	Companion Loan Cut-off Balance	 	Companion Loan Interest Rate	 	Companion Loan Remaining Term To Maturity / ARD (Mos.)	 	Companion Loan Maturity Date / ARD	 	Companion Loan Remaining Amortization Term (Mos.)
	12	 	 	 	1	 	Sysmex Way	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	 	 	2	 	Freshwater Commons	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	 	 	3	 	Hampton Inn Idaho Falls Airport	 	SMF I	 	Group A	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	4	 	La Quinta Inn & Suites Idaho Falls	 	SMF I	 	Group A	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	5	 	Pangea 11 	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.01	 	 	 	5.07	 	13905-13957 South Clark Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.02	 	 	 	5.08	 	1101 North Lawler Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.03	 	 	 	5.13	 	7800 South Jeffery Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.04	 	 	 	5.1	 	7701 South Yates Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.05	 	 	 	5.11	 	9040 South Bishop Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.06	 	 	 	5.01	 	7949 South Ellis Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.07	 	 	 	5.02	 	14138 South School Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.08	 	 	 	5.04	 	6200 South Rockwell Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.09	 	 	 	5.05	 	7055 South St. Lawrence Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.10	 	 	 	5.12	 	5402 West Rice Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.11	 	 	 	5.06	 	7056 South Eberhart Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.12	 	 	 	5.14	 	204 West 138th Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.13	 	 	 	5.03	 	7956 South Burnham Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.14	 	 	 	5.09	 	9100 South Dauphin Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.15	 	 	 	5.15	 	8208 South Drexel Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36.16	 	 	 	5.16	 	8640 South Ingleside Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	6	 	River Pointe Shopping Center	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	46	 	 	 	7	 	Cross Creek Medical Office	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	50	 	 	 	8	 	Rite Aid Cedar Springs, MI	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	54	 	 	 	9	 	CVS Shelby	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	55	 	 	 	10	 	Flamingo Retail	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	56	 	 	 	11	 	Harrisonville Crossing	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	62	 	 	 	12	 	Millennium Business Center	 	SMF I	 	NAP	 	No	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

    	B-1

    	 

    

MORTGAGE LOAN REPRESENTATIONS
AND WARRANTIES

 

(1)              
Whole Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Whole Loan, each
Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of a Whole Loan
is a senior or pari passu portion of a whole loan evidenced by a senior or pari
passu note. At the time of the sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject
to any assignment (other than assignments to the Sponsor), participation or pledge, and the Sponsor had good title to, and was
the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any
other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment, or similar agreement, and
rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement. Sponsor 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 other than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.

 

(2)              
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 (i) as such enforcement may be limited
by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar 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) and (ii) that certain provisions in such Loan Documents (including, without limitation,
provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums)
are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth
in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid as a whole or materially
interfere with the Mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (i) and
(ii) collectively, the “Standard Qualifications”).

 

Except as set forth in the immediately
preceding sentence, 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 Loan Documents, including, without limitation, any such valid
offset, defense, counterclaim or right based on intentional fraud by the Sponsor 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 Loan
Documents.

 

(3)                
Mortgage Provisions. The 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 Standard Qualifications.

 

(4)                
Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set forth in the
related Mortgage File (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents
have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially
interferes with the security intended to be provided by such Mortgage; (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

 

    	B-2

    	 

    

 

 

the use or operation of the remaining portion of such Mortgaged Property; and (c) neither
the related Mortgagor nor the related guarantor has been released from its material obligations under the Mortgage Loan.

 

(5)                
Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment
of Leases to the Issuing Entity constitutes a legal, valid and binding assignment to the Issuing Entity. 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) and the exceptions to paragraph (6) below (each such exception, a “Title Exception”)), except as
the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted
Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Sponsor’s knowledge, is
free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which
are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against
by a lender’s title insurance policy (as described below), and, to the Sponsor’s knowledge and subject to the rights
of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), 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 bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).
Notwithstanding anything in this representation 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.

 

(6)                
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 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 due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights
of way, easements and other matters of public record; (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 and condominium declarations; 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 Cross-Collateralized Group; and (g) if the related Mortgage Loan is part of a Whole Loan, the rights
of the holder(s) of the related Companion Loan(s) pursuant to the related Co-Lender Agreement; provided that none of items
(a) through (g), individually or in the aggregate, materially and adversely interferes with the value or current use of the
Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor’s ability to pay its obligations
when they become due (collectively, the “Permitted Encumbrances”). Except as contemplated by clauses (f) and
(g) 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 Sponsor thereunder and no
claims have been paid thereunder. Neither the Sponsor, nor to the Sponsor’s

 

    	B-3

    	 

    

  

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.

 

(7)                
Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate
mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage
Loan, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property
(other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are
the subject of the representation in paragraph (5) above), and equipment and other personal property financing). Except as set
forth on an exhibit to the applicable Mortgage Loan Purchase Agreement, the Sponsor has no knowledge of any mezzanine debt secured
directly by interests in the related Mortgagor.

 

(8)                
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). Subject to the Permitted Encumbrances and the Title Exceptions,
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 Standard Qualifications. The related
Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage
Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession
to collect the rents or for rents to be paid directly to the Mortgagee.

 

(9)                
UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the Sponsor has filed and/or
recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording),
UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of
the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate
such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal
property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted
under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property),
to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the
Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest
on the items of personalty described above. 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 UCC financing
statements are required in order to effect such perfection.

 

(10)           
Condition of Property. The Sponsor or the originator of the Mortgage Loan inspected or caused to be inspected each
related Mortgaged Property within six months of origination of the Mortgage Loan and within thirteen 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 thirteen months prior to
the Cut-off Date. To the Sponsor’s knowledge, based solely upon due diligence customarily performed in connection with the
origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material
damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely
the use or value of such Mortgaged Property as security for the Mortgage Loan.

 

(11)           
Taxes and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including,
without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property
that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become

 

    	B-4

    	 

    

  

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

 

(12)           
Condemnation. As of the date of origination and to the Sponsor’s knowledge as of the Cut-off Date, there is
no proceeding pending, and, to the Sponsor’s knowledge as of the date of origination and as of the Cut-off Date, there is
no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect
on the value, use or operation of the Mortgaged Property.

 

(13)           
Actions Concerning Mortgage Loan. As of the date of origination and to the Sponsor’s knowledge as of the Cut-off
Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor,
guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to
materially and adversely affect (a) such Mortgagor’s 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 principal benefit of the security intended to be provided by the Mortgage
Loan documents or (f) the current principal use of the Mortgaged Property.

 

(14)           
Escrow Deposits. All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage
Loan are in the possession, or under the control, of the Sponsor 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
to be escrowed with Mortgagee under the related Loan Documents are being conveyed by the Sponsor to Depositor or its servicer.

 

(15)           
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 or other matters with respect to the related Mortgaged Property, the Mortgagor
or other considerations determined by Sponsor to merit such holdback).

 

(16)            
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 Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M.
Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard
& Poor’s Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject to a
customary deductible) 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 Loan Documents, by business interruption or rental loss insurance
which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on
a single asset with a principal balance of $50 million or more, 18 months).

 

    	B-5

    	 

    

 

 

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 a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the
maximum amount available under the National Flood Insurance Program.

 

If the Mortgaged Property is located
within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina,
the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
perils and/or named storms.

 

The Mortgaged Property is covered,
and required to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by
an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury
(including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders,
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 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 scenario expected limit (“SEL”) for the
Mortgaged Property in the event of an earthquake. In such instance, the SEL 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 SEL would exceed 20% of the
amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from 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 SEL.

 

The 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 (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such
proceeds as the repair or restoration progresses, or (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 Mortgagee
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. Such insurance policies will inure to the benefit of
the Trustee. Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s
failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s reasonable 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 Mortgagee of termination or cancellation arising because of nonpayment of a premium
and at least 30 days prior notice to the Mortgagee 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 and no such notice has been received
by the Sponsor.

 

(17)            
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, or
will be, made to

 

    	B-6

    	 

    

  

the 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.

 

(18)            
No Encroachments. To the Sponsor’s knowledge based solely on surveys obtained in connection with origination
and the Mortgagee’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, 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 for which insurance
or endorsements were obtained under the Title Policy. 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 for which insurance or endorsements were obtained under the Title Policy. 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 for which insurance or endorsements were obtained under the Title Policy.

 

(19)            
No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
interest feature or a negative amortization feature or an equity participation by Sponsor.

 

(20)            
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 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 related Whole Loan) was originated at least equal
to 80% of the adjusted issue price of the Mortgage Loan (or related 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 related Whole Loan) on such date, provided that
for purposes hereof, 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 the Mortgage Loan and (B) 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 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 (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 was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield
maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning
of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth
in the related Treasury Regulations.

 

(21)            
Compliance with Usury Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance
charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable
state or federal laws, regulations and other requirements pertaining to usury.

 

(22)            
Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as of the date
that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as
applicable) the Mortgage Note in the jurisdiction in

 

    	B-7

    	 

    

 

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 by the Trust.

 

(23)            
Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination
and, to the Sponsor’s knowledge, as of the Closing Date, 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.

 

(24)            
Local Law Compliance. To the Sponsor’s knowledge, based 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 Sponsor for similar
commercial and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances,
building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming
part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Whole
Loan, as applicable) and as of the Cut-off Date, other than those which (i) are insured by the Title Policy or a law and ordinance
insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged
Property. The terms of the Loan Documents require the Mortgagor to comply in all material respects with all applicable governmental
regulations, zoning and building laws.

 

(25)            
Licenses and Permits. Each Mortgagor covenants in the Loan Documents that it shall keep all material licenses, permits
and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and
to the Sponsor’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 Sponsor for similar commercial and multifamily mortgage
loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.
The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged
Property is located.

 

(26)            
Recourse Obligations. The 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 voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant
to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or guarantor
shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy
filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in
Mortgagor made in violation of the 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
by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage
Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively,
the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent
applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation;
(iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical
waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related
Mortgaged Property to prevent such waste).

 

(27)            
Mortgage Releases. The terms of the related Mortgage or related Loan Documents do not provide for release of any
material portion of the Mortgaged Property from the lien of the

 

    	B-8

    	 

    

  

Mortgage except (a) a partial release, accompanied by principal
repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan
amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon
payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) 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 or taking by a State or any political subdivision or authority thereof. With respect
to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would
not constitute a “significant modification” of the subject 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 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
all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged
Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related 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.

 

With respect to any partial release
under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required
to pay down the principal balance of the Mortgage 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 is not equal
to at least 80% of the remaining principal balance of the Mortgage Loan (or related Whole Loan).

 

No 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 partial condemnation, other than in compliance with
the REMIC Provisions.

 

(28)          
Financial Reporting and Rent Rolls. The Mortgage Loan documents for each Mortgage Loan require 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 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.

 

(29)          
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 as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (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
Sponsor’s knowledge, do not, as of the Cut-off

 

    	B-9

    	 

    

 

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 Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined
in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in
effect, then provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required
to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount
on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required
to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The “Terrorism
Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is
payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan
Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
loss insurance).

 

(30)          
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 (which consent, in some cases, may not be unreasonably withheld) and/or complying
with the requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee which are
customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property
comparable to the related Mortgaged Property, including, without limitation, 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 Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% 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 Loan Documents,
(iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another
holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying
specific criteria identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar
equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraphs
(27) and (32) in this Annex E-1 or the exceptions thereto set forth on Annex E-2, or (vii) as set forth on an exhibit
to the applicable Mortgage Loan Purchase Agreement by reason of any mezzanine debt that existed at the origination of the related
Mortgage Loan, or future permitted mezzanine debt as set forth on an exhibit to the applicable Mortgage Loan Purchase Agreement
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 Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted
under the related Loan Documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized
and cross-defaulted with another Mortgage Loan, as set forth on an exhibit to the applicable Mortgage Loan Purchase Agreement or
(iv) Permitted Encumbrances. The Mortgage or other 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 out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

 

(31)            
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 Loan Documents and the organizational documents of the Mortgagor with respect to
each Mortgage Loan with a Cut-off Date Principal Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
Entity, and each Mortgage Loan with a Cut-off Date Principal 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

 

    	B-10

    	 

    

  

(or if the Mortgage Loan has a Cut-off Date Principal Balance equal to $5 million or
less, its organizational documents or the related 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 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 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.

 

(32)            
Defeasance. With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”),
(i) the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions
specified in the 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 the maturity date (or on or after
the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), 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
the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal
balance of the Mortgage Loan; (iv) 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,
(v) 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;
(vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such
collateral prior to any other claim or interest; and (vii) 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.

 

(33)            
Fixed Interest Rates. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term
of such Mortgage Loan, except in situations where default interest is imposed.

 

(34)            
Ground Leases. For purposes of this Annex E-1, a “Ground Lease” shall mean a lease creating 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, comprising the premises demised under such lease 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 and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement
or other benefit.

 

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

 

(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

 

    	B-11

    	 

    

 

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 materially adversely affect the
security provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination
of the Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

 

(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 or modified, or canceled or terminated by agreement of lessor and lessee, without the
prior written consent of the Mortgagee;

 

(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 Mortgagor 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 either (i) is not subject to any 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 or (ii)  is subject to a
subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged
Property is subject;

 

(e)    
The Ground Lease does not place commercially unreasonably 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 (provided
that proper notice is delivered to the extent required in accordance with the Ground Lease), 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 (but with prior
notice to) the lessor;

 

(f)      
The Sponsor has not received any written notice of material default under or notice of termination of such Ground Lease.
To the Sponsor’s knowledge, there is no material default under such Ground Lease and no condition that, but for the passage
of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the Sponsor’s
knowledge, 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 Mortgagee written
notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice
is given to the Mortgagee;

 

(h)    
The Mortgagee is permitted a reasonable 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 Mortgagee’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 a prudent
commercial mortgage lender;

 

(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 (i) de minimis amounts for minor casualties or (ii) 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 Loan Documents)
the Mortgagee 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;

 

    	B-12

    	 

    

  

(k)    
In the case of a total or substantially total 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 the 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 Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed
to enter into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground
Lease in a bankruptcy proceeding.

 

(35)           
Servicing. The servicing and collection practices used by the Sponsor with respect to the Mortgage Loan have been,
in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.

 

(36)           
Origination and Underwriting. The origination practices of the Sponsor (or the related originator if the Sponsor
was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its
origination, such Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material
respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal,
state or local law otherwise covered in this Annex E-1.

 

(37)           
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 debt service payments since origination, and as of the date hereof, no Mortgage
Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing
Date. To the Sponsor’s knowledge, there is (a) 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, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially
and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, 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 Sponsor in
this Annex E-1 (including, but not limited to, the prior sentence). 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.

 

(38)           
Bankruptcy. As of the date of origination of the related Mortgage Loan and to the Sponsor’s knowledge as of
the Cut-off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof,
is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy,
insolvency or similar proceeding.

 

(39)           
Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan or the related Whole
Loan, as applicable), the Mortgagor is an entity organized under the laws of a state of the United States of America, the District
of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

 

(40)            
Environmental Conditions. 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 were conducted by a reputable environmental consultant in connection with such Mortgage Loan within

 

    	B-13

    	 

    

 

12 months prior to its
origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized
environmental conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental Condition”)
at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition
or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an
amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material
noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and
is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing
materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution
of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the
ESA, 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 date hereof, and, if and as appropriate, a
no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue
affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable
environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s
pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance
or condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service,
Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was
identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably
estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably
estimated to be adequate to address the situation is required to take action. To Sponsor’s knowledge, except as set forth
in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged
Property.

 

(41)            
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 Sponsor’s knowledge, had no interest, direct
or indirect, in the Mortgaged Property or the 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. Each appraisal contains a statement, or is accompanied
by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.

 

(42)            
Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan
Schedule attached as an exhibit to the related Mortgage Loan Purchase 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 in the Mortgage
Loan Schedule.

 

(43)            
Cross-Collateralization. Except with respect to a Mortgage Loan that is part of a Whole Loan no Mortgage Loan is
cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on
Annex E-2.

 

(44)            
Advance of Funds by the Sponsor. After origination, no advance of funds has been made by the Sponsor to the related
Mortgagor other than in accordance with the Loan Documents, and, to the Sponsor’s knowledge, no funds have been received
from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other
than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the

 

    	B-14

    	 

    

  

foregoing, amounts paid by
the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither
the Sponsor 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 date hereof.

 

(45)            
Compliance with Anti-Money Laundering Laws. The Sponsor has complied in all material respects with all applicable
anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination
of the Mortgage Loan.

 

For purposes of these representations and
warranties, “Mortgagee” means the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to
any portion of any Mortgage Loan or, if applicable, any agent or servicer on behalf of such party.

 

For purposes of these representations and
warranties, the phrases “the Sponsor’s knowledge” or “the Sponsor’s belief” and other words
and phrases of like import mean, except where otherwise expressly set forth in these representations and warranties, the actual
state of knowledge or belief of the Sponsor, its officers and employees directly responsible for the underwriting, origination,
servicing or sale of the Mortgage Loans regarding the matters expressly set forth in these representations and warranties.

 

    	B-15

    	 

    

 

 

Exhibit B-30-1

 

List of Mortgage Loans with Current Mezzanine Debt

 

None.

 

    	B-30-1-1

    	 

    

 

Exhibit B-30-2

 

List of Mortgage Loans with Permitted Mezzanine Debt 

 

	Loan
    #	

Mortgage
    Loan
	37	Pangea
    11
	62	Millennium
    Business Center

 

    	B-30-2-1

    	 

    

 

Exhibit B-30-3

List of Cross-Collateralized and Cross-Defaulted Mortgage Loans

 

	Loan #	

Mortgage Loan
	19	Hampton Inn Idaho Falls Airport
	20	La Quinta Inn & Suites Idaho Falls

 

    	B-30-3-1

    	 

    

 

EXHIBIT C

EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

 

	
        Representation
        

        Number on Annex E-1 
	 	Mortgage Loan Name

        and Number as

        Identified on Annex A 
	 	Description of Exception 

	 	 	 	 	 
	(6) Permitted
    Liens; Title Insurance	 	Sysmex Way (No. 12)	 	The sole tenant (which operates under multiple leases) has the option
    to purchase the Mortgaged Property for a price determined pursuant to the valuation procedures contained in the related leases
    (i) in the event the Mortgagor terminates the leases following a casualty in accordance with the terms thereof and (ii) on
    January 31, 2030, which is when the leases expire.
	 	 	 	 	 
	(13) Actions Concerning
    Mortgage Loan	 	Freshwater Commons (No. 16)	 	The related non-recourse carve-out guarantor previously served as
    a personal guarantor on two prior loans secured by properties unrelated to the Mortgaged Property that were the subjects of
    foreclosure proceedings, in connection with which the holder of such prior loans obtained judgments against the guarantor
    in the amounts of $3,983,473.80 and $2,080,008.24, respectively, in 2012 and 2013. However, the non-recourse carve-out guarantor
    has reported that there has been no further action by the holder of such prior loans in pursuit of such judgments or otherwise.
	 	 	 	 	 
	(13) Actions Concerning
    Mortgage Loan	 	Flamingo Retail (No. 55)	 	A lawsuit that commenced in 2013 is currently pending between the
    related guarantors regarding business opportunities associated with a partnership arrangement unrelated to the Mortgaged Property
    or the Mortgagor. The guarantors have continued a business relationship and currently own and operate, directly or indirectly,
    46 entities together. The Mortgagor’s operating agreement includes a mechanism to address the resolution of potential
    future disagreements between the guarantors with respect to running the Mortgaged Property.
	 	 	 	 	 
	(16) Insurance	 	Sysmex Way (No. 12)	 	A portion of the Mortgaged Property is subject to a ground lease
    from the Mortgagor to the sole tenant that governs the application and control of insurance proceeds received in respect of
    a loss to such portion. The ground lease generally requires insurance proceeds to be applied towards restoration following
    a casualty but, in the event of certain casualties occurring within the last 3 years of the lease term, permits the tenant
    to terminate the lease with insurance proceeds to be paid to the Mortgagor in an amount determined in accordance with the
    lease terms as compensation for the value of the related improvements.
	 	 	 	 	 
	(24) Local Law
    Compliance	 	Pangea 11 (No. 36)	 	Several of the Mortgaged Properties are legal non-conforming as to
    use. The legal use of any of the applicable Mortgaged Properties may lapse if there is a protracted discontinuance of such
    use. The Mortgage Loan documents contain a loss recourse carve-out in the event the Mortgagor fails to maintain the legal
    use of any such Mortgaged Property as a multi-family apartment building with ancillary commercial uses, to the extent rebuilding
    of such Mortgaged Property is required pursuant to the Mortgage Loan agreement, following a casualty or condemnation of such
    Mortgaged Property. 
	 	 	 	 	 
	 	 	 	 	In addition, there are open building code violations at several of
    the Mortgaged Properties as indicated in the related zoning reports and city records searches. A violations indemnity from
    the guarantor has been obtained.
	 	 	 	 	 
	(26) Recourse
    Obligations	 	Cross Creek Medical Office (No. 46)	 	Several non-recourse carve-out guarantors have guaranteed the Mortgagor’s
    recourse obligations severally, in proportions determined by their respective interests in the Mortgagor, which total 97.14%
    and, accordingly, result in a partial guarantee of such obligations in the aggregate to the extent of such percentage.
    

 

    	C-1

    	 

    

 

	Representation
    

    Number on Annex E-1	 	Mortgage Loan
    Name

    and Number as

    Identified on Annex A	 	Description
    of Exception
	 	 	 	 	 
	(30) Due on Sale
    or Encumbrance	 	Pangea 11 (No. 36)	 	The Mortgage Loan documents permit certain transfers of more than
    50% of the equity interests in the Mortgagor without the consent of the holder of the related Mortgage if such transfers do
    not result in a change of “Control” (as defined in the Mortgage Loan documents) of the Mortgagor. Pursuant to
    the Mortgage Loan documents, no change in “Control” shall be deemed to have occurred so long as the related guarantor
    maintains no less than 51% of the direct or indirect equity interests in the Mortgagor and controls the day-to-day management
    of the Mortgagor and the Mortgaged Property. Other than in connection with transfers occurring as a result of death or estate
    planning, the Mortgage Loan documents prohibit direct or indirect transfers that result, in the aggregate, in a transfer of
    greater than 49% of the direct or indirect interests in the Mortgagor.

 

    	C-2

    	 

    

 

EXHIBIT D

FORM OF OFFICER’S CERTIFICATE

 

[                                        ] (“Seller”)
hereby certifies as follows:

 

		1.	All of the representations and warranties (except as set forth on Exhibit C) of the Seller under
the Mortgage Loan Purchase Agreement, dated as of July 1, 2015 (the “Agreement”), between GS Mortgage Securities
Corporation II and Seller, are true and correct in all material respects on and as of the date hereof (or as of such other date
as of which such representation is made under the terms of Exhibit B to the Agreement) with the same force and effect as if made
on and as of the date hereof (or as of such other date as of which such representation is made under the terms of Exhibit B to
the Agreement).

 

		2.	The Seller has complied in all material respects with all the covenants and satisfied all the conditions
on its part to be performed or satisfied under the Agreement on or prior to the date hereof, and no event has occurred which would
constitute a default on the part of the Seller under the Agreement.

 

		3.	Neither the Prospectus, dated February 9, 2015 (the “Base Prospectus”), as supplemented
by the Prospectus Supplement, dated July 17, 2015 (the “Prospectus Supplement” and, together with the Base Prospectus,
the “Prospectus”), relating to the offering of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class
X-A, Class X-B, Class A-S, Class B, Class PEZ, Class C, Class D and Class X-D Certificates, nor the Offering Circular, dated July
17, 2015 (the “Offering Circular”), relating to the offering of the Class E, Class F, Class G, Class H and Class
R Certificates, in the case of the Prospectus, as of the date of the Prospectus Supplement or as of the date hereof, or the Offering
Circular, as of the date thereof or as of the date hereof, included or includes any untrue statement of a material fact relating
to the Seller, the Mortgage Loans, the related Mortgaged Properties and the related Mortgagors and their respective affiliates,
or omitted or omits to state therein a material fact relating to the Seller, the Mortgage Loans, the related Mortgaged Properties
and the related Mortgagors and their respective affiliates required to be stated therein or necessary in order to make the statements
therein relating to the Seller, the Mortgage Loans, the related Mortgaged Properties and the related Mortgagors and their respective
affiliates, in the light of the circumstances under which they were made, not misleading.

 

    	D-1

    	 

    

 

Capitalized terms used
herein without definition have the meanings given them in the Agreement or, if not defined therein, in the Indemnification Agreement.

 

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

 

    	D-2

    	 

    

 

Certified this __ day of July, 2015.

	 	 	 
	 	STARWOOD MORTGAGE FUNDING
I LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-3

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